The week in review
Large-cap growth did most of the work this week. Only 3 of 11 sectors finished in the green, with Communication Services, Technology, and Financials pulling the major indices higher while small-caps, measured by the Russell 2000, fell 1.4%. The VIX eased to 14.51, reflecting a relatively quiet surface despite the narrow breadth underneath.
Broad uptrend with healthy participation: most stocks above trend.
What moved the week, and what it sets up
Fed Chair Kevin Warsh used his Jackson Hole speech to signal that underlying inflation has not improved, pushing September rate-hike odds to around 60% and lifting the 2-year Treasury yield. The Nasdaq 100 fell on Friday in direct response, trimming what had been a stronger week for growth stocks. For anyone managing their own money through the rest of 2026, this sets up a live rate-hike debate rather than a settled policy backdrop. That means wider potential ranges around Fed communications and data releases, with each inflation and labor print carrying more weight than it has in some time.
Where the money went
Weekly total return of the 11 SPDR sector ETFs, measured Friday close to Friday close.
| Communication Svcs | +1.41% | |
| Technology | +1.26% | |
| Financials | +1.03% | |
| Utilities | -0.08% | |
| Materials | -0.64% | |
| Consumer Discretionary | -0.65% | |
| Consumer Staples | -0.66% | |
| Real Estate | -1.33% | |
| Energy | -1.51% | |
| Industrials | -1.74% | |
| Health Care | -1.98% |
The data behind the tape
Every release below links straight to the issuing agency. No aggregators in between.
| Date | Release | Source |
|---|---|---|
| 08-25-2026 | Housing starts New residential construction data gave the market a read on whether building activity is holding up in a higher-rate environment, adding context to ongoing debates about rate policy. | Official release › |
| 08-26-2026 | GDP The GDP print updated the official picture of economic growth for the period, and with rate-hike bets already stirring, the number carried extra weight for how the Fed's next move might be framed. | Official release › |
| 08-26-2026 | PCE inflation The Personal Income and Outlays report, which contains the Fed's preferred inflation gauge, landed hot enough to push September rate-hike probabilities higher and weighed on rate-sensitive parts of the market through the back half of the week. | Official release › |
| 08-28-2026 | Consumer sentiment The Surveys of Consumers reading closed out the week with a look at how households are feeling, rounding out a picture of demand conditions that investors were weighing alongside the inflation data. | Official release › |
The prints that mattered
Ranked by surprise versus consensus. Figures from the reported quarter.
| Company | Actual | Source |
|---|---|---|
Salesforce delivered a quarter built around a substantial earnings beat and an Anthropic AI deal that gave the result a forward narrative. The combination made it the top S&P 500 performer for the week. | 5.90 | Full report › · Our thesis › |
Intuit beat on the quarter itself, but management's guidance signaling a deliberate slowdown in customer growth overshadowed the result and sent the stock lower. The story became about fiscal 2027 expectations rather than the print. | 4.03 | Full report › · Our thesis › |
CrowdStrike's quarter landed as AI-driven demand for security tools became a front-and-center theme, with the CEO pointing to agentic threats as a new and growing enterprise concern. The result was described as the biggest single-week gain in the company's history. | 0.31 | Full report › |
Nvidia reported in the middle of a week already shaped by AI headlines, and the quarter was enough to reaffirm the broader AI infrastructure growth story the market has been pricing. The stock posted its best single day since April. | 2.22 | Full report › · Our thesis › |
Marvell came in essentially in line, but the conversation around the quarter centered on the scale of its Google AI chip relationship, with the CEO describing the revenue opportunity as a 'monster number' and analysts raising their outlooks on data center demand. | 0.94 | Full report › · Our thesis › |
Aug 31 – Sep 4
What is scheduled. Not a forecast of how it lands.
Covered names, last 7 days
Open-market Form 4 purchases filed by officers, directors and 10% owners. A filing fact, not a recommendation.
Names we have a view on
What in each report would support or undermine our published research. Business facts only, not price calls.
Confirms: Operating margin turning positive and platformization bookings acceleration would support the case for improving fundamentals.
Breaks: A second consecutive quarter of negative operating margin would reinforce concerns about the profitability timeline.
Confirms: AI networking and custom-silicon revenue growth alongside stable or expanding operating margin above 49% would validate the franchise quality thesis.
Breaks: Operating margin falling toward or below 42%, or free-cash-flow margin contracting toward 30%, would signal deteriorating demand from hyperscalers.
What this means
The week ahead runs from Aug 31 to Sep 4 and carries two high-profile labor market releases: JOLTS on Sep 1 and the Jobs report on Sep 4. With rate-hike odds already elevated following this week's PCE data, labor market prints tend to move the short end of the yield curve and can widen intraday ranges across rate-sensitive sectors. On the earnings side, DELL and PANW report after the close on Sep 1, followed by AVGO and SNOW on Sep 2, keeping the AI infrastructure theme in focus for a second consecutive week. Weeks that combine a high-impact macro release with several large-cap earnings reports historically see positioning shifts mid-week as each catalyst resets the backdrop.
Not personalized advice, and not a recommendation to buy or sell any security. Figures are sourced from public market data and the agencies linked above.
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