Sanctions, Jackson Hole, PCE and Nvidia Earnings Set Up a Heavy Week for Markets

BlockBeats said on Aug. 22 that next week will bring a packed calendar of market-moving events: a new round of U.S. sanctions on Iran, Jerome Powell’s first appearance at the Jackson Hole global central bankers’ symposium, the release of July U.S. core PCE inflation data, and Nvidia’s earnings. This week, a spike in long-dated U.S. Treasury yields raised concern in the market. Pressure in the bond market eased after the Treasury expanded its long-bond buyback program, but investors are still watching the U.S. fiscal deficit, inflation and the situation in the Middle East. Spot gold rose above $4,600 an ounce this week for a third straight weekly gain, helped by worries over U.S. debt sustainability, a softer dollar and the Treasury’s larger buyback plan. On Friday, it touched a high near $4,632. Analysts said that if gold breaks and holds above $4,600, the next target could be $4,680 and even $4,700. Iran will be the first major focus next week. Treasury Secretary Scott Bessent said the Trump administration will announce fresh sanctions on Monday. Trump has also warned that any country providing support to Iran could face economic consequences. Transport activity through the Strait of Hormuz remains disrupted, adding to energy-supply risks and keeping oil on an upward run. The Jackson Hole global central bankers’ symposium runs from Aug. 27 to 29, and Powell will deliver his first speech on Aug. 28. Markets want to know whether he will give any signal on the future rate path and whether he can ease recent pressure in the Treasury market. Traders have also scaled back expectations for a September Fed rate cut. They will be watching Powell’s remarks on the 2% inflation target, long-term rates and the policy framework. On the data front, the U.S. July core PCE price index, the Federal Reserve’s preferred inflation gauge, is due next week. Economists expect a 0.2% month-over-month gain. A hotter reading could weaken rate-cut bets and put pressure on gold. A softer print could push precious metals higher. The week also brings second-quarter GDP revision data, durable goods orders, consumer confidence and benchmark revisions to nonfarm payrolls. Nvidia’s earnings will be the main corporate event for U.S. stocks. Tech shares have been under pressure lately, with the Nasdaq falling about 2% this week and semiconductors down more than 4%. Investors will look closely at Nvidia’s comments on the durability of AI infrastructure spending, progress on the Rubin chip and its China business. Analysts said stronger results would reinforce the AI growth narrative and could act as a catalyst for the S&P 500 to challenge 8,000 points, while any miss on earnings or guidance could deepen the pullback in tech shares.