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Friday, August 28, 2026
What’s happening: US stocks closed higher on Thursday, with the Nasdaq 100 adding more than 400 points during the session.
What happened: Better-than-expected quarterly results from tech majors like Nvidia, Salesforce, CrowdStrike, Synopsys and Okta provided a boost to market sentiment.
Investors also responded to the latest economic data from the US, while awaiting Fed chief Kevin Warsh’s speech at the annual Jackson Hole symposium.
Why it matters: Shares of Nvidia climbed 8.7% on Thursday after the company reported triple-digit sales growth for the second quarter. Revenues doubled to $96.22 billion, topping consensus estimates of $92.18 billion.
The company guiding to 70% revenue growth in the next fiscal year ending January 2028 reassured investors about AI demand remaining strong.
US chip-related stocks recorded sharp gains following Nvidia’s upbeat results, taking the semiconductor index up 2.3%. The IT sector was among the top performers in the S&P 500, surging 3.4% on Thursday.
Salesforce’s shares jumped around 23% after the company posted better-than-expected quarterly results and raised its annual guidance. CrowdStrike’s stock also surged more than 20% after the cybersecurity software provider topped earnings expectations and boosted its annual sales outlook.
Shares of Okta climbed over 28% and Synopsys more than 13% with the growing adoption of agentic AI.
Data released on Wednesday showed a hotter-than-expected PCE (Personal Consumption Expenditures) reading.
Data released on Thursday showed initial jobless claims declined for the second consecutive week, shedding 4,000 to reach 203,000 in the third week of August. The figure came in better than market expectations of 208,000.
The US goods trade deficit surged to $118.8 billion in July from $101.4 billion in the previous month, recording the largest gap since March 2025. US wholesale inventories climbed by 1.3% to $959.1 billion in July following a 0.3% gain in June.
The Nasdaq 100 jumped 417.04 points, or 1.43% to 29,641.56 on Thursday, while the S&P 500 rose 0.72% to close at 7,730.99 and the Dow Jones index climbed 105.56 points, or 0.20%, to settle at 53,569.44.
What to watch: Investors now shift their focus to Fed chief Kevin Warsh’s speech at Jackson Hole on Friday to get further insights into the central bank’s monetary policy outlook.
Data on Chicago PMI (1745 UAE Time) and Michigan consumer sentiment (1800 UAE Time) will be released today. The Chicago business barometer, which jumped to 57.6 in July from 56.7 in the previous month, is expected to decline to 57 in August. Analysts expect the University of Michigan’s consumer sentiment index to decline to 51 in August from 55.2 in the previous month.
Context: The Japanese yen slipped versus the US dollar this morning as investors digested the latest economic data.
Details: Data released this morning showed that core consumer prices in Tokyo’s central wards surged 1.8% year-over-year in August, compared to a 1.7% rise in the previous month. The figure also came in higher than market estimates of 1.7%.
Japan’s core inflation accelerated for the third straight month, recording the fastest growth since March. While this indicated price pressures due to the US-Iran conflict, inflation remained below the Bank of Japan’s 2% target for the seventh straight month.
Japan’s unemployment rate eased to 2.4% in July from 2.5% in each of the prior three months. This was the lowest level since July 2025.
The wide rate gap between Japan and other leading countries weighed on the yen, prompting investors to seek increased returns in foreign assets. Higher crude oil prices and increased fiscal concerns in Japan reinforced bearish projections for the Japanese yen. Meanwhile, the Bank of Japan is widely expected to hike its benchmark interest rates in September.
Strength in the US dollar also weighed on the Japanese currency this morning. The US dollar index, which measures the greenback’s performance versus a basket of major peers, edged higher to 99.17.
The USD/JPY forex pair gained around 0.1% to 159.45, while the Nikkei 225 rose 0.83% to trade at 66,682.88 this morning.
What to watch: Data on industrial production (0350 UAE Time) and retail sales (0350 UAE Time) from Japan will be released on Monday. Japan’s industrial production, which jumped 1.9% in June, is expected to decline by 0.5% in July. Retail sales in Japan dipped 4.1% in June, recording the first monthly decline in four months.
Other Markets: European indices closed mostly lower on Thursday, with the FTSE 100, CAC 40 and STOXX Europe 600 Index down by 0.79%, 1.68% and 0.69%, respectively, and the DAX 40 up by 0.31%.
The CIA director John Ratcliffe urged Russia to reach a deal with Ukraine before their military and economic condition gets worse. The news sent the USD/RUB pair higher in forex trading this morning.
Colombia’s industrial confidence indicator climbed 6.2 percentage points to 6.1% in July. This being the highest reading since October 2025 exerted pressure on the USD/COP forex pair.
Canada’s average weekly earnings surged 3.4% year-over-year to C$1,344 in June, compared to a 3.3% gain in the previous month, which sent the USD/CAD pair lower in forex trading this morning.
Thailand recorded a trade deficit of $3.61 billion in July, versus a year-ago surplus of $0.32 billion, which lent support to the USD/THB forex pair.
Eurozone’s bank lending to households surged 3.1% year-over-year to €7.24 trillion in July. This representing a slight acceleration from the previous month’s 3.0% sent the EUR/USD pair slightly lower in forex trading this morning.
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