Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., Aug. 24, 2026.
Brendan McDermid | Reuters
The S&P 500 fell on Friday, but still notched a winning week, after Federal Reserve Chairman Kevin Warsh conveyed some worry over current inflation trends
The broad market index lost 0.25% and closed at 7,711.76, while the Nasdaq Composite slid 0.52% to 26,402.42, weighed down by losses in semiconductor stocks such as Nvidia and Intel. The Dow Jones Industrial Average was down 9.45 points, or 0.02%, and ended at 53,559.99
The S&P 500 advanced 0.5% on the week, while the Nasdaq gained 0.9%. The Dow climbed 0.5% in the period for its first winning week in three
In his remarks at the central bank’s annual symposium in Jackson Hole, Wyoming, Warsh said, “While this summer’s PCE and CPI readings were better than expected, they do not tell me that underlying trends have meaningfully improved.”
He also said, “We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do. That’s our job … our mandate … and our charge to keep.”
Bets among fed funds futures traders that the Fed will raise interest rates in September increased to 57.5% on Friday, per CME Group’s FedWatch tool. That’s up from 35.4% just a day ago
Treasury yields on the short end of the curve were higher immediately after Friday’s speech, while those on the long end — which are linked to borrowing costs throughout the economy and have been aend of the trading day, however, those on the short end had come off their lows
“I found this speech in particular to be a very strong kind of message, both a message to the market but also just a kind of message in general that the way the Fed has done business for maybe the last 40 years in some ways has not been as rigorous as it could be,” said Bill Birmingham, managing director at REX Financial
Birmingham added that Warsh’s comments about the composition of CPI in particular signal “that he is very much looking for consensus internally to raise rates,” he added
Investors also digested more earnings results. Gap shares jumped about 13% despite a mixed quarterly report as the retail announced a new chief executive for the struggling Old Navy brand. Marvell Technology slid more than 10% after issuing current-quarter guidance for non-GAAP gross margin that disappointed the Street
Fri, Aug 28 20264:14 PM EDT
Stocks finish in the red
U.S. equities moved lower on Friday
The S&P 500 fell 0.25% to end the session at 7,711.76, while the Nasdaq Composite declined 0.52% to 26,402.42. The Dow Jones Industrial Average shed just 9.45 points, or 0.02%, to 53,559.99
Fri, Aug 28 20263:30 PM EDT
Semi stocks buck Nvidia’s rise this week
Nvidia’s logo is displayed at their headquarters on Aug. 26, 2026 in Santa Clara, California.
Benjamin Fanjoy | Getty Images
Nvidia’s post-earnings gain hasn’t helped the broader semiconductor sector much this week
The chipmaker rose more than 1% this week, lifted by its nearly 9% jump on Thursday on the back of a strong earnings reporting and outlook. But the VanEck Semiconductor ETF (SMH) has slipped more than 3% week to date
Nvidia vs. SMH ETF, 5-day
Marvell Technology and Applied Materials dragged on the ETF, with respective losses of more than 8% and 5% this week. Synopsys and Cadence Design Systems were among the other stocks helping resttrict losses, rising more than 11% and 6%, respectively
— Alex Harring
Fri, Aug 28 20263:17 PM EDT
The sustainability of the AI trade comes into play next week
Tech came back in a big way this week, but whether artificial intelligence can sustain its advance — especially as expectations of a rate hike grow — remains to be seen
Next week’s jobs report should also give some clarity on the path for monetary policy, after the Federal Reserve Chairman Kevin Warsh doubled down on a stance against inflation even with growing pockets of weakness in the U.S. economy
“It’s all about artificial intelligence,” said Dave Sekera, chief U.S. market strategist at Morningstar. “And I think that’s going to continue through next week as well as everyone’s trying to reorient where they want to position their AI plays.”
CNBC Pro subscribers can read more here
— Sarah Min
Fri, Aug 28 20262:03 PM EDT
“Investors place a premium on policy clarity,” says global strategist
Kevin Warsh, chairman of the US Federal Reserve, and Andrew Bailey, governor of the Bank of England at the Jackson Hole Economic Symposium in Moran, Wyoming, on Aug. 28, 2026.
David A. Grogan | CNBC
Warsh Friday speech at Jackson Hole managed to paint a clearer picture for September, said Seema Shah, a chief global strategist at Principal Asset Management
“Although we expect incoming data to improve, the risk of a September hike has increased. The positive market reaction highlights that investors place a premium on policy clarity, even when that clarity carries a more hawkish message,” she said
— Ananya Chetia
Fri, Aug 28 20261:14 PM EDT
Goolsbee says Fed isn’t ‘out of the woods’ yet on inflation
watch now
Chicago Federal Reserve President Austan Goolsbee said Friday he generally agreed with Chairman Kevin Warsh’s characterization of the U.S. economy and sees inflation as the main problem
“I agree with the analysis that the chairman put forth that we’ve been above the target. It was going the wrong way. We’ve gotten a couple of months of more benign readings, but that certainly doesn’t feel like out of the woods,” the policymaker said in a CNBC interview from the Fed’s symposium in Jackson Hole, Wyo
Though Goolsbee did not commit to a policy path, he said “all eyes got to be for Fed action.”
Markets priced in a high higher probability for a rate hike at the Fed’s September meeting following Warsh’s keynote address in which he said “we have work to do” if inflation readings don’t improve
— Jeff Cox
Fri, Aug 28 202612:52 PM EDT
Stocks making big moves: Workday, Salesforce, Nvidia
Timon Schneider | Lightrocket | Getty Images
Here are some of the companies making headlines in midday trading:
- Workday – Shares of the enterprise artificial intelligence platform jumped 6% after Workday posted second-quarter results that topped estimates. The company earned $2.75 per share on an adjusted basis and posted revenue of $2.65 billion. Analysts polled by LSEG sought $2.61 per share and $2.64 billion.
- Salesforce – The software company continued its post-earnings rally. Shares gained 3% on Friday, adding to Salesforce’s advance of more than 22% from a day earlier. The company beat estimates on the top and bottom lines in the second quarter and posted a $2.6 billion gain on strategic investments, including its stake in AI startup Anthropic.
- Nvidia – Shares of the chip giant dropped more than 3%. Nvidia saw a rally of nearly 9% in the prior session, helping to lift the S&P 500 and the Nasdaq Composite to their best daily performances since Aug. 4.
Read here for the full list
— Ananya Chetia
Fri, Aug 28 202612:09 PM EDT
Odds of quarter-point rise in fed funds at September meeting jump to 57.5%
Thirty-day fed funds futures prices now suggest a 57.5% chance the Federal Reserve will raise benchmark lending rates quarter percentage point from their current range of 3.50% to 3.75%, according to the CME FedWatch tool
On Thursday, a day before Fed Chairman Kevin Warsh’s policy address at the central bank’s annual symposium Friday in Jackson Hole, Wyoming, odds of a rate increase next month stood at closer to a third, or 35.4%
The current odds are even higher than they were a month ago, when chances policy would be tightened stood at 55.8%
— Scott Schnipper
Fri, Aug 28 202611:37 AM EDT
September rate hike odds increase on Kalshi
US Federal Reserve chairman Kevin Warsh speaks during a press conference in Washington, DC, on June 17, 2026.
Brendan Smialowski | Afp | Getty Images
Kevin Warsh’s keynote speech at the central bank’s annual symposium in Jackson Hole, Wyo. has altered investors’ outlook for an interest rate hike in September after the Fed chairman said he was committed to fighting inflation
Traders on prediction market platform Kalshi now believe there are 48% odds that the Fed will hike rates by 25 basis points. Before Warsh’s speech, odds that the central bank would maintain the status quo in September were nearly 70%. Read more
— Davis Giangiulio
Fri, Aug 28 202611:00 AM EDT
2-year Treasury yield jumps after Warsh speech
Treasury yields at the short end spiked while those on the long end edged lower after Federal Reserve Chairman Kevin Warsh said in a keynote address in Jackson Hole, Wyoming that the central bank still has “work to do” to bring inflation under control
The 2-year Treasury yield, which is more sensitive to policy expectations, jumped more than 6 basis points higher at 4.298%. Read more
US2Y, 1-day
— Sarah Min
Fri, Aug 28 202610:13 AM EDT
Fed Chairman Warsh expresses concern about trend of inflation and advocates for ‘quieter’ central bank
Kevin Warsh, chairman of the US Federal Reserve, during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, DC, US, on Wednesday, July 29, 2026.
Al Drago | Bloomberg | Getty Images
Federal Reserve Chairman Kevin Warsh expressed concern Friday about elevated inflation, but gave no indication of whether he thinks interest rates should be higher while also declining to outline the conditions under which he’d advocate for a change in policy
Warsh’s closely watched remarks at the Fed’s annual symposium in Jackson Hole, Wyo., avoided committing either to forward guidance — or verbal cues about the Fed’s intentions — or reaction function, the economic signals that would warrant an adjustment in rates
Instead, he used the speech to outline his philosophy on policymaking while carefully sidestepping any signals on what he thinks should be done to achieve the Fed’s dual mandate of low inflation and full employment
“I stand here today committed to a discipline, not to a decision,” Warsh said in prepared remarks for a group that includes his fellow policymakers on the Federal Open Market Committee as well as economists and media members
Read the full story and watch Warsh’s speech live here
— Jeff Cox
Fri, Aug 28 20269:40 AM EDT
S&P 500 opens little changed
The S&P 500 began Friday’s session around the flatline
The broad market index rose 0.1% just after 9:30 a.m. ET, while the Nasdaq Composite shed 0.1%. The Dow Jones Industrial Average climbed 92 points, or 0.2%
— Sean Conlon
Fri, Aug 28 20269:07 AM EDT
Tyson and JBS fall after Trump vows to break Big Ag monopoly
A corporate monument sign is pictured outside the Tyson Foods Eagle Mountain Complex in Eagle Mountain, Utah, United States, on August 15, 2026. Tyson Foods announced plans to permanently close the meat packaging facility by October 12, 2026, eliminating 723 local jobs as part of a multi-state restructuring plan affecting several United States beef plants due to a historic cattle shortage. (Photo by Charles-McClintock Wilson/NurPhoto via Getty Images)
Charles-McClintock | Nurphoto | Getty Images
Shares of Tyson Foods and the meat processor JBS are down after President Donald Trump said he is “authorizing legal documents to be drawn” to allow farmers and ranchers to “PROCESS THEIR OWN FOOD.”
Tyson and JBS fell more than 1% premarket on the president’s comments
Trump, in a Truth Social post, attacked Big Ag as a “nasty Monopoly” that he wants to break
“There are, essentially, 4 of them, a very non competitive number, and they make life miserable for our wonderful Farmers and Ranchers, and I can’t let that happen, can I?” Trump said
— Spencer Kimball
Fri, Aug 28 20269:00 AM EDT
Wheat, corn and soybeans climb to multiyear highs, lifted by Black Sea attacks
Farmers operate combines while harvesting wheat in a field in the course of Russia-Ukraine conflict, outside the town of Volnovakha in the Donetsk region, Russian-controlled Ukraine, July 12, 2024.
Alexander Ermochenko | Reuters
Wheat and corn are at a more than three-year high and soybeans sell for almost a three-year high, darkening the outlook for livestock feed and food ingredient inflation
Wheat on Friday touched $7.725 a bushel while corn climbed to $5.4125 a bushel, both at the highest levels since late July, 2023. Soybeans touched $12.795 a bushel, the highest since January 2024
Wheat is up 10% this week, more than 20% in just the past month and 51% this year. Corn is higher by 6% this week, 16% in August and 22% in 2026. Soybeans have moved up 3% this week, 7% in August and 22% in 2026
Attacks by Russia and Ukraine in the Black Sea have disrupted grain shipments and “halted almost all grain shipments through ports in the Black Sea and the Sea of Azov, which used to account for 70% of all Russian grain exports,” Reuters said. Corn prices have risen because of poor summer weather in the U.S., while soybeans have climbed partly because of stepped up Chinese demand
Teucrium Wheat Fund is up 36% in 2026
— Scott Schnipper and Gina Francolla
Fri, Aug 28 20268:33 AM EDT
Many analysts are still bullish on Marvell, even with its shares down after earnings
Jonathan Raa | Nurphoto | Getty Images
Marvell Technology’s post-earnings decline is no reason to steer clear, according to several analysts on the Street
Marvell posted $2.74 billion in revenue for the second quarter, narrowly topping the $2.72 billion anticipated by analysts polled by FactSet. It also reported earnings of 94 cents per share for the same period, or slightly about the Street’s consensus estimate of 93 cents.
While those numbers exceeded expectations, they failed to impress investors, who sent the stock down around 8% in the premarket
That said, Bank of America, UBS, Barclays, Wells Fargo and Citi remain bullish on the semiconductor designer
CNBC Pro subscribers can read more about their views on the name here
— Liz Napolitano
Fri, Aug 28 20268:07 AM EDT
PayPal, Affirm and Elastic N.V. among the stocks making moves before the bell
Check out the companies making the biggest moves premarket:
- PayPal — Shares plunged nearly 16% for the company after Bloomberg reported Thursday night, citing people familiar with the matter, that buyout firm Advent and payment processor Stripe decided to not pursue PayPal . The deal would have been one of the largest leveraged buyouts, the sources told the outlet.
- Affirm — The buy now, pay later company jumped 13% after it reported $1.17 billion in revenue for the fiscal fourth quarter, topping an LSEG estimate of $1.11 billion. The company’s first-quarter guidance for revenue is also above estimates.
- Elastic N.V. – Shares jumped over 17% for the data analytics company after full-year guidance topped analysts’ expectations. The company sees adjusted earnings per share in a range of $3.29 to $3.37. Analysts polled by LSEG were looking for $3.24 per share in terms of guidance.
Read here for the full list
— Ananya Chetia
Fri, Aug 28 20267:40 AM EDT
Information technology sees biggest gain as lone positive S&P 500 sector since 2001
The S&P 500 information technology sector finished Thursday’s session up 3.4%, while all other sectors closed in the red
That marks the biggest gain where information technology led and all other sectors lost ground since March 22, 2001, when information technology gained about 6.5%
Among the 11 S&P 500 sectors, information technology is the second-best performer this year, seeing a rise of 23.7%. That’s behind only energy, whose year-to-date advance is about 37.7%
— Nick Wells and Sean Conlon
Fri, Aug 28 20266:31 AM EDT
Marvell shares tumble 8% as outlook underwhelms despite 37% revenue growth
Marvell Technology Group Ltd. headquarters in Santa Clara, California, Sept. 6, 2024. Intel is reportedly planning to sell Altera, its programmable chip unit, as a result of the company’s mounting financial struggles, with Marvell Technology seen as a likely buyer, according to media reports.
David Paul Morris | Bloomberg | Getty Images
Marvell Technology shares fell 8% in premarket trading despite a second-quarter revenue beat, as its raised fiscal 2028 outlook failed to meet investors’ elevated expectations
The chipmaker said it now expects revenue to grow about 50% year-on-year to around $18 billion, higher than its previous forecast of $16.5 billion
Revenue rose 37% to $2.7 billion in its fiscal second quarter. That came in $39 million above the company guidance provided in May
Marvell, which makes networking, connectivity and custom chips used in AI data centers, offered limited detail on its fiscal 2028 outlook, dampening investor sentiment after hopes that a Google partnership worth up to $12.2 billion in shares would further boost earnings
The stock was last trading down 8%. It’s up 184% this year, buoyed by demand for its products used in AI infrastructure
Marvell Technology stock since the start of the year.
— Sawdah Bhaimiya
Fri, Aug 28 20265:35 AM EDT
Treasury yields tread water with all eyes on Kevin Warsh’s Jackson Hole keynote speech
Treasury yields were little changed early Friday as global investors await the highly anticipated keynote speech from Federal Reserve Chair Kevin Warsh at Jackson Hole
The 10-year Treasury note was less than 1 basis point higher, at 4.676%, at 4 a.m. ET. The 30-year Treasury bond yield was less than 1 basis point higher at 5.199%, while the yield on the 2-year Treasury note was flat at 4.229%
One basis point equals 0.01%. Yields and prices move inversely
Fri, Aug 28 20264:38 AM EDT
Stocks on the move in premarket: Marvell, Paypal, Gap
The PayPal logo is seen on a smartphone in front of the same logo displayed in this illustration taken September 8, 2021.
Dado Ruvic | Reuters
Shares of Marvell Technology are down more than 8% in premarket trade. The semiconductor firm raised its revenue outlook in second quarter results posted Thursday, but dampened investor enthusiasm around the impact on results of its recent AI chip deal with Google
Marvell Technology.
PayPal shares also fell sharply, down around 15% at 4:24 a.m. ET, after Bloomberg reported that fintech Stripe and buyout firm Advent International have abandoned their takeover attempt of the company. CNBC has not independently confirmed the report
PayPal.
Retailer Gap meanwhile popped nearly 15% following a hike to its earnings per share outlook in Thursday results, allowing with an announcement of leadership changes at its Old Navy brand
Gap.
— Jenni Reid
Fri, Aug 28 20263:39 AM EDT
European stocks rebound at the open
European stock markets were broadly higher in early Friday trade, bouncing back from two sessions in the red
Autos and utilities led the charge, both up 0.95%
The regional Stoxx 600 index is heading for a monthly gain of around 1%, its weakest performance since March, when it dropped 8% amid a global sell-off
Stoxx 600 index.
— Jenni Reid
Fri, Aug 28 20263:22 AM EDT
Japan’s Nikkei 225 closes 0.4% higher, South Korea’s Kospi drops 1.8%
Asia-Pacific market closed mixed Friday, with no major regional catalysts and focus on Federal Reserve Chair Kevin Warsh’s Jackson Hole speech for clues on U.S. rate path
Japan’s benchmark Nikkei 225 added 0.41%, ending the trading day at 66,405.56, while the Topix rose 0.72% to 4,146.71. South Korea’s Kospi was down 1.79% at 6,788.88 and the small-cap Kosdaq ended the trading day flat at 838.41
Mainland China’s CSI 300 dropped 0.46% to 4,609.18, while Hong Kong’s Hang Seng was flat as of its last hour of trade
Australia’s S&P/ASX 200 gained 0.6% to 9,092.3
— Lee Ying Shan
Fri, Aug 28 202612:18 AM EDT
Bitcoin slips after rapid surge put the cryptocurrency in ‘overbought’ territory
Jonathan Raa | Nurphoto | Getty Images
Bitcoin slipped 0.55% to $79,623.97 on Friday, extending its pullback after briefly topping $81,000 earlier this week
The cryptocurrency has retreated after running into resistance between $80,000 and $82,000 senior market analyst at Trade Nation
Its rapid climb of nearly 30% since the start of last week had pushed momentum indicators into “overbought” territory, making profit-taking and fresh short positions more likely, he said
Traders are also turning cautious ahead of a key U.S. inflation reading and Nvidia’s quarterly earnings, both of which could shape broader risk appetite
Morrison said bitcoin’s surge was partly driven by the so-called “dollar debasement trade,” as concerns over mounting U.S. federal debt and trade tensions prompted some investors to seek alternatives to the greenback. Gold has also benefited from that theme, he added
Thu, Aug 27 202610:32 PM EDT
Oil falls as investors watch Mideast developments
Oil fell Friday as traders continued to assess developments in the Middle East, having gained overnight after Washington confirmed that the U.S. was not in talks with Iran
Futures for international benchmark Brent crude for October delivery fell 0.36% to $89.38 a barrel. U.S. West Texas Intermediate futures for October declined 0.26% to $83.31 per barrel
While all options remain on the table, the White House said no negotiations were happening between the U.S. and Iran
Oil prices are likely to remain tied to the pace of the negotiations, any credible progress, and changes in the security backdrop” around the Strait of Hormuz, said Thadeu Dos Santos, regional director at trading platform Infinox
“A clearer path to an agreement could renew downward pressure as supply prospects improve, while any escalation in tensions or new incidents could quickly restore the upward trend in crude prices,” Santos added
—Justina Lee
Thu, Aug 27 202610:04 PM EDT
Lombard Odier remains bullish on Chinese equities
Hong Kong’s Hang Seng Index opened 0.32% lower on Friday, while mainland China’s CSI 300 fell 0.2%
Lombard Odier remains positive on Chinese equities, naming China as one of its preferred emerging markets alongside South Korea, Taiwan and Brazil
The bank said in a monthly investment strategy report released Wednesday that Chinese stocks had staged “a big rebound over the past month,” after previously lagging their emerging-market peers
“We are positive on the broad China market, including onshore equities alongside offshore markets,” the bank’s analysts wrote
Onshore shares offer more direct exposure to AI infrastructure, semiconductor localization and policy-driven investment, while offshore stocks offer more attractive valuations and potential gains from improving sentiment, cloud growth and AI monetization, they said
Lombard Odier also pointed to “strong policy support, a rapidly expanding AI ecosystem, robust export growth” and the movement of household wealth away from property and toward financial assets. These factors support “a compelling case for a balanced allocation across both onshore and offshore Chinese equities,” it added
— Lee Ying Shan
Thu, Aug 27 20268:16 PM EDT
Asia-Pacific markets open mixed as investors await Fed Chair Warsh’s Jackson Hole speech
Kevin Warsh, chairman of the US Federal Reserve, arrives for dinner during the Kansas City Federal Reserve’s Jackson Hole Economic Policy Symposium in Moran, Wyoming, US, on Thursday, Aug. 27, 2026.
David Paul Morris | Bloomberg | Getty Images
Asia-Pacific markets opened mixed Friday
Japan’s benchmark Nikkei 225 added 0.19%, while the Topix rose 0.39%. South Korea’s Kospi was down 1.16%, and the small-cap Kosdaq opened flat
Australia’s S&P/ASX 200 rose 0.25%
Federal Reserve Chair Kevin Warsh is due to deliver a closely watched keynote address Friday at Jackson Hole, as investors look for any signals on the economy, monetary policy and the direction of interest rates
— Lee Ying Shan
Thu, Aug 27 20267:47 PM EDT
Asia markets poised to trade mixed with focus on Fed chair’s Jackson Hole speech
Asia-Pacific markets were poised to trade mixed Friday as investors awaited Federal Reserve Chair Kevin Warsh’s highly anticipated Jackson Hole speech for clues on the path of U.S. interest rates
Japan’s Nikkei 225 was set to fall, with the Chicago futures contract at 66,040 compared with the index’s previous close of 66,131.98
Hong Kong’s Hang Seng index futures were at 25,476 compared with the index’s last close of 25,565.74
Futures for Australia’s S&P/ASX 200 last traded at 9,143 while the index closed at 9,038.2
— Lee Ying Shan
Thu, Aug 27 20266:09 PM EDT
See the stocks moving after hours
These are some of the stocks making big moves in extended trading:
- Gap – Shares of the clothing retailer jumped about 14% after Gap announced Michael Francis will take the helm at Old Navy, starting Nov. 2. He succeeds Haio Barbeito, who has been the CEO since 2022. Adjusted earnings for Gap in the second quarter topped estimates, coming in at 52 cents per share versus the LSEG consensus estimate of 48 cents.
- Marvell Technology — The semiconductor stock was down about 6%. Marvell called for current quarter adjusted earnings of $1.10 per share, plus or minus 5 cents, while analysts polled by LSEG anticipated $1.07 per share. The company also sees non-GAAP gross margin for the period in a range of 57.5% to 58.5%, versus the StreetAccount consensus call for 58.5%.
- Autodesk – The maker of 3D design software slid 5% after its earnings projections disappointed Wall Street. Autodesk sees adjusted earnings ranging from $3.04 to $3.09 per share in the third quarter, while analysts polled by LSEG were looking for $3.14 per share. Full-year adjusted earnings guidance was $12.52 to $12.60 per share, compared to the $12.60 anticipated.
See the full list here
— Alex Harring
Thu, Aug 27 20266:03 PM EDT
Stock futures are near flat
Futures tied to the Dow and S&P 500 are little changed shortly after 6 p.m. ET Thursday. Nasdaq 100 futures shed 0.2%
— Alex Harring
Read More
