- US stocks
On Friday, the major indexes closed slightly lower. After an intraday push higher, they pulled back, with clear divergence.
The chip sector—lifted the previous day by Nvidia’s earnings—collectively reversed. NVDA fell 4.57%, while Micron was down more than 10%. The semiconductor and optical communications sectors came under pressure.
However, the core cloud/AI names with ultra-large market caps showed strong resilience. Amazon, Microsoft, Apple, Google, and Meta all closed higher. Funds only rotated out of AI compute hardware and did not fully exit the AI main theme.
At the macro level, Jackson Hole’s annual meeting keynote speeches with a more hawkish tone began to take effect. The market increased the probability of a rate hike in September by 9%. Long-end U.S. Treasury yields rose, and the most expensive hardware stocks were hit first.
Popular China concept stocks were modestly stronger overall, with the Golden Dragon Index up slightly.
For the whole week, all indexes ended green. The Dow gained 0.53% week-over-week, the S&P 500 rose 0.49%, and the Nasdaq jumped 0.85%. Nvidia’s better-than-expected earnings directly ignited sentiment around the AI sector and helped lift the broader market.
Across the week, investors favored mega-cap tech stocks with stronger earnings certainty. Compute-hardware is a high-beta, “wait-and-see” segment with extremely large volatility.
The officials’ speeches at Jackson Hole were the biggest variable in the second half of the week. The market sentiment brake was triggered as comments on sticky inflation took hold. Investors began repricing the Fed’s rate path. Small-cap stocks underperformed large-cap blue chips, and the defensive “stay-botting” behavior was evident.
Next week’s focus: the week of the August non-farm employment report, released on Friday; Broadcom’s earnings report on Wednesday taking over the spotlight from Nvidia.
- BTC
BTC briefly broke above $81,000 in midweek. After the remarks by the Fed Chair, it sharply reversed and fell to $76,877. Total liquidations across the crypto market for the week reached $300 million. Over the weekend, it traded in a range around $78,000. Mining companies MARA and Riot both dropped about 8%, and their declines far exceeded Bitcoin’s move itself.
- Gold
Gold opened higher last week and broke above $4,610. In midweek, it attempted a push toward $4,700 but failed. On Friday, after Powell delivered a hawkish speech at Jackson Hole, gold plunged 2.95% in a day to $4,453.67 per ounce. During the session, it briefly fell below $4,530 from above $4,620.
For the week, spot gold fell 3.24% in total, ending the prior streak of three consecutive weekly gains. In China, jewelry prices followed lower; Chow Tai Fook’s 24k gold jewelry price fell by 39 yuan to 1,348 yuan per gram on the day.
$BTC
On Friday, the major indexes closed slightly lower. After an intraday push higher, they pulled back, with clear divergence.
The chip sector—lifted the previous day by Nvidia’s earnings—collectively reversed. NVDA fell 4.57%, while Micron was down more than 10%. The semiconductor and optical communications sectors came under pressure.
However, the core cloud/AI names with ultra-large market caps showed strong resilience. Amazon, Microsoft, Apple, Google, and Meta all closed higher. Funds only rotated out of AI compute hardware and did not fully exit the AI main theme.
At the macro level, Jackson Hole’s annual meeting keynote speeches with a more hawkish tone began to take effect. The market increased the probability of a rate hike in September by 9%. Long-end U.S. Treasury yields rose, and the most expensive hardware stocks were hit first.
Popular China concept stocks were modestly stronger overall, with the Golden Dragon Index up slightly.
For the whole week, all indexes ended green. The Dow gained 0.53% week-over-week, the S&P 500 rose 0.49%, and the Nasdaq jumped 0.85%. Nvidia’s better-than-expected earnings directly ignited sentiment around the AI sector and helped lift the broader market.
Across the week, investors favored mega-cap tech stocks with stronger earnings certainty. Compute-hardware is a high-beta, “wait-and-see” segment with extremely large volatility.
The officials’ speeches at Jackson Hole were the biggest variable in the second half of the week. The market sentiment brake was triggered as comments on sticky inflation took hold. Investors began repricing the Fed’s rate path. Small-cap stocks underperformed large-cap blue chips, and the defensive “stay-botting” behavior was evident.
Next week’s focus: the week of the August non-farm employment report, released on Friday; Broadcom’s earnings report on Wednesday taking over the spotlight from Nvidia.
- BTC
BTC briefly broke above $81,000 in midweek. After the remarks by the Fed Chair, it sharply reversed and fell to $76,877. Total liquidations across the crypto market for the week reached $300 million. Over the weekend, it traded in a range around $78,000. Mining companies MARA and Riot both dropped about 8%, and their declines far exceeded Bitcoin’s move itself.
- Gold
Gold opened higher last week and broke above $4,610. In midweek, it attempted a push toward $4,700 but failed. On Friday, after Powell delivered a hawkish speech at Jackson Hole, gold plunged 2.95% in a day to $4,453.67 per ounce. During the session, it briefly fell below $4,530 from above $4,620.
For the week, spot gold fell 3.24% in total, ending the prior streak of three consecutive weekly gains. In China, jewelry prices followed lower; Chow Tai Fook’s 24k gold jewelry price fell by 39 yuan to 1,348 yuan per gram on the day.
$BTC