S&P 500 – 7,711.76 (-0.25%)

Dow Jones – 53,559.99 (-0.02%)

NASDAQ – 26,402.42 (-0.52%)

• Treasury Yields Jump: Treasury yields moved higher Friday, particularly across the short end of the curve, as traders digested Fed Chair Kevin Warsh’s hawkish remarks. The 2-year Treasury yield jumped 12 basis points to 4.35%, while the 10-year yield climbed to 4.72%.
• September Rate-Hike Odds Surge: Markets sharply repriced expectations for the Fed’s September meeting, with the implied probability of a rate hike jumping from roughly 35% to around 55% following Warsh’s remarks.
• Stocks Still Score a Weekly Win: Despite Friday’s pullback, U.S. stocks finished broadly higher for the week, fueled by continued technology strength and a string of upbeat earnings reports.
• Global Markets Deliver a Mixed Picture: Asian markets finished mixed Friday, while European equities were mostly higher after the eurozone Economic Sentiment Indicator improved in August.
• Oil Holds Near $83: Crude prices were relatively quiet Friday, with WTI settling near $83 per barrel as traders continued to weigh global supply disruptions against shifting demand expectations.
• Gap Rips Higher on Earnings: Gap (GAP) shares ripped higher after the retailer delivered better-than-expected earnings and above-consensus guidance despite a revenue miss. The company also named a new CEO for Old Navy as it works to revive the struggling brand.
• Marvell Gets Smacked Despite AI Demand: Marvell Technology (MRVL) shares dropped sharply after quarterly earnings, revenue and guidance came in roughly in line with expectations. Investors appeared underwhelmed by the outlook, particularly given the company’s recent AI chip agreement with Alphabet’s (GOOGL) Google.
• Affirm Keeps the Rally Going: Affirm Holdings (AFRM) surged after the fintech company delivered solid quarterly results and guidance that topped Wall Street expectations.
• Autodesk Slips on Weak Outlook: Autodesk (ADSK) fell roughly 4% despite beating quarterly estimates, with investors focusing instead on third-quarter EPS guidance that came in below consensus.
• Apple Raises Apple TV Prices: Apple (AAPL) increased the price of its Apple TV streaming service to $14.99 per month, or $119 annually, up from $12.99 per month or $99 annually.
• Nvidia Cools After Monster Rally: Nvidia (NVDA) edged lower following Thursday’s blockbuster 8.7% gain. With a market cap approaching $5 trillion, Nvidia was a major driver of Thursday’s broader market rally. Separately, The Wall Street Journal reported that Nvidia has paused certain transactions tied to a new financing initiative supporting AI cloud providers.
• Wendy’s Loses Takeover Premium: Wendy’s (WEN) sank after Reuters reported that investment firm Trian has no current plans to bid for the restaurant chain, taking some of the takeover speculation out of the stock.
• August Remains Surprisingly Strong: The S&P 500 remains on track for a solid August, gaining more than 3% through Thursday’s close despite heading into a historically weaker stretch for equities. Since 1970, August and September have produced average returns of just 0.16% and -0.82%, respectively, with positive returns occurring 57.1% and 44.6% of the time.
• Wall Street Gets Serious Whiplash: U.S. stocks gave back modest opening gains Friday as investors digested Warsh’s warning that inflation remains uncomfortably high for policymakers, putting the Fed outlook and September rate decision squarely back in focus.
• Trump Drops a Massive Venezuela Oil Deal: President Donald Trump announced an agreement that could give the U.S. majority control of more than 65 billion barrels of Venezuelan oil reserves as global energy markets continue to deal with disruptions tied to the U.S.-Iran conflict and Strait of Hormuz.
• Walmart Puts Opioid Case Behind It: Walmart (WMT) settled a major U.S. government lawsuit alleging its pharmacies contributed to the opioid crisis. The financial terms remain undisclosed, leaving investors waiting to see whether the agreement will have a meaningful impact on the retail giant.

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“Life is what happens to you while you’re busy making other plans.” 

— John Lennon

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Notable Stocks

• PayPal (PYPL)
• Marvell Technology (MRVL) 
• Gap (GAP) 
• Elastic (ESTC)
• Nvidia (NVDA) 

Weekly Notables

PayPal Gets Hammered as Stripe, Advent Walk Away from Takeover Talks

PayPal (PYPL) shares took a major hit Friday, sliding roughly 12% after Bloomberg reported that payments powerhouse Stripe and private equity firm Advent had abandoned their pursuit of the company. The group had reportedly been exploring a deal earlier this year and offered approximately $60.50 per share, valuing PayPal at roughly $53 billion. PayPal rejected the proposal and pushed for a higher valuation, but the talks have now reportedly fallen apart.

Tim Cook’s 15-Year Apple Run Comes to an End Monday

Tim Cook is preparing to step down as Apple’s (AAPL) CEO on Monday, Aug. 31, closing the book on a 15-year tenure that transformed the tech giant into one of the most valuable companies in the world. Cook took over as CEO in 2011 following the death of co-founder Steve Jobs, inheriting a company already powered by the iPhone but taking its growth to an entirely new level.

Earnings Spotlight: Snowflake (SNOW)

Snowflake's earnings outlook is strongly bullish, fueled by a sharp re-acceleration in revenue driven by its enterprise AI initiatives. Following a massive 79% stock price surge over the summer, the company is scheduled to report its fiscal Q2 2027 earnings on Wednesday, September 2, 2026, after the market closes. 

What to Watch Ahead:

August 31: No major earnings announcements or events.
September 1: July construction spending, August ISM Manufacturing PMI®, July Job Opening and Labor Turnover Survey (JOLTS), and expected earnings from Medtronic (MDT), Palo Alto Networks (PANW), and Dell (DELL).
September 2: August ADP nonfarm employment, July factory orders, Federal Reserve Beige Book, and expected earnings from Broadcom (AVGO), Snowflake (SNOW), Hewlett-Packard (HPE), NetApp (NTAP), and Five Below (FIVE).
September 3: August ISM Services PMI® and expected earnings from Ciena (CIEN).
September 4: August nonfarm payrolls and August unemployment rate.