Market Storylines: Powell at Jackson Hole + Tech and Crypto Take a Hit

Eric Criscuolo, Market Strategist for the NYSE, breaks down a week dominated by anticipation for Fed Chair Powell’s Jackson Hole speech. He highlights muted market action early in the week, followed by a sharp rotation out of mega-cap tech, AI, and crypto-related equities into lagging sectors. He notes that FOMC minutes showed broad support for holding rates steady, though market odds of a September cut remain elevated after controversial jobs data. Retail earnings, including Walmart, underscored ongoing consumer pressures but failed to shift the broader narrative. Looking ahead, Powell’s speech, July PCE inflation data, and Nvidia’s earnings will be the key catalysts driving markets into September.