Canada Tariffs Take Effect, Bessent to Detail Iran Sanctions, PCE Ahead
By Jacqueline Policastro | Quincy News Correspondent
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Washington (Quincy News) — Market Recap: Wall Street rebounded Friday but ended a volatile week lower amid elevated Treasury yields, higher oil prices and geopolitical uncertainty.
The Dow gained 1% Friday, while the S&P 500 and Nasdaq each rose 0.4%. For the week, the S&P 500 fell 1.4%, the Nasdaq lost 2.1% and the Dow declined 0.9%.
Treasury yields remained elevated after the 30-year yield reached its highest level since 2007. S&P Global’s August data showed U.S. services activity growing at its fastest pace in nearly two years, while manufacturing growth slowed.
Today’s Focus: The U.S. imposed 50% tariffs on about $20 billion in annual Canadian exports Saturday after negotiations between the two countries broke down. Canada said it will match the levies dollar for dollar, with retaliatory tariffs taking effect Sept. 8.
Treasury Secretary Scott Bessent holds a press conference at 2 p.m. ET Monday, where he is expected to detail planned sanctions against Iran. The appearance also comes days after the Treasury announced an expansion of long-end debt buybacks.
Investors are also looking ahead to a busy Wednesday, with July PCE inflation, the second estimate of second-quarter GDP and durable-goods orders all due at 8:30 a.m. ET. Nvidia reports earnings after the closing bell.
The week culminates with Fed Chair Kevin Warsh’s first Jackson Hole address since taking over the central bank. His keynote speech on Friday comes as Fed officials remain divided over the path of interest rates.
ON THE SCHEDULE FOR THE WEEK OF MONDAY, AUGUST 24, 2026
-2 p.m. ET – Treasury Secretary Scott Bessent press conference
-Tuesday, 10 a.m. ET – August Consumer Confidence, July new-home sales
-Tuesday earnings – Dick’s Sporting Goods, Zoom and Intuit
-Wednesday, 8:30 a.m. ET – July durable-goods orders, second estimate of Q2 GDP and July PCE inflation
-Wednesday earnings – Nvidia, Salesforce, CrowdStrike
-Thursday, 8:30 a.m. ET – Weekly jobless claims and July Advance Economic Indicators
-Thursday earnings – Best Buy, Dollar General, Dollar Tree
-Friday, 10 a.m. ET – Fed Chair Kevin Warsh speaks at the Jackson Hole Economic Policy Symposium
-Friday, 10 a.m. ET – Final August University of Michigan Consumer Sentiment
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