U.S. equities finished modestly lower Wednesday, August 26, as investors weighed persistent inflation, higher interest-rate uncertainty, and a pivotal after-the-bell earnings report from NVIDIA Corporation (NASDAQ: NVDA). The session reflected a cautious risk backdrop: major stock indexes declined, the VIX rose, gold sold off, and Bitcoin reversed lower.

Market Close: August 26, 2026

Index / Asset	Closing Level	Daily Change
S&P 500	7,675.70	-1.58 (-0.02%)
Dow Jones Industrial Average	53,463.88	-113.52 (-0.21%)
Nasdaq Composite	26,130.20	-21.10 (-0.08%)
Russell 2000	3,005.90	-4.12 (-0.14%)
CBOE Volatility Index	15.22	+0.23 (+1.49%)
Gold	$4,644.20	-$50.30 (-1.07%)
Bitcoin	$78,392.78	+$207.93 (+0.27%)
WTI Crude Oil, October	$81.82	-$0.54 (-0.66%)

The S&P 500 was essentially unchanged but ended fractionally lower, while the blue-chip Dow posted the largest percentage decline among the three major benchmarks. The Nasdaq’s relatively small loss suggested investors remained selective in technology and AI-related stocks ahead of NVIDIA’s closely watched quarterly results. Smaller companies also participated in the retreat, with the Russell 2000 sliding 0.14%. Meanwhile, the VIX advanced to 15.22, indicating a modest increase in investor demand for downside protection rather than broad market panic.

Inflation Report Keeps Fed in Focus

The macroeconomic catalyst was July’s Personal Consumption Expenditures report, the Federal Reserve’s preferred inflation gauge. Headline PCE rose 3.7% year over year, slightly above expectations, and increased 0.2% from June. Core PCE, which excludes food and energy, rose 0.2% month over month and 3.3% from a year earlier, matching consensus forecasts and holding steady from the prior month. For markets, the takeaway was not an inflation shock, but neither was it evidence of a rapid return to the Fed’s 2% inflation objective. That left investors focused on whether policymakers will keep rates restrictive for longer, especially as Treasury yields remain sensitive to inflation data, elevated federal borrowing, and energy-market developments. Many reported that the release did little to materially alter expectations surrounding the next Federal Open Market Committee meeting. The combination of sticky core inflation and still-resilient economic conditions supports a “higher-for-longer” policy risk: the Fed may have limited room to ease aggressively without clearer progress on prices. For equity investors, that backdrop places a premium on earnings durability, free-cash-flow generation, balance-sheet strength, and credible pricing power.

Earnings and Stock Movers

NVIDIA Corporation (NASDAQ: NVDA) remained the session’s central corporate focus ahead of its post-close earnings release. Wall Street was looking for approximately $2.09 in quarterly earnings per share on $92.28 billion in revenue, according to FactSet estimates cited by CNBC. The company’s results and forward guidance carry outsized importance because NVIDIA has become a primary barometer for artificial-intelligence infrastructure spending, data-center demand, and semiconductor-sector valuations. Nvidia once again delivered results that made Wall Street’s estimates look rather conservative. After the bell today, NVIDIA, for its fiscal second quarter, the AI-chip leader reported adjusted earnings of $2.22 per share, ahead of the $2.10 consensus forecast, while revenue reached $96.22 billion, comfortably above expectations of $92.17 billion. The performance underscores Nvidia’s central role in the global AI buildout, where demand for its computing hardware continues to turn ambitious data-center plans into exceptionally large purchase orders. In short: the company remains one of the market’s preferred ways to bet on artificial intelligence, and, judging by the numbers, the machines are still very much hungry.

Other notable moves included:

• Meta Platforms, Inc. (NASDAQ: META, $576.14, +1.07%) advanced after reaching a settlement with state attorneys general related to allegations concerning youth use of its social-media platforms. Yahoo Finance reported a proposed $16.7 billion settlement framework and planned platform changes; Meta denied wrongdoing.
• Abercrombie & Fitch Co. (NYSE: ANF) surged after reporting stronger-than-expected quarterly results and raising its full-year outlook. The company cited ongoing back-to-school momentum, with reported revenue of $1.27 billion topping analyst expectations.
• Intuit Inc. (NASDAQ: INTU) declined after forward guidance disappointed investors despite fiscal fourth-quarter earnings and revenue surpassing estimates.
• NIKE, Inc. (NYSE: NKE) fell to a fresh 12-year low after a downgrade, with concerns centered on the pace of its turnaround and implications from Dick’s Sporting Goods, Inc. (NYSE: DKS) guidance.
• Boston Scientific Corporation (NYSE: BSX) traded lower after disclosing a cyberattack affecting operations.
• Kohl’s Corporation (NYSE: KSS) weakened after reporting a second-quarter comparable-sales decline, although the retailer lifted its full-year outlook and said it would resume share repurchases.
• SolarEdge Technologies, Inc. (NASDAQ: SEDG, $33.08, +10.71%) moved higher following an upgrade tied to potential policy-driven competitive benefits.

Oil, Gold and Bitcoin

Crude oil declined as reports pointed to a potential Iran-Oman arrangement involving the Strait of Hormuz, a development that could reduce perceived disruption risk for global oil flows. The details remained limited, but easing supply-risk expectations put downward pressure on both Brent and West Texas Intermediate pricing during the session. Gold fell 1.07% to $4,644.20, reflecting reduced safe-haven demand and sensitivity to the evolving outlook for yields and monetary policy. Bitcoin held up comparatively better, ending 0.27% higher at $78,392.78, though the digital asset remained below levels reached during its recent sharp rally. Many noted that the earlier advance was partly supported by short covering, which may make sustained upside more dependent on new buying demand.

What To Watch Next

Many have now turned from the PCE report to NVIDIA’s earnings, its AI-demand commentary, and then the Federal Reserve communication from the Jackson Hole symposium. The market’s near-term direction may hinge on whether corporate results validate high AI-investment expectations and whether policymakers signal that inflation is cooling sufficiently to support eventual policy easing. For now, Wednesday’s close reinforced a balanced but fragile market narrative: inflation is not accelerating dramatically, but it remains too elevated for the Fed to declare victory; earnings remain important; and AI leaders such as NVIDIA Corporation (NASDAQ: NVDA) continue to carry disproportionate influence over broader equity sentiment.

VP Watchlist Updates

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL) a leading provider of a comprehensive SaaS-based software platform for technology-enabled healthcare, closed at $11.92, +2.23%. Amwell® (NYSE: AMWL) announced (Aug. 4) financial results for the second quarter ended June 30, 2026. Dr. Ido Schoenberg, Chairman and CEO of Amwell stated, “The DHA’s intent to make Amwell a prime contractor is a powerful endorsement of our platform and our people. With subscription revenue now approaching half our total revenue, independently validated behavioral clinical outcomes, no debt, and positive cash flows from operations projected for the fourth quarter this year, we have never been better positioned to lead the era of AI-powered care.”

Amwell Second Quarter 2026 Highlights:

• Recorded Total Revenue of $52.0 million at the top end of the previously provided financial guidance range for Q2
  • Achieved subscription revenue of $25.7 million
  • Recorded Amwell Medical Group (“AMG”) visit revenue of $24.4 million
• Reported gross margin of 53%
• Net loss was ($9.6) million, compared to ($10.3) million in the first quarter of 2026, continuously moving from quarter to quarter in a favorable trajectory
• Adjusted EBITDA of ($1.2) million compared to ($3.1) million in the first quarter of 2026
• Total visits on the platform were 0.8 million.
  

Financial Outlook

The Company is significantly improving Adjusted EBITDA, reaffirming its AMG visit guidance, and raising the low end of its 2026 revenue outlook:

• Revenue in the range of $200 million to $205 million increased from $195 million to $205 million
• AMG visits between 1.32 million and 1.37 million
• Adjusted EBITDA in the range between ($9) million to ($7) million increased from ($16) million to ($12) million. 
  

The Company also provided financial guidance for Q3 2026 Revenue and adjusted EBITDA:

• Q3 revenue in the range of $46 million to $48 million
• Q3 adjusted EBITDA expected to in the range of ($5) million to ($3) million.

The Company also reiterated its objective to achieve positive cash flow from operations in the fourth quarter of 2026.

Hudson Pacific Properties (NYSE: HPP)

Hudson Pacific Properties (NYSE: HPP, $14.29) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific’s unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space. HPP turned in a quarter ( Aug. 5) that suggests the office malaise is not over, but it may finally be meeting resistance. Revenue came in above Wall Street’s expectations, occupancy moved higher for a fourth straight quarter, and management raised full-year guidance — a combination that does not make for a triumphant victory lap, but it does make for a more credible turnaround narrative. Learn more.

Eupraxia Pharmaceuticals Inc. (EPRX)

Eupraxia Pharmaceuticals Inc. (EPRX, $7.43, +.13%), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (Aug. 13) positive results from a new analysis of the RESOLVE study examining the effect of EP-104GI on symptom severity, including for the first time an analysis of the effect of EP-104GI on odynophagia (pain when swallowing). This is important because odynophagia scoring is a component of Dysphagia Symptom Questionnaire (DSQ), a commonly used patient reported outcome used in pivotal clinical trials in EoE patients.

Modular Medical, Inc. (NASDAQ: MODD)

Modular Medical, Inc. (NASDAQ: MODD, $3.31, a commercial-stage medical device company preparing for the commercial launch of its next-generation Pivot™ tubeless patch pump, announced (Aug. 3) plans to initiate the first phase of commercialization of its Pivot tubeless patch pump across five strategically selected U.S. markets beginning in October 2026. The initial rollout will include Atlanta, Cincinnati/Lexington, Dallas, Houston, and Philadelphia, representing a foundational step in the Company’s capital efficient commercialization strategy with its mission to expand access to simplified insulin delivery solutions for all people living with diabetes.

MODD recently (July 22) announced the formation of its Pivot Innovation Council, a cross-functional group of leading clinicians and healthcare experts established to help guide the company’s clinical and commercial strategy. Diabetes care expert Robert Gabbay, MD, PhD, FACP was appointed as chair of the Pivot Innovation Council. The council will provide insights on target patient populations, support optimization of clinical workflows, inform evidence-generation initiatives, and help refine the Pivot product roadmap and go-to-market approach, as the Company continues to scale its differentiated offering.

Modular released findings (July 15) from an independent market research study demonstrating positive receptivity to its FDA-cleared Pivot™ tubeless patch pump due to its differentiated design, streamlined user experience, and potential for reimbursement through the pharmacy channel.

Similarweb Ltd. (NYSE: SMWB)

Similarweb Ltd. (NYSE: SMWB) delivered the sort of second-quarter report investors tend to enjoy: revenue and profitability exceeded guidance, full-year expectations moved higher, and AI demand translated into contracts rather than merely conference-call poetry. SMWB closed at $9/06, +1.46%. Learn More.

LG Display Co., Ltd. (LPL)

LG Display Co., Ltd. (NYSE: LPL, $3.34 has spent the last few years doing something many hardware companies talk about but few execute well: turning a technology pivot into a full‑blown business transformation that everyday investors can actually follow. Instead of chasing commoditized LCD TV panels in a race to the bottom, LPL is leaning into Gaming OLED, CES‑worthy innovation, and premium automotive displays – and the press trail tells a surprisingly investor‑friendly story.

Yatsen Group (NYSE: YSG)

Yatsen Group (NYSE: YSG, $2.96), a world-class beauty innovation pioneer, announced (July 8) a landmark collaboration to bring its flagship brand, Perfect Diary, to Sephora in China. This partnership integrates Yatsen’s rigorous scientific infrastructure with the world’s leading prestige beauty retailer, marking a significant milestone in Yatsen’s continuing evolution into a global beauty technology powerhouse.

Doximity, Inc. (NYSE:DOCS)

Doximity (NYSE: DOCS, $24.74) is the leading digital platform for U.S. medical professionals. The company’s network members include more than 85% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay current on medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits.

Doximity, Inc. (NYSE: DOCS) announced (Aug. 6) results of its fiscal 2027 first quarter ended June 30, 2026. Jeff Tangney, co-founder and CEO of Doximity, “We’re proud that our clinical AI assistant, Doximity Ask, was the top-performing U.S.-based model in the NOHARM benchmark while we delivered another quarter of record engagement. In Q1 we had accelerated revenue growth along with workflow active prescriber growth of more than 30% year-over-year and AI Search query growth of over 25% quarter-over-quarter.”

Fiscal 2027 First Quarter Financial Highlights

All comparisons, unless otherwise noted, are to the three months ended June 30, 2025.

• Revenue: Revenue of $156.6 million, versus $145.9 million, an increase of 7% year-over-year.
• Net income and non-GAAP net income: Net income of $24.3 million, versus $53.3 million, representing a margin of 15.5%, versus 36.5%. Non-GAAP net income of $55.0 million, versus $71.9 million, representing a margin of 35.1%, versus 49.2%.
• Adjusted EBITDA: Adjusted EBITDA of $74.8 million, versus $79.8 million, a decrease of 6% year-over-year, representing adjusted EBITDA margins of 47.7%, versus 54.7%.
• Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.13, versus $0.27, while non-GAAP diluted net income per share was $0.29, versus $0.36.
• Operating cash flow and free cash flow: Operating cash flow of $42.0 million, versus $62.1 million, a decrease of 32% year-over-year, and free cash flow of $39.6 million, versus $60.1 million, a decrease of 34% year-over-year.

Financial Outlook

Doximity is providing guidance for its fiscal second quarter ending September 30, 2026 as follows:

• Revenue between $170 million and $171 million.
• Adjusted EBITDA between $80.5 million and $81.5 million.

Doximity is updating guidance for its fiscal year ending March 31, 2027 as follows:

• Revenue between $671 million and $681 million.
• Adjusted EBITDA between $309 million and $329 million.

Sable Offshore Corp. (SOC)

Sable Offshore Corp. (NYSE: SOC, $4.63) has moved from the awkward “pre-revenue restoration project” phase into something much more recognizable to Wall Street: a company selling meaningful volumes of oil, generating operating cash flow, and building momentum into a potentially larger 2027 earnings base. The second-quarter report on Monday was not a polished victory lap—midstream bottlenecks and one-time costs made sure of that—but it offered something potentially more valuable: proof that the Santa Ynez Unit restart is translating into barrels, revenue, and operational traction. Learn more.

T1 Energy Inc. (NYSE: TE)

T1 Energy Inc. (NYSE: TE, $4.51) offers a different type of growth story: one rooted in domestic production, trade-policy tailwinds and execution on solar manufacturing capacity. T1 reported second-quarter net sales of $250.1 million, produced 935 megawatts of solar modules at its G1_Dallas facility and generated adjusted EBITDA of $10.7 million. The company also monetized $39.1 million of 2025 Section 45X tax credits and ended the quarter with $156.4 million in cash, cash equivalents and restricted cash, including $79.1 million unrestricted. The headline loss should not be ignored: T1 reported a $36.9 million net loss from continuing operations, while its adjusted EBITDA benefited from $24.4 million in tariff refunds recognized in cost of sales. Yet the more interesting investor question is whether the company is creating a viable U.S. solar-manufacturing platform at a time when supply-chain security and domestic energy capacity carry unusually high strategic value. The company expects its first solar cells from a planned 2.1-gigawatt manufacturing facility in the first quarter of 2027. With 3 gigawatts of firm contracts, a 641-megawatt offtake agreement with Clearway and 2026 output expected toward the upper end of its 3.1-to-4.2-gigawatt range, T1’s story is increasingly about turning production capacity into contracted revenue. For investors, TE is less a conventional earnings multiple story than an execution-and-optionality story. If domestic solar demand remains durable and manufacturing milestones stay on schedule, the market may ultimately value the company less like a troubled commodity producer and more like a strategically positioned industrial platform.

Nvidia (NVDA, $209.66)

Nvidia once again delivered (Wed., August 26) results that made Wall Street’s estimates look rather conservative. After the bell today, NVIDIA, for its fiscal second quarter, the AI-chip leader reported adjusted earnings of $2.22 per share, ahead of the $2.10 consensus forecast, while revenue reached $96.22 billion, comfortably above expectations of $92.17 billion. The performance underscores Nvidia’s central role in the global AI buildout, where demand for its computing hardware continues to turn ambitious data-center plans into exceptionally large purchase orders. In short: the company remains one of the market’s preferred ways to bet on artificial intelligence, and, judging by the numbers, the machines are still very much hungry.

Exodus Movement, Inc. (EXOD, $8.37)

Exodus Movement, Inc. (NYSE American: EXOD) offers investors an increasingly unusual combination: a publicly traded software company positioned at the intersection of crypto adoption, self-custody, consumer finance and digital-asset infrastructure. In a sector accustomed to grand promises and occasionally vanishing balance sheets, Exodus sells a more practical proposition—help users securely manage, swap, stake and spend digital assets without handing over the keys. That model is gaining relevance as cryptocurrency moves beyond the speculative trading screen and toward everyday financial utility. Exodus is not trying to become a bank in a hoodie; it is building the user-friendly front door to a self-custodial digital-asset economy.

The Sources

1. CNBC Stock Market Today: S&P 500 falls slightly after PCE report shows sticky inflation; NVIDIA earnings on deck
2. Yahoo Finance Stock Market Today: Dow, S&P 500 and Nasdaq slip as PCE inflation stays sticky; NVIDIA earnings loom
3. U.S. Bureau of Economic Analysis Personal Consumption Expenditures Price Index
4. U.S. Bureau of Economic Analysis PCE Price Index Excluding Food and Energy
5. Reuters U.S. data lifts dollar as Federal Reserve rate-hike expectations edge higher
6. Reuters Investors look for clarity on the Federal Reserve’s plan at Jackson Hole
7. CNBC Dollar and bond markets on edge ahead of Jackson Hole
8. CNBC NVIDIA Earnings Live Updates: Fiscal Q2 results, AI demand and memory-price outlook
9. Yahoo Finance July 2026 PCE inflation data: Headline reading tops forecasts while core PCE meets expectations
10. Barron’s PCE Inflation Runs Hotter Than Expected in July
11. The Wall Street Journal NVIDIA Earnings Live: Nasdaq slips ahead of chipmaker’s results
12. Kiplinger NVIDIA Earnings Live Updates and Commentary, August 2026
13. Federal Reserve Bank of Kansas City Jackson Hole Economic Policy Symposium

Disclosure: This market commentary is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell securities. Past performance is not indicative of future results.