Weekly Close: Is the Market Consolidating, or Gearing Up for September? 28/08/2026
Market Wrap
U.S. stocks advanced on Thursday as strong earnings from Nvidia (NVDA) and other major technology companies revived enthusiasm around the AI trade and pushed the Nasdaq sharply higher.
The Nasdaq Composite climbed 1.6% to 26,541.35, while the S&P 500 gained 0.7% to 7,730.99. The Dow Jones Industrial Average added 106 points, or 0.2%, to finish at 53,569.44. The session marked the strongest performance since Aug. 4 for both the Nasdaq and S&P 500, as well as the broader technology sector.
Nvidia (NVDA) surged 8.7% after beating Wall Street estimates and delivering a stronger-than-expected growth outlook, reinforcing confidence that AI infrastructure spending remains robust.
Strength extended beyond semiconductors. Salesforce (CRM) jumped more than 22% following better-than-expected revenue, while Adobe (ADBE) gained 5.7% and Autodesk (ADSK) rallied 6.2%, helping drive a broader rebound across software stocks.
Bitcoin (BTC) moved in the opposite direction, slipping about 0.6% to $79,624 after briefly topping $81,000 earlier in the week. The cryptocurrency has struggled to extend its breakout after encountering resistance around the $80,000-to-$82,000 range.
Attention now turns to Federal Reserve Chair Kevin Warsh's speech at Jackson Hole on Friday, where investors will be looking for fresh signals on inflation, interest rates and the outlook for monetary policy.
Thursday's rally also put all three major U.S. indexes on course for weekly gains, with the Dow positioned for its first positive week in three.
Warsh Faces Key Jackson Hole Test
Federal Reserve Chair Kevin Warsh will deliver his closely watched Jackson Hole speech on Friday, with investors looking for clearer signals on the path for interest rates and the Fed's approach to persistent inflation.
Since taking over in May, Warsh has largely avoided traditional forward guidance, preferring to let economic data and financial markets shape expectations. That approach has left investors uncertain about the conditions that would prompt the Fed to raise or lower rates.
The speech comes at a sensitive moment for bond markets. Longer-term Treasury yields have climbed sharply in recent weeks, increasing pressure on Warsh to explain how the Fed views inflation and what would trigger another policy move.
Markets will be particularly focused on whether Warsh signals that additional rate increases remain possible if inflation fails to moderate. A clearer hawkish message could reassure bond investors, while a speech focused mainly on broader structural themes could be interpreted as dovish and put renewed upward pressure on long-term yields.
Warsh may also address his broader effort to reshape the Fed, including reviews of inflation analysis, the balance sheet, economic data, technology and central-bank communication.
With Treasury yields elevated and uncertainty around the Fed's reaction function growing, Friday's remarks could prove one of the most important market catalysts of the week.
Stocks on the Move
- Gap (GAP): Shares jumped about 14% after the retailer named Michael Francis as the next CEO of Old Navy. Gap also topped second-quarter profit expectations, reporting adjusted earnings of 52 cents per share versus 48 cents expected.
- Marvell Technology (MRVL): Shares fell 6% as investors focused on a softer margin outlook. The chipmaker expects current-quarter adjusted earnings of about $1.10 per share, slightly above estimates, while its gross-margin forecast came in at or below consensus.
- Workday (WDAY): Shares gained nearly 1% after the enterprise software company beat Wall Street expectations for both earnings and revenue in the second quarter.
- Rubrik (RBRK): Shares dropped 7% despite second-quarter earnings and revenue beating estimates. Investors focused on a weaker-than-expected gross margin of 81%, compared with the 81.7% consensus.
- Autodesk (ADSK): Shares slid 5% after the software company issued weaker-than-expected earnings guidance. Third-quarter adjusted EPS is projected at $3.04 to $3.09, below the $3.14 consensus.
Watchlist: NVDA, AMD, CRM, OKTA, GAP, MRVL, WDAY, ADSK, RBRK, S, FRO, MSTR, IREN
Key Economic Events Today
Economic Data (EST)
- 09:00 AM — USD FOMC Member Hammack Speaks
- 09:45 AM — USD Chicago PMI
- 10:00 AM — USD Consumer Sentiment
- 10:00 AM — USD Inflation Expectations
- 10:00 AM — USD Prelim Benchmark Payrolls Revision
- 10:00 AM — USD Fed Chairman Warsh Speaks
- Jackson Hole Symposium Day 2
Earnings
Before Market Open: Frontline (FRO), Hafnia Limited (HAFN), Miniso Group (MNSO), Chagee Holdings (CHA)
