Technology stocks surged this week with the Nasdaq Composite up more than 4% in August and the S&P 500 gaining over 3%, driven by renewed interest in artificial intelligence. Nvidia’s blockbuster results revived investor enthusiasm, but the ability of AI to sustain its advance remains uncertain as rate hike expectations grow. The August U.S. jobs report due Friday will provide crucial insights into the Federal Reserve’s monetary policy trajectory, with Chairman Kevin Warsh maintaining an anti-inflation stance despite signs of economic weakness. Broadcom’s earnings report, expected Wednesday, will be a decisive test for the semiconductor sector, which underperformed this month after a more than 17% pullback in July.
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