This Week’s Outlook
This week, all eyes will be on the Jackson Hole Symposium and the high-level talks between President Trump, President Zelensky, and EU leaders.
The Jackson Hole Economic Symposium is an annual gathering of central bankers, policymakers, and economists focused on key global economic challenges. The highlight will be Fed Chair Jerome Powell’s speech on Friday, delivered just one month before the Federal Reserve’s next highly anticipated policy decision in September. Markets will listen closely for signals on the timing and scale of potential rate cuts, making Powell’s remarks a critical guidepost for investors worldwide.
The upcoming Trump–Zelensky–EU leaders’ meeting will also be closely watched as the next step following last week’s Trump–Putin talks. Markets see this gathering as crucial for assessing the prospects of a potential ceasefire in Ukraine and for clarifying the West’s unified stance toward Russia. Any sign of progress could ease geopolitical risk premiums and support investor confidence, while renewed tensions could trigger volatility across energy and safe-haven instruments.
Stocks
Apple
Apple shares increased 1.75% last week and are up nearly 11% over the past month. The short-term move was largely driven by broader market optimism, with tech stocks rallying on expectations of a September Fed rate cut. Over the past month, however, fundamentals have played a stronger role: analysts have raised forecasts on the back of better-than-expected iPhone sales, while anticipation for the upcoming iPhone 17 launch in September has further supported sentiment.
Tesla
Tesla shares slipped 1.2% last week, a move many analysts attributed to profit-taking after recent increases. At the same time, fresh data from China pointed to renewed demand momentum: insurance registrations surged to 13,400 units for the week of August 4–10, the highest level of the third quarter and a 21.8% jump from the prior week’s 11,000. The rise in registrations underscores stronger near-term demand in Tesla’s largest overseas market.
Commodities
Crude Oil:
Crude oil prices fell approximately 1.3% last week, pressured by an unexpected build in U.S. inventories. The Energy Information Administration reported a 3.036 million-barrel increase in crude stockpiles for the week ending August 8—well above analysts’ expectations for a drawdown. This inventory surprise, coupled with a softened demand outlook from the International Energy Agency, underscored lingering oversupply concerns that tempered market optimism.
Gold:
Gold prices fell about 1.9% last week, pulled lower by eased geopolitical tensions. Markets are now shifting focus to Fed Chair Jerome Powell’s speech at Jackson Hole this Friday, searching for clues on the timing and tone of monetary policy. His remarks could reawaken volatility in bullion prices—either stopping the pullback or deepening it, depending on his stance.
Silver
Silver prices slipped 0.8% last week, pressured by a stronger U.S. dollar. With markets awaiting Powell’s Jackson Hole speech this Friday, silver remains in a narrow range—poised for either a breakout if policy expectations lean dovish, or a deeper correction if sentiment shifts hawkish.
EUR/USD
EUR/USD gained 0.5% last week, lifted by weaker U.S. data that fueled Fed rate-cut bets and by improved sentiment in Europe as ECB officials downplayed the need for further easing. Focus now shifts to Powell’s Jackson Hole speech, which could determine whether the pair extends its upward momentum.
Last Week’s Recap
Stock prices ended last week on a winning streak: The Dow gained 1.8%, the S&P 500 rose 1%, and the Nasdaq added 0.6%.
The Dow Jones Industrial Average hit a record high of 45,366 on August 15, lifted by a nearly 14% surge in UnitedHealth after Warren Buffett’s Berkshire Hathaway disclosed a 5-million-share purchase. The S&P 500 and Nasdaq also notched new records at 6,508.24 and 24,067.05, respectively. Increases were supported by growing expectations of a September Fed rate cut, though sentiment was tempered by mixed U.S. economic data for July: inflation held steady at 2.7%, retail sales growth slowed from 0.9% to 0.5%, jobless claims declined, while industrial output slipped from +0.4% to –0.1% month-over-month. On the corporate side, Applied Materials dropped sharply despite beating Q3 estimates, as a cautious outlook weighed on chipmakers and other growth stock prices.