Macro Events & News
The week began with unexpected political drama as President Trump announced the firing of Fed Governor Lisa Cook over allegations of mortgage fraud. Markets largely ignored the move, which would have represented an unprecedented intervention in Fed independence, and Cook remains in her post.
Earnings season featured its biggest name, NVIDIA (NASDAQ:NVDA), which once again delivered strong results and favorable guidance. The report helped ease fears that the AI narrative was fading, but enthusiasm was tempered by disclosure that nearly half of revenue came from just two customers, raising questions about concentration risk.
Thursday’s GDP report showed continued expansion, though results remain skewed by tariff policy. Still, the data was broadly viewed as encouraging. On Friday, the Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index, showed core inflation rising 2.9%. The increase was modest but matched expectations, avoiding a negative surprise.
Overall trading was light heading into the long weekend, with markets closed Monday for Labor Day. In a quieter backdrop, Trump himself kept an unusually low profile in the latter half of the week, sparking wild speculation on social media about his absence.
The 10-year Treasury yield was marginally lower and closed at 4.23% while the VIX inched up to 15.36.
All the major indexes were slightly lower this week: the Dow down <1%, the S&P 500 down <1%, and the Nasdaq down <1%.
Watchlist News
1% ▼
Adobe Inc (NASDAQ:ADBE) has been trading in a range over the past few weeks and may continue until their earnings scheduled for 9/11.
3% ▲
Salesforce Inc (NYSE:CRM) did not have any major company-specific news this week, suggesting the rally may owe more to general market momentum and enthusiasm as it heads into its earnings report.
2% ▲
Palo Alto Networks (NASDAQ:PANW) continued its upward climb as the growth story and platformization progress sinks in with investors after its Q4 earnings report.
2% ▼
Tesla Inc (NASDAQ:TSLA) ased lower this week without any notable company-specific news. The decline may reflect lingering concerns around slowing sales, though the move appeared relatively muted given the broader challenges facing the name.
