TLDR
- The August jobs report lands Friday and could shape whether the Fed raises rates in September
- Fed Chair Kevin Warsh’s Jackson Hole speech pushed September rate hike odds to 60%
- Dell, Broadcom, and Hewlett Packard Enterprise report earnings this week, with AI demand in focus
- Tim Cook officially hands the Apple CEO role to John Ternus this week
- Lululemon, Five Below, and Palo Alto Networks are also on the earnings calendar
The coming week brings a cluster of events that could move markets, from a closely watched jobs report to a wave of earnings and a leadership handover at Apple.
Stocks are sitting roughly 1% below record highs heading into the week. Markets got support last week from Nvidia’s strong quarterly results and an uptick in oil flows through the Strait of Hormuz, now running at around two-thirds of pre-war levels according to Goldman Sachs.
Fed Rate Hike Odds Jump After Jackson Hole
The Federal Reserve is in sharp focus after Fed Chair Kevin Warsh spoke at Jackson Hole on Friday. His comments were widely read as hawkish, though he did not give direct guidance on the Fed’s next move.
FED WARSH AT JACKSON HOLE (Summary):
On policy:
• He gave no timetable for a rate hike and said the speech should not be viewed as forward guidance or a formal reaction function
• Short-term interest rates remain the Fed’s main policy tool
• A “good majority” at the July… pic.twitter.com/pUZUOUa0Lj
— Wall St Engine (@wallstengine) August 28, 2026
The CME FedWatch tool showed odds of a September rate hike jumping from 35% to 60% after the speech. Warsh said inflation remains too high and that current monetary policy is not especially restrictive.
BlackRock’s Rick Rieder said the speech “erred on the hawkish side” but cautioned that a September hike is not a done deal. More inflation and jobs data will come in before the Fed meets.
The August Employment Situation Report is due Friday at 8:30 a.m. ET. In July, the economy lost 23,000 jobs, which surprised economists. The unemployment rate was 4.1%, slightly better than expected.
ING economist James Knightley forecasts a modest recovery of around 65,000 jobs in August. He cited tariff-related caution and higher borrowing costs as reasons hiring is likely to stay soft.
Labor force participation has also dropped, partly due to slower immigration and some workers leaving the job market entirely.
Earnings Season Continues With Tech and Consumer Names
Dell reports Tuesday. Last quarter, its AI-optimized server sales rose 750% year over year and the company lifted its outlook. Broadcom and Hewlett Packard Enterprise follow on Wednesday, with AI data center demand expected to be a key theme again.
Palo Alto Networks also reports Tuesday. The cybersecurity company beat estimates last quarter and gave a positive outlook.
On the consumer side, Five Below reports Wednesday. The discount retailer outperformed expectations this spring as shoppers sought lower prices. Lululemon reports Thursday after cutting its forecast in June. New CEO Heidi O’Neill, who previously worked at Nike, takes over on September 8.
Apple Leadership Changes Hands
Tim Cook officially transfers the Apple CEO role to John Ternus this week. Cook oversaw the growth of Apple’s market cap from $350 billion to between $4 trillion and $5 trillion during his time leading the company.
Ternus was previously Apple’s senior vice president of hardware engineering.
The Federal Reserve also releases its Beige Book on Wednesday. Tesla holds an event in Austin, Texas on Thursday where it is expected to share more details about its Cybercab autonomous taxi.
The jobs report Friday remains the most-watched event of the week, given its potential to influence the Fed’s September decision.
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