The S&P 500 Index started the week in positive territory but sank the rest of the week to finish down 1.16%. Given the recent run equities had been on, up 12% since the close of June, profit taking seemed to be the market sentiment as the week rolled on. Equities started to turn negative after investor concerns about the Federal Reserve remaining hawkish began to grow. St. Louis Fed Chair James Bullard stated he was considering support for another large rate increase in September. This sent yields higher and the 10-year Treasury hit 3% for the first time in a few months. Energy was the top sector last week as the supply of oil and natural gas continue to be outpaced by demand. The strongest crude and gasoline inventory draws since June proved to be a tailwind to energy names. This inventory draw happened during a time when record amounts of the Strategic Petroleum Reserves are being released, making the inventory draws one of the most bullish announcements for 2022. Cisco Systems Inc. rallied 4.48% last week after releasing their quarterly earnings report. Despite announcing gross margins slightly below expectations, the stock rallied on higher sales and higher earnings growth, besting expectations. They also announced 100% year over year growth of their backlog and preliminary FY2023 guidance. Keysight Technology Inc. returned 5.95% on Thursday after announcing quarterly results well ahead of the high end of their guidance. The 5G testing equipment manufacture also announced higher FY22 revenue and earnings guidance. Looking ahead to next week, the important Federal Reserve Economic Policy Symposium is due to meet in Jackson Hole Wyoming Thursday and Friday. As a result, market participants are on edge expecting guidance as to how dovish or hawkish the Fed will be for the remainder of the year.