Market Navigator: Nvidia Earnings, Jackson Hole and Gold's Test – Week of 24 Aug 2026

Summary

The week of August 24, 2026, is set to be pivotal for financial markets, with key events including Nvidia's earnings report, the Jackson Hole Symposium, and inflation data from the US and Australia. Gold prices have surged above $4,600, while US equities have shown signs of weakness amid rising treasury yields and concerns over fiscal policy.

Last Week's Recap

• US Treasury Yields: The 30-year US treasury yield reached 5.34%, the highest since 2007, driven by fiscal concerns as national debt surpassed $40 trillion.
• China's Economic Data: Disappointing figures showed industrial production and retail sales missed forecasts, with fixed asset investment contracting 6.7% YoY.
• US-Canada Trade Talks: Negotiations collapsed, leading to 50% tariffs on $20 billion of Canadian goods, escalating trade tensions.
• Bank of Japan (BoJ): Inflation rose to 1.8% YoY, increasing the likelihood of a rate hike in September.

Markets in Focus

US equities retreated as rising yields pressured growth stocks, with the S&P 500 down 1.4% and the tech-heavy Nasdaq 100 declining 2.4%. Healthcare stocks saw gains, particularly Moderna and Merck, while semiconductor stocks faced losses due to concerns over AI-related capital expenditure.

Gold prices surged over 4% as investors sought refuge amid fears of currency debasement, reclaiming the $4,600 mark. The World Gold Council noted that increased treasury debt levels are driving demand for gold as a hedge against inflation.

The Week Ahead

This week, attention will be on inflation data and the Jackson Hole Symposium, where central bank leaders will discuss monetary policy. Key events include:

• US core Personal Consumption Expenditures (PCE) price index expected to rise to 0.2% MoM.
• Australia's inflation data anticipated to ease to 3.2% YoY.
• Nvidia's earnings report expected to show significant growth, influencing tech market sentiment.