Unify Financial Advisors Weekly Market Update
Major U.S. stock indexes ended the last full week of August modestly higher, supported by strong AI-related earnings. The Nasdaq gained 0.85%, while the S&P 500 and Dow rose 0.49% and 0.53%, respectively. Shares of Salesforce rallied following a better-than-expected earnings beat and news of a partnership with Anthropic. The positive report calmed some fears of a SASpocolypse, where AI replaces most software companies.
On the economic front, second-quarter growth was revised to 1.5%, while the Fed’s preferred inflation gauge, the PCE price index, rose 3.7% from a year ago. Kevin Warsh’s first Jackson Hole keynote speech was notably hawkish on inflation while optimistic on the economy’s longer-term growth prospects.
Weekly Outlook
Investors will focus on the August employment report this week, following an estimated decline of 23,000 payrolls in July.
Please read the full Market Week report for additional details on last week’s market and economic activity.
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