U.S. equities finished broadly higher Thursday, with technology and semiconductor shares powering the Nasdaq higher after a strong earnings-driven move in artificial intelligence. The market also absorbed a fresh labor-market reading that showed initial jobless claims remained low, reinforcing the view that layoffs are limited even as investors continue to assess the path of inflation, growth, and Federal Reserve policy.

Market Performance

Index / Asset	Closing Level	Daily Change
S&P 500	7,730.99	+55.29, +0.72%
Dow Jones Industrial Average	53,569.44	+105.56, +0.20%
Nasdaq Composite	26,541.35	+411.15, +1.57%
Russell 2000	3,015.62	+9.72, +0.32%
CBOE Volatility Index (VIX)	14.46	-0.75, -4.93%
Gold	$4,659.70	+$6.40, +0.14%
Bitcoin (BTC-USD)	$80,000.89	+$1,522.34, +1.98%
Crude Oil	$83.64	+$1.41, +1.71%

The Nasdaq Composite led the advance, rising 1.57%, while the S&P 500 gained 0.72%. The Dow added a more modest 0.20%, and the Russell 2000’s 0.32% increase showed that participation extended beyond the largest technology companies. The VIX declined nearly 5% to 14.46, signaling an easing in near-term equity-market anxiety. Meanwhile, Bitcoin climbed almost 2%, crude oil strengthened 1.71%, and gold finished modestly higher—an unusual combination that reflected improving risk appetite alongside continued attention to inflation, growth, and geopolitical risk.

What Drove Trading

The dominant market catalyst was the post-earnings reaction to NVIDIA Corporation (NASDAQ: NVDA). The company’s results and forward outlook renewed investor confidence in the durability of AI infrastructure spending, helping lift semiconductor, data-center, and broader growth-stock sentiment. Reports indicated that NVIDIA (NASDAQ: NVDA) delivered results above expectations and communicated a favorable outlook, while its shares moved sharply higher in Thursday trading. That reaction mattered well beyond one company. NVIDIA (NASDAQ: NVDA) has become a central indicator for spending across accelerated computing, cloud infrastructure, advanced chips, networking, power systems, and enterprise AI deployment. The outsized Nasdaq gain relative to the Dow and Russell 2000 suggests investors were again rewarding companies perceived to be direct beneficiaries of the AI capital-expenditure cycle. Other widely watched technology companies in the earnings conversation included Salesforce, Inc. (NYSE: CRM) and CrowdStrike Holdings, Inc. (NASDAQ: CRWD), underscoring that investors are looking not only for chip demand, but also for evidence that AI investment is translating into durable software, cybersecurity, and enterprise-technology growth.

Macroeconomic Report Commentary

The day’s principal U.S. economic release was weekly jobless claims. Initial claims fell to 203,000 for the week ended August 22, down 4,000 from the prior week’s revised 207,000 and below the 208,000 consensus forecast. Continuing claims declined to 1.778 million, while the four-week average of initial claims edged up to 205,500. The report points to a labor market that remains relatively stable from a layoffs perspective. Initial claims near 200,000 are historically low and do not suggest a broad-based deterioration in employment conditions. For markets, that creates a nuanced policy backdrop:

• Positive for growth: Low claims support the view that households retain an income base capable of sustaining consumption.
• Less decisive for rate cuts: A resilient labor market can give the Federal Reserve more room to remain cautious if inflation remains above target.
• Supportive of risk assets: Investors generally view contained layoffs as reducing the immediate risk of a sharp economic downturn.

At the same time, markets remain focused on inflation after recent data showed headline Personal Consumption Expenditures inflation at 0.2% month over month and 3.7% year over year, while core PCE rose 0.2% for the month and 3.3% from a year earlier. Those readings remain above the Federal Reserve’s 2% inflation objective, which means strong labor data may be welcomed as a growth signal but can also reinforce expectations for a patient, data-dependent central bank.

A Takeaway

Thursday’s session reinforced two competing, but currently compatible, market narratives: AI-related earnings momentum is supporting large-cap technology leadership, while low jobless claims are helping preserve confidence in the broader U.S. economy. The key question for investors is whether earnings growth, particularly from AI-linked businesses such as NVIDIA (NASDAQ: NVDA)—can continue to justify elevated valuations if inflation remains sticky and interest-rate cuts are delayed. For now, the market’s response suggests investors remain willing to favor growth, innovation, and technology exposure, while the lower VIX indicates that near-term risk perceptions eased materially.

Jackson Hole Symposium: The Next Market Catalyst

Investor attention now shifts to the Federal Reserve Bank of Kansas City’s annual Jackson Hole Economic Policy Symposium, which runs from Thursday, August 27 through Saturday, August 29, in Jackson Hole, Wyoming. The 2026 program is centered on “Financial Innovation: Implications for Payments and Policy,” examining how changes in payments technology could affect currency, banking, monetary-policy implementation, and global financial integration. Jackson Hole is not an FOMC meeting and will not produce an interest-rate decision. However, it is one of the year’s most closely watched policy forums because speeches and remarks by senior central bankers can influence expectations for the Federal Reserve’s next policy actions, Treasury yields, the U.S. dollar, and equity-market valuations. Federal Reserve Chair Kevin Warsh is scheduled to deliver keynote remarks on Friday, August 28, at 10:00 a.m. Eastern Time, or 8:00 a.m. Mountain Time. The speech will be closely scrutinized for his assessment of the inflation outlook, labor-market conditions, financial-market liquidity, and the appropriate level of monetary restraint. The timing is particularly important following Thursday’s jobless-claims report, which showed initial unemployment claims falling to 203,000. Low claims reinforce the view that the labor market remains resilient, while still-elevated inflation readings keep the policy outlook less straightforward. That combination raises the stakes for any indication from Warsh about whether the Federal Reserve views current policy as sufficiently restrictive, whether additional disinflation is needed, and how the central bank is weighing growth risks against inflation risks. For many, the immediate focus will be on three questions:

• Whether Warsh signals confidence that inflation is returning sustainably toward the Fed’s 2% objective.
• Whether he characterizes current policy conditions as restrictive, appropriately calibrated, or in need of adjustment.
• Whether comments on financial innovation, digital payments, bank reserves, or market functioning alter expectations for liquidity-sensitive assets, including technology stocks, banks, cryptocurrencies, and Treasury securities.

The symposium may therefore extend Thursday’s elevated sensitivity to macroeconomic and monetary-policy headlines. A message that emphasizes persistent inflation risks could lift Treasury yields and pressure long-duration growth equities, while a more balanced or growth-conscious tone could support the market’s expectation that policy will eventually become less restrictive. With NVIDIA Corporation (NASDAQ: NVDA)-led AI optimism already lifting technology shares, Jackson Hole could determine whether that risk-on momentum carries into the end of the week.

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 $11.75. 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, $13.57) 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, $7.36), 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, $3.61, +9.06%), 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 $9.19, +1.43%. 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, $3.02, +2.72%), a leading China-based beauty group, announced that it will release its unaudited financial results for the second quarter of 2026, on Wednesday, September 2, 2026, before the open of the U.S. markets. The Company’s management will hold a conference call on Wednesday, September 2, 2026 at 7:30 A.M. U.S. Eastern Time (7:30 P.M. Beijing/Hong Kong Time) to discuss the financial results. Listeners may access the call by dialing the following numbers: United States (toll free): +1-888-346-8982 International: +1-412-902-4272 Mainland China (toll free): 400-120-1203 Hong Kong (toll free): 800-905-945 Hong Kong: +852-3018-4992

YSG 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, $25.59, +3.44%) 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, $4.66, +.65%) 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, $4.96, +9.98%) 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, $227.98, +8.74%)

Nvidia once again delivered (Wed., August 26) results that made Wall Street’s estimates look rather conservative. After the bell on Wednesday, 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, $9.29, +10.99%)

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. Federal Reserve Bank of Kansas City Annual Jackson Hole Economic Policy Symposium, August 27–29, 2026  Official symposium dates, location, and 2026 theme: “Financial Innovation: Implications for Payments and Policy.”
2. Federal Reserve Board August 2026 Calendar  Federal Reserve calendar covering the Jackson Hole Economic Policy Symposium and scheduled Chair remarks.
3. Reuters Jackson Hole Conference Opens as Fed Officials Warn About Inflation Policy context and Federal Reserve officials’ inflation concerns as the symposium began.
4. Reuters Bond-Market Anxiety Raises Stakes for Warsh’s Jackson Hole Debut  Market expectations and the significance of Fed Chair Kevin Warsh’s keynote address.
5. Yahoo Finance Economic Calendar  August 27, 2026 U.S. initial jobless-claims release and prior-week comparison.
6. Trading Economics Economic Calendar U.S. economic-release data, including jobless claims, GDP, and PCE inflation readings.
7. Seeking Alpha Initial Jobless Claims Unexpectedly Dip  Initial claims, four-week moving average, and continuing-claims data.
8. CNBC Nasdaq Jumps as NVIDIA Revenue Outlook Lifts Chip Stocks Market and semiconductor-sector reaction surrounding NVIDIA Corporation (NASDAQ: NVDA) earnings and outlook
9. The Wall Street Journal Stock Market Today: Major Indexes React to NVIDIA Earnings — Investor reaction to NVIDIA Corporation (NASDAQ: NVDA) results and revenue-growth outlook
10. Investopedia Stock Market Today, August 27, 2026  Intraday index performance and the market response to NVIDIA Corporation (NASDAQ: NVDA).
11. TheStreet Stock Market Today: S&P 500 and Nasdaq Rise After NVIDIA Earnings  Coverage of the AI-led market rally and related technology-sector earnings focus.
12. OTP Bank Morning Brief: NVIDIA Results and U.S. Economic Data NVIDIA Corporation (NASDAQ: NVDA) earnings, outlook, and broader U.S. macroeconomic context.
13. CNBC Dollar and Bond Markets on Edge Ahead of Jackson Hole Why Jackson Hole communications can affect Treasury yields, the U.S. dollar, and broader financial markets.

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.