Major U.S. indexes post first weekly losses in four weeks ahead of Nvidia earnings and Fed Chair remarks at Jackson Hole.
The Nasdaq and S&P 500 ended their three-week winning streaks, declining for the first time since mid-July. Both indexes retained year-to-date gains above 12% but closed below key technical levels, including the Nasdaq’s 21-day exponential moving average.
Prior to this week, the indexes had rallied for three consecutive weeks, with the S&P 500 and Nasdaq hitting record highs earlier in August. The pullback follows undercutting the Aug. 4 follow-through day lows, signaling potential volatility ahead.
Markets now turn to Nvidia’s earnings report on Aug. 21 and Fed Chair Jerome Powell’s speech at the Jackson Hole symposium, both expected to drive near-term direction.