Nvidia Earnings, Warsh Headline Mostly Upbeat Week

The news headliners this week included renewed tariff tensions, highly anticipated Nvidia (NVDA) earnings, and Friday's speech from Fed Chair Kevin Warsh, as the annual Jackson Hole, Wyoming symposium commenced. Nvidia's blockbuster report pushed the Dow Jones Industrial Average (DJI) to three-straight triple-digit pops, while the Personal Consumption Expenditures (PCE) price index came in slightly elevated.

The key inflation reading and pre-Nvidia earnings jitters pressured stocks lower on Wednesday. Wall Street made a swift recovery, however, with the Nasdaq Composite (IXIC) surging over 400 points on Thursday while the S&P 500 Index (SPX) marking its own healthy win. For the week, all three indexes logged impressive gains, while the Russell 2000 Index (RUT) took a hit, marking a second-straight weekly drop as small caps struggled to maintain traction. 

Earnings, Earnings, and Yes, More Earnings

Even as earnings season dies down, there were still plenty of names to parse through this week, even when you set aside NVDA. Zoom Communications (ZM) didn't fare well, sliding after a disappointing profit outlook, while Marvell Technology (MRVL) trailed with a revenue outlook that failed to impress. IREN (IREN) also shared a lackluster quarterly report.

CrowdStrike (CRWD), meanwhile, surged after posting record-breaking earnings and Salesforce (CRM) enjoyed a strong Q2 beat. Plus, Abercrombie & Fitch (ANF) reported its own profit beat, though Dick's Sporting Goods (DKS) suffered its worst daily drop on record after its quarter fell short of estimates.

Deals, Updates, and More Buzz

There was plenty of other headlines as well, including from China-based Alibaba (BABA), which fell after revealing a $10.2 billion share sale. Biotech leader Novavax (NVAX) cooled off from its vaccine-induced surge, United Airlines (UAL) announced an expansion to its international footprint, and bull signals flashed for this popular chipmaker and one renewable energy giant.

September Kicks Off With More Data

Next week brings another wave of key economic data ahead of the Federal Reserve's Sept. 15-16 policy meeting, with Friday's August jobs report headlining a calendar packed with big-ticket earnings. Investors will be parsing each release for clues on the size of the Fed's next rate cut, with ISM's manufacturing and services surveys, the JOLTS report, and the ADP employment reading all dropping before the week's end.

Plus, Schaeffer's Senior V.P. of Research Todd Salamone shares with us the sentiment warning you might not expect for the S&P 500, and we take a close look at why beaten-down Nike (NKE) stock continues to make noise.