This Weekly Financial Markets Update reviews the top market headlines: Fed Chair Delivers Remarks at Jackson Hole, NVIDIA Reports Record Revenue, Home Prices Gain Modest Traction
  • Fed Chairman Kevin Warsh reiterated the Fed's 2% inflation target
  • NVIDIA reported record $96.2 billion in revenue for the quarter ended 7/31/2026
  • Home prices across 20 key U.S. metro areas rose at a 2.1% annual rate in June

Top Three Market Headlines

Fed Chair Delivers Remarks at Jackson Hole: Federal Reserve Chairman Kevin Warsh spoke at the central bank's annual Jackson Hole Economic Symposium last Friday, where he reiterated the Fed's commitment to its 2% inflation target. The Chairman noted that inflation has cooled from its 2022 highs, but acknowledged that recent rates remain above the target and emphasized that elevated prices should be officials' main focus. In terms of the broader economy, Mr. Warsh stated that the U.S. economy has strengthened, business capital expenditures are rising, profit margins are elevated, and labor markets are stable. The Fed's next meeting is in mid-September, at which policymakers will determine the appropriate path for the Fed's target interest rate.

NVIDIA Reports Record Revenue: NVIDIA, the $5.5 trillion market cap chip designer whose earnings reports are a key indicator of the broader AI infrastructure spending cycle, posted record revenue of $96.2 billion for the quarter ended 7/31/26. This was more than double the amount of revenue recorded in the same period one year ago and exceeded analysts' estimates of $92.3 billion. Management also forecast 70% revenue growth for its fiscal year ended January 2028, above the 45% analysts had projected. Shares of NVDA rose nearly 9% the following day, even as the company guided gross margins lower, from 75% currently to a projected 71-72% range by fiscal Q4 2027 (ending 1/31/2027), citing rising memory-chip costs.

Home Prices Gain Modest Traction: According to the S&P Cotality CaseSchiller 20-City Composite Index, prices of single-family homes in 20 key U.S. metro areas grew by 0.2% in June (seasonally adjusted) versus the prior month. On an annual basis, the index rose 2.1%, up from a 1.7% pace in May and the fastest annual rate in a year. Notwithstanding the slight acceleration, however, prices in June still declined on an inflation-adjusted basis given the prevailing pace of inflation across the broader economy. 12 of the 20 markets saw annual price increases in June, led by Chicago at 6.9%, followed by New York and Cleveland with annual increases of 4.8% and 4.1%, respectively.

As of August 28, 2026 Week Quarter-To-Date Year-To-Date One-Year
MSCI All Country World 0.31% 3.10% 14.70% 22.16%
S&P 500 0.50% 3.00% 13.51% 20.01%
Russell 2000 -1.49% -1.57% 20.65% 26.51%
MSCI EAFE 0.11% 4.41% 14.27% 21.74%
MSCI Emerging Markets 0.05% 0.35% 24.28% 39.16%
FTSE NAREIT Equity -1.40% -0.13% 17.68% 17.86%
Bloomberg Commodity -0.14% 14.49% 30.93% 42.72%
Bloomberg U.S. Aggregate 0.13% -0.83% -0.21% 1.86%

WSJ 8/29/2026, S&P Global 8/25/2026, CNBC 8/28/2026, Federal Reserve 8/28/2026. Index returns from Morningstar Direct. Returns for periods greater than one year are annualized. Investment advisory services are offered by Gallagher Fiduciary Advisors, LLC ("GFA"), an SEC registered investment advisor that provides retirement, investment advisory, discretionary and independent fiduciary services. Registration as an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the SEC. GFA is a limited liability company with Gallagher Benefit Services, Inc. as its single member. GFA may pay referral fees or other remuneration to employees of Arthur J. Gallagher & Co. or its affiliates or to independent contractors; such payments do not change our fee. Neither Arthur J. Gallagher & Co., GFA, their affiliates nor representatives provide accounting, legal or tax advice. GFA does not express an investment opinion regarding any specific commodity, sector or individual security. Unless otherwise expressly noted, the contents of this communication do not constitute securities or investment advice, nor should this communication be construed as an opinion regarding the appropriateness of any investment. The information provided cannot take into account all the various factors that may affect your particular situation, therefore you should consult your GFA consultant before acting upon any information or recommendation contained herein to discuss the ability of the information/recommendation for your specific situation.