What’s News in Markets: Nvidia’s Victory Lap, Callaway Lands in the Rough, Sneaker Slump

Investors came into the week worrying about everything from the sustainability of the AI boom to oil prices and inflation. By Friday, Federal Reserve Chairman Kevin Warsh gave markets something new to chew on at the Kansas City Fed's annual Jackson Hole conference. In his first Jackson Hole speech as chair, Warsh said inflation remains too high and signaled the central bank may not be finished raising interest rates. "We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed," he said. "Otherwise, we have work to do." Short-term Treasury yields jumped and major indexes slipped on Friday after his remarks. Still, Warsh offered a relatively upbeat assessment: "One indicator of strength is how well an economy holds up under stress, how well it holds up under shocks. On that score, both Main Street and Wall Street have been remarkably resilient." Overall, the Nasdaq ended the week 0.85% higher, the S&P 500 gained 0.49%, and the Dow added 0.53%.

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