S&P 500 – 7,674.37 (+0.43%)

Dow Jones – 53,277.01 (+0.98%)

NASDAQ – 26,180.46 (+0.43%)

• Stocks Stage a Friday Rebound: U.S. equity markets moved higher across the board Friday as investors looked for buying opportunities following the S&P 500’s nearly 2% sell-off earlier in the week. The Dow Jones outpaced both the S&P 500 and Nasdaq as investors digested the latest developments in rates, economic data and corporate news.
• Treasury Buybacks Take Center Stage: Friday’s rebound came as investors continued to digest Treasury Secretary Bessent’s announcement that the Treasury plans to at least double its purchases of longer-dated Treasury securities, increasing buybacks from roughly $2 billion to at least $4 billion. While yields have stabilized somewhat, they remain near yearly highs, with the 10-year Treasury around 4.73% and the 30-year near 5.27%, close to its highest level since 2007.
• Economic Momentum Starts to Cool: The Citi U.S. Economic Surprise Index has fallen from roughly 63 in early June to around 21, suggesting economic data is still beating expectations but that the frequency and magnitude of upside surprises are fading.
• Tesla Recalls 3 Million Vehicles in China: Tesla is recalling roughly 3 million vehicles in China over door-handle and driver-monitoring safety concerns, adding another challenge as competition intensifies in the world's largest EV market.
• Stripe Makes an $8B AI Bet: Stripe is reportedly pursuing an $8 billion acquisition of OpenRouter, expanding its presence in the rapidly growing AI economy and giving the company a larger role in AI model infrastructure and payments.
• Apple Shifts Toward AI: Apple is cutting more than 200 jobs across its Siri, AI and Vision Pro teams as it redirects resources toward artificial intelligence and future products.
• Gold Hits a Three-Month High: Gold futures (/GC) climbed to a three-month high as the U.S. dollar ($DXY) fell to a three-month low. Gold also posted its fifth consecutive weekly gain.
• Bitcoin Hits $77K: Bitcoin futures (/BTC) continued to surge, reaching roughly $77,000 and putting the cryptocurrency on track for its strongest weekly performance in two years.
• Crypto Stocks Keep Ripping: Crypto-related names including Strategy (MSTR), Coinbase (COIN) and Circle (CRCL) continued to rally alongside Bitcoin.
• Oil Holds Steady: WTI crude oil futures were little changed Friday as traders continued to monitor geopolitical developments and the outlook for global energy markets.
• Ross Stores Gets a Boost: Ross Stores (ROST) climbed after reporting better-than-expected earnings and issuing stronger third-quarter guidance.
• Walmart Gets Hit: Walmart (WMT) shares fell more than 9% Thursday after the retailer reported its weakest quarterly sales growth in more than six years.
• Deere Jumps on Strong Results: Deere (DE) surged nearly 7% Thursday after reporting its first quarterly profit in three years and raising its full-year outlook, helped in part by tariff refunds and an AI-driven construction boom.
• BJ's Pops: BJ's Wholesale Club (BJ) gained more than 3% Friday after the warehouse retailer said its value proposition continues to resonate with consumers.

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“Bitcoin is a techno tour de force.” 

— Bill Gates

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Notable Stocks

• Strategy (MSTR)
• Coinbase (COIN)
• Robinhood (HOOD) 
• Circle (CRCL) 
• Ross Stores (ROST) 

Weekly Notables

Broadcom Seeks Up to $80 Billion in Debt to Fund AI Chip Deal

Broadcom (NASDAQ: AVGO) is reportedly in talks with lenders to secure as much as $70 billion to $80 billion in debt to finance an AI chip and infrastructure deal involving major artificial intelligence companies, including Anthropic. According to CNBC, lenders are discussing a financing structure that could include a senior tranche of roughly $45 billion and a junior tranche of approximately $35 billion, although the final amounts could still change. Bloomberg previously reported a different structure that could include a senior secured tranche of $60 billion to $70 billion and a junior tranche of around $30 billion, potentially pushing the total financing as high as $100 billion.

Nscale Eyes $3B IPO as AI Data Center Boom Goes into Overdrive

AI cloud company Nscale is reportedly seeking to raise as much as $3 billion in a U.S. IPO as soon as September, joining a growing wave of AI infrastructure companies tapping public markets. The London-based company is working with Goldman Sachs and JPMorgan on the potential offering and has reportedly told prospective investors it has approximately $51 billion in contracted revenue ahead of the listing.

Earnings Spotlight: Nvidia (NVDA)

Nvidia (NVDA) will report its fiscal second-quarter 2027 financial results on Wednesday, August 26, 2026, after the market closes. Wall Street analysts expect adjusted earnings of roughly $2.07 to $2.36 per share on massive revenue driven by strong artificial intelligence data center demand. 

What to Watch Ahead:

The Fed's Jackson Hole Symposium and Nvidia's second quarter earnings next week are coming into view.

August 24: No major earnings or data expected.
August 25: August Consumer Confidence, July new home sales, and expected earnings from Bank of Montreal (BMO), Dick's Sporting Goods (DKS), Intuit (INTU), and Zoom (ZM).
August 26: July PCE and core PCE, July personal income and spending, second quarter GDP second estimate, July durable orders, and expected earnings from Nvidia (NVDA), Salesforce (CRM), Williams-Sonoma (WSM), CrowdStrike (CRWD), Synopsys (SNPS), Agilent (A), HP (HPQ), and Okta (OKTA).
August 27: Expected earnings from Royal Bank of Canada (RY), Toronto-Dominion Bank (TD), Dollar General (DG), Dollar Tree (DLTR), Burlington Stores (BURL), Best Buy (BBY), Marvell Technology (MRVL), Autodesk (ADSK), Workday (WDAY), Affirm Holdings (AFRM), and Ulta Beauty (ULTA).
August 28: Final August University of Michigan Consumer Sentiment Index.