This Week on Wall Street

Markets are closed for the weekend after a bumpy finish to the week: Fed Chair Kevin Warsh's debut Jackson Hole keynote struck a hawkish note Friday, warning that this summer's inflation readings "do not tell me that underlying trends have meaningfully improved," which sent the S&P 500 down 0.25% to 7,711.76, the Nasdaq Composite down 0.52% to 26,402.42 and the Dow Jones down 0.02% to 53,559.99. Despite Friday's retreat, all three indices closed out the week higher — the S&P 500 up 0.5%, the Nasdaq up 0.9% and the Dow up 0.5% for its first winning week in three — powered by Thursday's blowout Nvidia earnings before semiconductor stocks gave back ground Friday, with the Philadelphia Semiconductor Index tumbling 3.5%. Warsh's remarks pushed traders' odds of a September rate hike to 57%, up sharply from 35% a day earlier, while the 10-year Treasury yield held near 4.68% and the VIX stayed subdued near 14.5. Gold eased to roughly $4,658 an ounce and WTI crude held near $83.38 a barrel as investors weighed a hawkish Fed against a still-resilient economy. Markets reopen Monday for a data-heavy week ahead of the Labor Day holiday on September 7, with the ISM Manufacturing PMI Tuesday, Broadcom's earnings Wednesday, Lululemon and Zscaler reporting Thursday, and the closely watched August jobs report due Friday, September 4.