US stocks closed higher on Wednesday, August 28, with the tech-heavy Nasdaq Composite climbing 1.57%, buoyed by a stellar earnings report from chipmaker Nvidia. Market participants are now turning their attention to Friday's speech by Federal Reserve Governor Christopher Waller at the Jackson Hole symposium for further clues on the central bank's policy path.
Among the top 20 most active stocks on US exchanges, Nvidia surged approximately 9% to lead the Nasdaq higher, while Salesforce jumped over 22% following its strong quarterly results.
Chinese stocks listed in the US were mixed, with Baidu gaining about 4%, while Alibaba fell nearly 3%.
In the commodities market, crude oil and gold prices both advanced. Conversely, zinc prices retreated from a four-year peak. European shares declined, weighed down by banking stocks amid renewed political concerns in France.
In political news, former President Donald Trump stated that Russia would not attack NATO. He also signed an executive order to rename Lake Ontario to "Lake America," claiming the US has been taken advantage of by Canada. Trump appointed Ben Moss as White House Staff Secretary. Additionally, Trump relaxed tariffs on some ground beef imports in an effort to lower consumer prices, a move that has drawn criticism from American ranchers.
The Pentagon is reportedly planning to withdraw about 200 US soldiers from Nigeria. US officials have indicated that interceptor missile stockpiles for European-based forces have reached critically low levels. A US Navy official said the aircraft carrier USS Theodore Roosevelt will be deployed to the Middle East. Reports also suggest that the US is close to reaching an agreement to acquire an equity stake in Venezuelan oil fields.
Canadian political leader Mark Carney responded to the US "renaming order," vowing that Canada will always call it Lake Ontario. Canada is adjusting its list of retaliatory tariffs, proposing a 50% duty on US copper wire and charcoal. Iranian officials have stated they are prepared with a list of conditions for the US, and will counter any actions that escalate tensions in the economic sphere. An Iranian official warned of "historic disaster" for the US if it undertakes destructive actions. Iran's military intelligence has announced readiness against infiltration attempts. Venezuela is considering leaving OPEC as its relationship with the US deepens. Pakistan and Kuwait have signed a new defense cooperation agreement. The head of the Ukrainian presidential office indicated that negotiators from Ukraine and Russia might hold a meeting in September.
In corporate news, Marvell Technology beat expectations on both earnings and guidance, yet its shares still fell over 5% in after-hours trading. The US Federal Trade Commission has reportedly launched an investigation into YouTube's account suspension practices. Citadel Securities reportedly generated a record $7.3 billion in trading revenue in the second quarter, more than tripling year-over-year. Nvidia saw its market value surge by $440 billion in a single day, with CEO Jensen Huang declaring that AI has reached a "tipping point" as the company's results comprehensively exceeded forecasts. Alphabet saw its market value drop by over $700 billion as investors question its competitive edge in the AI space. Anthropic is planning an IPO that would allow existing shareholders to sell some of their shares. Hugging Face has launched a $400 duck-shaped robot that can sing and roller skate. Hark has signed a multi-year agreement with Nvidia to advance personalized AI agents. The talent war among hedge funds is intensifying, with Dymon poaching macro talent from Schonfeld. SK Hynix has officially broken ground on a $4 billion memory chip packaging plant in Indiana.
Ahead of the Jackson Hole Economic Symposium, global central bankers are gathering with high anticipation for Governor Waller's keynote speech. Fed Governor Susan Collins stated she would support raising interest rates if inflation does not recede as expected. Analysts at Citrini suggest that a "Treasury-Fed agreement" could create conditions for a rally in 30-year Treasury bonds. The European Central Bank's meeting minutes showed officials discussed the need for a "mildly restrictive" monetary policy stance. The US 7-year Treasury note auction yield met expectations, reaching its highest level since 2024. TIME magazine has released its 2026 list of the 100 most influential people in global AI, featuring several Chinese honorees. The US goods trade deficit widened to its largest in over a year, with capital goods imports recording their fastest increase in decades.
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