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Powell’s Pivot Sets the Stage but wait for Nvidia

Markets staged a dramatic rebound last week after Fed Chair Jerome Powell struck a dovish tone at Jackson Hole, signaling rate cuts could arrive as early as September. His remarks eased recession fears and reignited investor confidence, sending the S&P 500 and Dow higher, while small caps surged. The Nasdaq lagged, weighed down by tech weakness, as capital rotated into cyclical sectors like Energy, Financials, and Real Estate. With Powell’s pivot restoring momentum, the spotlight now shifts to Nvidia’s earnings on August 27—where the chipmaker’s results and guidance could determine whether the AI trade powers the next leg of the rally.