Wall Street Rebounds But Logs Weekly Loss Ahead of Nvidia, Jackson Hole

Stocks rebounded Friday — the Dow rose about 500 points and the S&P 500/Nasdaq each gained roughly 0.5% — but all three indexes still ended the week lower as 30-year Treasury yields held near multi-decade highs despite Treasury Secretary Bessent's pledge of a "big toolkit" and expanded buybacks. Next week brings Nvidia's Q2 earnings (Aug. 26), the Fed's preferred PCE inflation gauge, and Fed Chair Kevin Warsh's Jackson Hole speech. In earnings movers, Ross Stores and BJ's Wholesale Club rallied on strong results, while Wolfspeed tumbled on a wider-than-expected loss.

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Wall Street Rebounds but Logs Weekly Loss as Yields Stabilize The Dow closed about 500 points higher (0.98%) and the S&P 500 and Nasdaq each rose roughly 0.5% on Friday, led by healthcare names, yet all three indexes still finished the week lower. Treasury yields steadied after Bessent's buyback announcement, oil capped a 5% weekly gain, and Bitcoin extended its rally. 1 2 3 4

Bessent Touts Big Toolkit as 30-Year Yields Stay at Multi-Decade Highs Treasury Secretary Scott Bessent told CNBC the department's debt buyback operation could exceed $4 billion and that it has a "big toolkit" — including smaller auctions or changing debt maturity — but long-dated yields refused to fall. With U.S. debt above $40 trillion, investors now look to Fed Chair Kevin Warsh's Jackson Hole speech to calm the bond market. 5 6

Nvidia Earnings Set to Test AI Spending Boom Next Week Nvidia reports fiscal Q2 on Aug. 26 with revenue guided to about $91 billion, and options markets imply a potential $324.5 billion swing in market value. The report is seen as a referendum on the AI infrastructure buildout, though NVDA has fallen over 9% within 30 days after each of the last two beats. 7 8 9

Ross Stores Jumps 4.4% on Tariff Refund and Raised Guidance Ross Stores added about $3.2 billion in market value after Q2 comparable sales rose 10% and a $253 million tariff refund drove 56% of its full-year EPS guidance increase to $8.61-$8.77. Excluding the refund, EPS still rose 32% year over year. 3 10

BJ's Wholesale Club Beats, Raises Guidance on Record Membership BJ's reported Q2 EPS of $1.36, comparable club sales up 11.9%, and record membership of 8.5 million, prompting a raise to full-year EPS guidance. Digitally enabled comps surged 30%. 11

Wolfspeed Falls 9% as AI Growth Fails to Offset Gross Loss Wolfspeed shares dropped 9.4% after fiscal Q4 revenue fell 24% to $149.6 million with a 20% adjusted gross loss, far wider than expected. AI data-center revenue more than doubled, but adjusted cash burn was near $95 million after inventory effects. 12