Treasury yields running hot ahead of the Jackson Hole symposium. The 10-year yield was little changed after the PCE inflation report — as expected. Meanwhile, the dollar and bond markets are "on edge" as market participants weigh intervention risks ahead of the annual symposium. Nvidia's fiscal Q2 2027 earnings dominated equity sentiment, with CEO Jensen Huang forecasting 70% revenue growth for fiscal 2028, crushing estimates and reaffirming AI infrastructure demand.
Nvidia drives AI narrative: Huang's 70% FY2028 growth forecast sent ripples across semiconductor and data-center stocks. XLK (Technology) was the top sector performer at +0.61%.
Jackson Hole in focus: Markets are "on edge" ahead of the August 26-28 symposium. Treasury yields are elevated, with income-seeking investors seeking opportunities in the bond market.
Healthcare under pressure: XLV (Healthcare) fell -1.00%, the worst sector performer. Consumer Staples (XLP -0.29%) and Consumer Discretionary (XLY -0.67%) also declined.
Small caps & Dow weak: IWM (Russell 2000) -0.10% and DIA (Dow) -0.19% underperformed, suggesting defensive rotation.