Market Review August 28: Nvidia Boosts Nasdaq by 1.6%, Oil Drops 5% for the Week, Investors Await Fed Chair Speech
Today, August 28, 2026, global stock markets are ending the week mostly higher. Strong Nvidia earnings returned capital to the tech sector, while a 5% weekly drop in oil prices eased inflation concerns. However
Today, August 28, 2026, global stock markets are ending the week mostly higher. Strong Nvidia earnings returned capital to the technology sector, while a 5% weekly drop in oil prices eased inflation concerns. However, investors are holding their breath awaiting the speech of Fed Chair Kevin Warsh at Jackson Hole, which will set the trends for the dollar, bond market, and stocks.
Stock Markets: Nvidia Soars 8.7% and Nasdaq Rises 1.6%
USA: The technology sector jumped 3.4%, lifting the Nasdaq to 26,541.35 (+1.57%). Nvidia's market cap approached $5.5 trillion after an 8.7% rally (revenue $96.22 billion, data center forecast $89 billion, AI demand expectations extended through 2028). Salesforce (+22%) and CrowdStrike (+20%) also surged. Consumer and healthcare sectors remain under pressure.
Europe and Asia: The STOXX 600 rose to 655.33 (+0.5%), France's CAC 40 gained 1.1% amid a banking rebound (SocGen, BNP Paribas +0.8–1.4%) and luxury sector (+2.3%). In Asia, Taiwan added 1.2% on the AI boom, Nikkei rose 0.5%, while South Korea's KOSPI fell 1% due to profit-taking.
Commodity Market: Oil Drops 5% for the Week, Precious Metals Rise
Oil: Brent fell to $89.10 (-0.7%), losing 5.3% for the week — the first weekly decline in 3 weeks. The restoration of export supplies from the Persian Gulf to 15–16 million barrels per day and diplomacy around the Strait of Hormuz reduce the risk premium.
Precious Metals: Gold consolidates near $4,607 (+0.1%), holding close to the peak of $4,696. Silver rose to $70.48 (+1.8%), and palladium to $1,383 (+2.4%). Demand is supported by the US budget deficit, but the Fed's high interest rates restrain the rally.
Bitcoin at $79,400, Treasury Yields Decline
Currencies and Debt: The EUR/USD pair stalled near 1.1647. The 10-year US Treasury yield is 4.68% (-6 bps for the week), 30-year at 5.20% (-8 bps for the week). AUD/USD shows its 9th consecutive week of gains thanks to strong inflation in Australia.
Cryptocurrencies: Bitcoin trades at $79,400 (after attempting to break $81,000), Ethereum around $2,490. BTC has risen 28% since early August. The key resistance level is $80,000–81,300, breaking which opens the path to $85,000.
Key Events:
At 19:00 ALMT, the Fed Chair will announce the stance on rates. The probability of a rate hike in September is estimated at 34-35%, and 74% by year-end.
| Time / Date | Event |
|---|---|
| 19:00 ALMT (Aug 28) | Kevin Warsh's speech at the Jackson Hole symposium |
| Later today | Possible sovereign rating review of France by Fitch (current A+) |
Summary: The technology boom driven by Nvidia and falling oil prices allowed global indices to close the week on a high note. However, the further fate of the rally depends on Kevin Warsh's rhetoric: hawkish signals will push the dollar and Treasury yields higher, putting pressure on risk assets.