To The Moon

U.S. stocks closed out the week on a high note, with all three major indexes setting new records Friday.

NYSE

• Dow Jones Industrial Average: +0.37% to 46,315.27 (+1.0% weekly)

• $S&P 500(.SPX)$ : +0.49% to 6,664.36 (+1.2% weekly)

• $NASDAQ(.IXIC)$ : +0.72% to 22,631.48 (+2.2% weekly)

The late-week rally followed President Donald Trump’s call with Chinese leader Xi Jinping, where the two approved a framework for a U.S. version of TikTok. While details remain unresolved, particularly around TikTok’s recommendation algorithm, the tone signaled de-escalation in U.S.-China tensions.

BCA Research’s Matt Gertken cautioned that prolonged talks leave room for “unknown geopolitical disruptions” that could derail progress, particularly if sanctions or tariffs resurface. For now, investors are betting on stability, pushing risk aside.

• Hot Stock: Paramount Skydance +5.9%

• Biggest Loser: DexCom -11.0%

• Best Sector: $Technology Select Sector SPDR Fund(XLK)$ +1.0% $NVIDIA(NVDA)$

• Worst Sector: $Energy Select Sector SPDR Fund(XLE)$ -1.3%

What’s Next

The focus shifts back to economic fundamentals next week:

• Friday: Bureau of Economic Analysis releases the PCE Price Index, the Fed’s preferred inflation gauge. Chair Jerome Powell recently stressed that while jobs are the Fed’s immediate concern, inflation above 2% keeps policy risks finely balanced.

• Tuesday: S&P Global’s Manufacturing & Services PMIs.

• Wednesday: Census Bureau’s new home sales.

• Thursday: NAR’s existing home sales.

• Earnings: $Micron Technology(MU)$ (Tuesday) and Costco (Thursday), headline a lighter but still critical week of reports.

Conclusion

August’s strength has carried into September with new highs across all major indexes, driven by optimism around trade de-escalation and rate-cut expectations. But with inflation data due and geopolitical risks simmering, markets may soon need more than momentum to keep climbing.

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This summary is for informational purposes only and does not constitute financial advice. Investors should conduct their own research before making investment decisions.