Todd Colvin of Mark IV Brokerage analyzes the pullback in E-mini S&P 500 futures, which fell nearly 2% on the session to close at 7,615, despite the Fed holding policy steady. Colvin highlights that while rate hike probabilities for the end of the year have softened, broader risks such as sovereign credit, AI market concentration, and Middle East tensions continue to weigh on equity markets. Volatility saw an intraday spike alongside the equity drop but finished the week nearly unchanged. Looking ahead, markets will shift focus to incoming jobs data, PMI and ISM updates, and the return of Fed speakers from their blackout period.