Nvidia delivered a blowout quarter and Fed Chair Warsh warned on inflation at Jackson Hole. Now the August jobs report on Friday takes center stage. Here is your market review and preview for the week of August 31.
This is your Sunday market review and preview for the week of August 31 to September 4, 2026. This market news and economic calendar roundup recaps last week's two big events, Nvidia earnings and the Jackson Hole symposium, and covers the week ahead, headlined by the August jobs report. Here is what traders are watching before the open on Monday.
Last Week Review, August 24 to 28, 2026
Last week hinged on two events, and they pulled in different directions. Nvidia's blowout earnings powered the AI trade higher, while Fed Chair Warsh used his Jackson Hole debut to warn that inflation is still too high. The result was a market that got a strong tech boost but stayed capped by the reminder that the Fed is not done fighting inflation. Both stories are worth breaking down.
Nvidia's Blowout Earnings and the Market Impact
Nvidia (NVDA) reported Wednesday after the close and it was a beat and raise across the board. Revenue came in at 96.2 billion dollars, up 106 percent from a year ago, with earnings of 2.22 dollars per share. The bigger story was the guidance. CEO Jensen Huang pointed to revenue growth of roughly 70 percent for fiscal 2028, far above the 44 percent Wall Street expected, a signal that AI demand is still accelerating, not slowing. The stock jumped about 8.7 percent, and the strength spread across the chip complex, with Broadcom up 4.5 percent and Intel up 4 percent. The Nasdaq rose 1.57 percent on the session. For a market that had worried all summer about whether AI spending would hold up, Nvidia's report was the answer traders wanted.
Jackson Hole: Warsh Warns on Inflation
The other big event was Fed Chair Warsh's first keynote at Jackson Hole on Friday. His message was a balance of caution and optimism. On one hand, he said inflation is running too high and that underlying trends have not improved, adding that the Fed may still have work to do, a hawkish tone that pushed back on hopes for near term rate cuts. On the other hand, he said he was impressed with the economy's strength and that AI could turbocharge growth as capital pours into AI infrastructure. The impact was a market caught between a strong economy and a Fed that is not ready to declare victory on inflation, which kept Treasury yields and the rate debate firmly in focus into this week.
Market News, Week of August 31, 2026
With Nvidia and Jackson Hole behind us, the focus shifts squarely to the labor market. Friday's August jobs report is the single most important number of the week and the last major read before the Fed's September 15 to 16 meeting. After July's soft jobs report and Warsh's inflation warning, the Fed is caught between a cooling labor market that argues for cuts and sticky inflation that argues for patience. This jobs number will tip the balance and set expectations for what the Fed does next. Several other labor and business surveys land earlier in the week to fill in the picture.
Economic Calendar, Week of August 31 to September 4, 2026
It is a jobs week, and the data builds toward Friday.
Day | Event | Why It Matters |
|---|---|---|
Tuesday, September 1 | ISM Manufacturing PMI, JOLTS job openings | Factory activity and a read on labor demand. Medium impact. |
Wednesday, September 2 | ADP employment, Fed Beige Book | A private payroll preview and the Fed's regional economy report. Medium impact. |
Thursday, September 3 | ISM Services PMI, jobless claims | The larger services side of the economy plus weekly labor data. Medium impact. |
Friday, September 4 | August jobs report and unemployment rate | The main event. Guides the Fed's September decision. High impact. |
Unusual Options Activity
Positioning is centered on Friday's jobs report and the follow through in chips.
Ticker | Context | Options Read |
|---|---|---|
SPY and QQQ | Jobs report Friday | Index options in focus for the labor read that shapes the September Fed decision. |
NVDA and SMH | Post earnings | Active as traders position for whether the Nvidia driven chip rally has follow through. |
TLT | Rate path | Bond options busy after Warsh's hawkish tone and into the jobs data. |
Options flow shows positioning for educational review only. It is not a recommendation to buy or sell. Past flow does not guarantee future direction.
What Traders Are Watching
Three things stand out. First, Friday's jobs report, which is the swing factor for whether the Fed moves in September and by how much. Second, whether the Nvidia driven rally in chips and AI names holds or fades once the earnings glow wears off. Third, Treasury yields and the rate path, since Warsh made clear the Fed is still focused on inflation. It is a week where the whole market waits on Friday, so the days before it can be choppy and headline driven.
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