Refile: LIVE MARKETS-Wall Street bounces to a less-bad weekly loss: Nvidia, Jackson Hole on tap
REFILE-LIVE MARKETS-Wall Street bounces to a less-bad weekly loss: Nvidia, Jackson Hole on tap Moves up paragraph on additional companies reporting earnings to reside right below NVDA paragraph
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WALL STREET BOUNCES TO A LESS-BAD WEEKLY LOSS: NVIDIA, JACKSON HOLE ON TAP
U.S. stocks strode across the finish line of an eventful late-summer week on Friday with respectable gains.
All three major U.S. stock indexes advanced, with the blue-chip Dow .DJI jumping the most, advancing nearly 1%.
But the rally, which gained some steam later in the afternoon, wasn't enough to wash away a series of selloffs that were prompted by a bond rout, which sent long-dated yields spiking amid concerns over ballooning debt, persistent inflation, and dimming hopes for a near-term solution to the U.S.-Israeli war on Iran.
Treasury Secretary Scott Bessent has vowed more than once this week to expand purchases of longer-dated Treasuries to rein in those spiking yields, even as U.S. debt crossed the $40 trillion mark.
Despite those efforts, all three indexes logged weekly losses, with the small-cap Russell 2000 .RUT seeing its steepest Friday-to-Friday drop since early June.
Among the S&P 500's 11 major sectors, materials .SPLRCM were the frontrunners, while utilities .SPLRCU ended the session with the steepest percentage loss.
Elsewhere, gold and silver miners .XAU had a better day than most, rising 3.2%. For the week, the XAU jumped 13.9%.
Next week, the fervor will be primarily focused on two things: Nvidia NVDA.O results and the Jackson Hole Symposium.
With respect to the former, Nvidia will no doubt hog next week's earnings spotlight, particularly since mounting debt to finance lofty AI ambitions has dominated the conversation this week.
But smaller chipmaker Marvell Technology MRVL.O, software services companies Salesforce CRM.N and Intuit INTU.O, and discount retailers Dollar General DG.N and Dollar Tree DLTR.O will merit some scrutiny regarding AI disruption and consumer spending.
Regarding the latter, tight-lipped U.S. Federal Reserve Chair Kevin Warsh has said that his Jackson Hole remarks will address the "big picture" of monetary policy, rather than getting "caught up in the myopic."
The increasingly bellicose war of words between Washington and Tehran this week has done little to assuage fears that negotiators will not find a near-term way out of the impasse, thereby relieving upward pressure on energy prices.
Front-month WTI CLc1 and Brent LCOc1 crude futures settled up 0.3% and 0.7%, respectively.
With respect to next week's economics, home prices, new home sales, consumer confidence, durable goods, and UMich consumer sentiment will all take a back seat to the Commerce Department's second take on Q2 GDP and its wide-ranging PCE report, which, aside from covering income growth, spending and saving, also includes the Fed's pet inflation yardstick, the PCE price index.
Here's your closing snapshot:
(Stephen Culp)
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EARLIER ON LIVE MARKETS:
NVIDIA TO PUT FINISHING TOUCHES ON BANNER U.S. EARNINGS SEASON CLICK HERE
AI BUILDOUT INCREASINGLY FUELED BY DEBT, SAYS CARSON GROUP CLICK HERE
AI THEMES DRIVE VENTURE EXITS, LEAVING MOST UNICORNS ON THE SIDELINES, MORGAN STANLEY SAYS CLICK HERE
IT'S THE FLASH! U.S. COMPOSITE PMI HITS FOUR-YEAR HIGH CLICK HERE
U.S. STOCKS BOUNCE TOWARD THE CONCLUSION OF A LOSING WEEK CLICK HERE
DOW FACES CRUCIAL SUPPORT TEST AHEAD OF PCE, NVIDIA, JACKSON HOLE CLICK HERE
U.S. TREASURY SELLOFF? IT'S THE STOCK/BOND CORRELATION CLICK HERE
CITI LIFTS EURO-DOLLAR FORECASTS AS DOLLAR HEADWINDS MOUNT CLICK HERE
FRENCH STOCKS FACE HEADWIND FROM HIGH BOND SPREADS, BARCLAYS SAYS CLICK HERE
STOXX SET TO SNAP LOSING STREAK CLICK HERE
EUROPE BEFORE THE BELL: STOCKS HEADING FOR WEEKLY DROP CLICK HERE
SO MUCH FOR THE BESSENT BID CLICK HERE
