News Bulletin
Friday, August 28, 2026
Evening Edition

Economic Numbers:

Time	Event	Actual	Forecast	Previous
Friday, August 28, 2026
9:45	Chicago PMI (Aug)	47.10	57.90	57.60
10:00	Fed Governor Warsh Speaks
13:00	U.S. Baker Hughes Oil Rig Count	447.00	454.00	452.00
13:00	U.S. Baker Hughes Total Rig Count	588.00		588.00

Indices

	CLOSE	50 DMA	200 DMA
DJIA	53,559.99	52,797.00	49,714.19
NASDAQ	26,402.42	25,959.22	24,315.75
S&P 500	7,711.76	7,563.83	7,117.41

Earnings Calendar:

(EPS: Earning Per Share / Rev: Revenue / Mkt Cap: market Capital/ BMO: Before Market Opening /AMC: After Market Close)

COMPANY	EPS Act	EPS Fore	Rev Act	Rev Fore	Mkt Cap	Time
AimcoAIV:US	-	-	-	-	$6.71B	PM
HUBHUBG:US	-	0.29	-	941.12M	$2.49B

Market News:

Wall Street on Friday ended mostly lower, as an overall hawkish speech from Federal Reserve Chair Kevin Warsh at the Jackson Hole conference outweighed gains in consumer discretionary and communication services stocks. A majority of the Magnificent Seven club also advanced, helping cap losses.

On a weekly basis, U.S. stocks notched gains, helped largely by a rally on Thursday sparked by blockbuster quarterly results and guidance from the world’s largest company, Nvidia.

The benchmark S&P 500 fell 0.3% to close at 7,709.18 points, while the blue-chip Dow Jones Industrial Average settled just under the flatline at 53,559.34 points. The tech-heavy NASDAQ Composite slipped 0.5% to conclude at 26,402.42 points.

For the week, the S&P and Dow rose 0.5% each, while the Nasdaq added 0.9%.

Warsh says inflation trends have not ’meaningfully improved’

The Fed’s chief’s much-awaited keynote address at the annual Jackson Hole Economic Policy Symposium saw him touch upon topics ranging from artificial intelligence to forward guidance to a summary of current economic conditions. Notably, he said underlying inflation trends in the U.S. had not "meaningfully improved" and reasserted that the central bank’s focus should be on delivering price stability.

Warsh’s speech came at a complicated time for the Fed. Sticky inflation data recently, elevated oil prices amid a seemingly never-ending conflict between the U.S. and Iran, and a surprisingly weak read on nonfarm payrolls have led to ructions in the Federal Open Market Committee (FOMC), with three regional presidents dissenting with July’s move to hold interest rates steady.

"As of now, I believe the labor markets are consistent with full employment. But on the price-stability side of our mandate, the numbers are more concerning," Warsh said in prepared remarks.

The central bank has a long-term inflation target of 2%, and prefers to track the personal consumption expenditures (PCE) price index to measure price pressures. Data on Wednesday showed the metric rising 3.7% Y/Y in July, while the core gauge - which strips out food and energy - ticked up 3.3% Y/Y. The PCE price index was last below 2% in February 2021.

"The Fed’s preferred measure of inflation, the 12-month change in the PCE price index, stands at 3.7 percent, while the six-month change is 4.1 percent. The comparable measures from the consumer price index (CPI) are also elevated, as are the core measures of both PCE and CPI inflation," Warsh said.

"None of these measures are perfect, but they all tell a similar story: Inflation is running above our 2 percent target. So the Fed’s predominant focus right now should be on prices," he added.

The keynote address was perceived as hawkish, with traders raising their expectations for a quarter-point hike by the FOMC in September. As per the CME FedWatch tool, the odds of such a hike now stood at more than 59%, up from about 35% the previous day.

"Generally hawkish comments," Eric Rosengren, former president of the Boston Fed, observed.

Meanwhile, U.S. Treasury yields turned higher after the speech, as bonds were dumped. The benchmark 10-year yield was last up 5.3 basis points to 4.725%, while the more rate-sensitive 2-year yield climbed 12.2 basis points to 4.354%. The bond market has been on a roller coaster recently, with longer-term maturities gripped in a sell-off driven by inflation jitters, corporate debt issuance concerns, and worries over the ballooning U.S. national debt.

A surprise intervention move by the Treasury Department last week has had little effect to cap yields. While climbing bond yields generally act like interest rate hikes as they drive up borrowing costs for consumers and businesses, news that U.S. debt had crossed $40 trillion caused fiscal skepticism, and in such an environment investors looked to move capital out of fiat currencies and into hard assets such as gold or cryptocurrency - a strategy known as the debasement trade.

Indeed, the dollar slipped nearly 1% last week, while gold and crypto rallied. But the dollar bounced back this week, especially on Friday on Warsh’s hawkish speech, while both gold and crypto cooled their advance.

"Chair Warsh delivered a hawkish message at Jackson Hole and investors are preparing for the possibility of rate hikes. Gold, silver, and Bitcoin, which have rallied in the past week on debasement trade rejuvenation, are correcting today," Michael O’Rourke, chief market strategist at Jones Trading, told Investing.com.

Nvidia helps Wall Street to weekly gains

Turning away from the Fed, Wall Street posted its fourth weekly advance in five. The climb was primarily driven by Nvidia’s nearly 9% surge on Thursday which added over $440 billion to the stock’s market capitalization.

The poster child of the AI boom, the firm reported quarterly revenue of $92.22 billion, a surge of 106% Y/Y. Even more eye-catching than the top-line figure was the guidance. Nvidia sees current quarter revenue of $108 billion, plus or minus 2%, and on the earnings conference call finance chief Colette Kress said fiscal year 2028 revenue was anticipated to grow about 70% Y/Y, while highlighting that this was a supply-constrained outlook.

The performance provided a shot in the arm for the AI trade, which had seen a roller coaster of a year coming into the earnings report. A stellar rally over April, May, and June that helped Wall Street shake off the Middle East conflict and return to record levels gave way to a spectacular crash in July due to concerns about uncertain returns on the billions of dollars being spent by mega-cap companies on AI infrastructure.

Nvidia dipped 4.6% on Friday, but its Magnificent Seven peers caught up. Meta Platforms, Apple, Microsoft, Alphabet, and Amazon gained between 1.2% to 4%.

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