Key Summary

The NFIB small business optimism index printed 98.7 for August, down 1.1 points from the prior month's 99.8, with six of ten components lower, two higher and two flat, though the level still sits above the 52-year average of 98.0. Softer Main Street sentiment leans marginally dovish for front-end UST yields and the dollar, a mild positive for BTC/ETH beta, but it also signals weaker hiring and capex intentions that hit domestically exposed small-cap earnings before it helps index-level risk appetite. The uncertainty index eased 2 points to 89 yet remains far above its historical average of 68, so watch whether that gauge converges toward trend and whether the capital-spending and hiring subcomponents stabilize before treating this as a growth-scare repricing rather than noise.