U.S. stocks ended Friday lower after investors parsed Federal Reserve Chair Kevin Warsh’s Jackson Hole remarks, which emphasized that inflation remains uncomfortably high and that the central bank’s commitment to price stability has not softened. The late-week pullback left major indexes mixed for the full week, with the Nasdaq Composite (^IXIC) modestly higher but small-cap stocks sharply lower. At Friday’s close, the S&P 500 (^GSPC) fell 0.25% to 7,711.76, the Dow Jones Industrial Average (^DJI) slipped 0.02% to 53,559.99, and the Nasdaq Composite (^IXIC) lost 0.52% to 26,402.42. The Russell 2000 (^RUT) underperformed, declining 1.37% to 2,973.09. The CBOE Volatility Index (^VIX) closed at 14.35, down 1.10% on the day, signaling that investors remained relatively composed despite the risk-off tone.

Friday Closing Market Performance

Benchmark or Asset	Friday Close	Daily Change	Market Takeaway
S&P 500 (^GSPC)	7,711.76	-0.25%	Broad market edged lower as investors reassessed the outlook for interest rates
Dow Jones Industrial Average (^DJI)	53,559.99	-0.02%	Blue chips were nearly flat, showing relative resilience amid the broader pullback
Nasdaq Composite (^IXIC)	26,402.42	-0.52%	Growth and technology shares retreated as rate sensitivity returned to focus
Russell 2000 (^RUT)	2,973.09	-1.37%	Small caps lagged sharply, reflecting concern over financing costs and domestic economic sensitivity
CBOE Volatility Index (^VIX)	14.35	-1.10%	Implied volatility stayed subdued despite a weaker equity close
Gold	4,512.00	-3.26%	Gold declined sharply, suggesting profit-taking and pressure from the rate outlook
Bitcoin (BTC-USD)	77,551.24	-3.20%	Digital assets sold off alongside higher-beta risk appetite
Crude Oil, October 2026	83.37	-0.19%	Oil was little changed, keeping energy and inflation risks on the radar

Weekly Performance

For the week, the Nasdaq Composite (^IXIC) finished at 26,402.42, compared with 26,180.45 on August 21, an increase of approximately 0.85%. The Russell 2000 (^RUT) ended at 2,973.09, down about 1.48% from 3,017.87 a week earlier. The CBOE Volatility Index (^VIX) closed at 14.35, down roughly 5.2% from 15.13 at the prior Friday’s close. The 10-year Treasury yield (^TNX) ended near 4.72%, little changed on the week but higher than the midweek low.

Weekly Benchmark	Aug. 21 Close	Aug. 28 Close	Weekly Change
Nasdaq Composite (^IXIC)	26,180.45	26,402.42	+0.85%
Russell 2000 (^RUT)	3,017.87	2,973.09	-1.48%
CBOE Volatility Index (^VIX)	15.13	14.35	-5.16%
10-Year Treasury Yield (^TNX)	4.74%	4.72%	-2 basis points

The divergence remains important. Large-cap growth and AI-linked technology have continued to attract capital, while smaller companies have struggled with the reality that financing conditions may remain restrictive for longer. The Russell 2000’s weekly decline illustrates that investors are differentiating between businesses with durable earnings power and those more dependent on credit availability, lower interest rates, or a faster cyclical acceleration.

Macroeconomic Report

The week’s defining macro event was Federal Reserve Chair Kevin Warsh’s Jackson Hole speech. Warsh stressed that inflation is still too high and that the Federal Reserve must remain focused on returning inflation to its 2% objective. He also described the economy as stronger and the labor market as stable, reducing the urgency for policymakers to pivot quickly toward easier monetary policy. That message had a clear market effect: investors reduced some of their enthusiasm for near-term rate cuts and reassessed the outlook for long-duration assets, smaller companies, and speculative trades. The Nasdaq Composite (^IXIC) lost 0.52% Friday, while Bitcoin (BTC-USD) declined 3.20% and gold fell 3.26%. Although each asset has its own drivers, the simultaneous declines reflected a more cautious response to the prospect of restrictive monetary policy lasting longer. The 10-year Treasury yield (^TNX) ended around 4.72%, after falling earlier in the week and moving higher following the policy discussion. Higher long-term yields can affect the market through several channels:

• They raise borrowing costs for consumers and companies.
• They reduce the present value investors assign to distant future earnings, which can challenge richly valued growth stocks.
• They may pressure small-cap and highly leveraged companies more than cash-rich mega-cap businesses.
• They increase competition from bonds and cash-like assets for investor capital.

At the same time, the low VIX (^VIX) reading of 14.35 suggests the market has not entered a broad fear-driven liquidation phase. Instead, the current environment appears more selective: investors are still willing to own companies with clear earnings growth, pricing power, strong balance sheets, and exposure to major investment cycles such as artificial intelligence infrastructure.

Corporate and Sector Highlights

Technology remained the market’s most consequential leadership group, though Friday’s session demonstrated the limits of valuation tolerance.

• NVIDIA Corporation (NASDAQ: NVDA) remained at the center of investor attention following earnings, with the market continuing to evaluate whether AI infrastructure spending can sustain semiconductor, networking, and data-center demand.
• Marvell Technology, Inc. (NASDAQ: MRVL) came under pressure after quarterly results and forward commentary did not fully meet elevated expectations. Its reaction reinforced that AI-linked companies must increasingly provide tangible upside beyond already optimistic forecasts
• Autodesk, Inc. (NASDAQ: ADSK) declined after forward profit guidance disappointed investors, highlighting the market’s heightened sensitivity to outlooks rather than backward-looking earnings alone.
• Affirm Holdings, Inc. (NASDAQ: AFRM) moved higher after reporting revenue and guidance that exceeded expectations, demonstrating that companies able to deliver measurable growth can still earn investor support despite a more restrictive rate backdrop
• Elastic N.V. (NYSE: ESTC) advanced after providing a stronger-than-expected full-year outlook, adding to evidence that enterprise-software names with improving execution and visible demand can stand out.
• Gap Inc. (NYSE: GAP) gained after raising its earnings outlook and making a leadership change at Old Navy, showing that company-specific operational progress remains capable of overriding broader market softness.
• PayPal Holdings, Inc. (NASDAQ: PYPL) was pressured after reports indicated that potential takeover interest from Stripe, Inc. (Private) and Advent International Corporation (Private) had cooled.

Energy stayed relevant to the inflation outlook. Chevron Corporation (NYSE: CVX) and Halliburton Company (NYSE: HAL) were watched amid reports of potential operating expansion in Venezuela, while agricultural commodity-price gains kept food-inflation risk in the broader macro conversation.

Outlook for Next Week

Investors begin the new week facing a market that remains broadly constructive but increasingly dependent on inflation data, bond yields, and earnings execution. Friday’s weakness does not by itself signal a trend reversal; however, it underscores that equity valuations have less room for error when central-bank officials are emphasizing inflation risk rather than imminent easing.

Key developments to watch include:

• Inflation trajectory: Investors will look for evidence that inflation is resuming a credible decline toward the Federal Reserve’s 2% target.
• Treasury yields: A sustained move above current yield levels could increase pressure on growth stocks, real estate, small caps, and leveraged companies.
• Small-cap leadership: Continued weakness in the Russell 2000 (^RUT) would suggest tight financial conditions are becoming a more meaningful headwind for the domestic economy.
• AI earnings and capital expenditures: Results and guidance from NVIDIA Corporation (NASDAQ: NVDA), Marvell Technology, Inc. (NASDAQ: MRVL), and other AI ecosystem companies will remain central to market leadership.
• Commodities and geopolitics: Crude oil’s relatively stable Friday close near 83.37 and higher agricultural prices bear watching for any renewed inflation impulse.

Bottom line: The market ended the week with its core bullish narrative intact, economic resilience, contained volatility, and enthusiasm for AI-led earnings growth, but the Jackson Hole message reminded investors that inflation and interest rates remain the decisive macro variables. Near-term performance is likely to favor companies with strong fundamentals and realistic valuations, while rate-sensitive and highly speculative areas may remain vulnerable to further policy repricing.

VP Watchlist Updates

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL, $11.93, +1.53%) 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, $13.14) 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, $6.68), 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, $3.46), 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 $9.08. 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, $3.35 +.03%), 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, $26.73, +4.45%) 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, $4.49) 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, $4.79) 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, $217.55)

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, $7.96)

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 Stocks are flat as Warsh notes inflation risk in Jackson Hole speech: Live updates
2. Yahoo Finance Stock market today: Dow, S&P 500, Nasdaq moderate as markets digest Warsh’s Jackson Hole speech
3. Perplexity Finance Major U.S. equity index, volatility, and 10-year Treasury yield historical closing data for August 21–28, 2026
4. CBOE Global Markets CBOE Volatility Index (VIX) overview
5. 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.