Weekly Market Report (28 Aug 23)

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News Last Week

The Jackson Hole meeting took place, and during the press conference, some interpreted remarks as hawkish, while the speaker felt they were more bullish. Comments on inflation were made, particularly on housing services where inflation is lagging.
The possibility of not having another rate hike was hinted at. Historically, holding the rate has been seen as a bullish sentiment. Post Jackson Hole meeting, there's an 80% probability rates will be held in September, and a 20% chance for a 25 basis point increase.
Nvidia announced a $13.5 billion revenue for the fiscal second quarter, largely from AI chip demand. This performance pushed Nvidia past the $1 trillion valuation mark.
Nvidia's success in the data center space established its dominance. Rivals, including Advanced Micro Devices, are now competing with Nvidia. Major tech entities like Google and Amazon are considering developing in-house chip alternatives. Heavyweights like Microsoft and Alphabet showed increased interest in AI.

Financial enthusiasts should monitor the U.S. market indicators: inflation, jobs, and home prices.
Key corporate results coming from Pinduoduo, Hewlett Packard, Best Buy, Salesforce, and others.
JOLTS report to be released on Tuesday.
ADP’s Employment Report scheduled for Wednesday.
Nonfarm payrolls report expected on Friday.
Release of the Case-Shiller National Home Price Index on Tuesday.
BEA's PCE Price Index, the Fed's preferred inflation gauge, to be released on Thursday.