28th August 2026 – (New York) Trading remained subdued on Friday as investors responded to both economic updates and remarks from Federal Reserve chairman Kevin Warsh, who addressed fellow policymakers and economists during the central bank’s annual symposium in Jackson Hole, Wyoming. Mr Warsh highlighted ongoing inflationary pressures, cautioning that while recent readings of personal consumption expenditures and the consumer price index had been more favourable than anticipated, these figures alone were insufficient evidence of any significant improvement in underlying trends. He stressed the necessity for clear progress towards the central bank’s inflation target, stating that the Federal Reserve’s priority is to ensure inflation converges with its mandate and is prepared to act further if needed.
The S&P 500 opened largely unchanged, posting a narrow decline of 0.1 per cent, with the Nasdaq Composite falling by 0.2 per cent and the Dow Jones Industrial Average edging up by 60 points, equivalent to a 0.1 per cent rise. Technology shares weighed on the broader market amid an environment shaped by high-profile corporate news and intensifying geopolitical and economic developments. Shares in Gap rose by 20 per cent after the company named a new chief executive for the Old Navy brand, despite mixed quarterly results, while Marvell Technology dropped 7 per cent following guidance on margins that disappointed investors. Meanwhile, the Dow and S&P 500 are poised to record weekly gains of nearly 1 per cent, with the Nasdaq on target for an advance of over 1 per cent. If sustained, this would mark the Dow’s first winning week in three.
Elsewhere, shares in Tyson Foods and JBS both declined after President Donald Trump announced his intention to challenge what he described as monopolistic practices within the agricultural industry. He revealed that legal measures are being prepared to empower farmers and ranchers to process their own produce, prompting a negative pre-market reaction from major meat processing firms. The president described big agricultural companies as exerting undue pressure on primary producers, promising to counteract these trends.
Commodities trading also attracted attention as wheat and corn prices surged to more than three-year highs, and soybeans approached their highest value in nearly three years. Wheat touched 7.725 US dollars per bushel, with corn rising to 5.4125 dollars and soybeans reaching 12.795 dollars, driven by supply disruptions linked to Black Sea attacks and poor summer weather in the United States, as well as stronger demand from China. Wheat has now increased by 10 per cent this week, exceeding a rise of 20 per cent for the month and advancing 51 per cent since the start of the year. Corn follows with gains of 6 per cent for the week, 16 per cent in August and 22 per cent in 2026. Soybeans are also up 3 per cent this week, 7 per cent for the month and 22 per cent in 2026, reflecting broad supply-side and demand shifts in global agriculture.
