Equities Advance as Commodities Retreat and Earnings Impress (August 24 – 28, 2026, Recap)

Overview

Financial markets were shaped by a busy week of economic data, central themes around inflation, growth and employment, and several high-profile corporate earnings reports. Key releases from Australia, the United States and Canada provided fresh insight into consumer prices, economic activity, labor-market conditions and energy inventories. Meanwhile, commodities moved lower overall, major US stock indices finished the week higher, and strong earnings from NVIDIA, Salesforce and RBC drew investor attention.

Major Economic Indicators and Events in Review

Wednesday, August 26

04:30 am – Australia: CPI m/m (AUD)

Australia’s Consumer Price Index (CPI), which measures changes in household prices, rose 3.5% in the year to July 2026, easing from 3.8% in June. Housing, food and recreation were the biggest contributors to inflation. Housing prices increased 5.0%, while food rose 3.2%. Underlying inflation, measured by the trimmed mean, remained steady at 3.6%. During July alone, consumer prices increased 1.0%, or 0.6% after seasonal adjustments were applied to the monthly figures.

AUD/USD ticked up 0.08% on the day.

15:30 – USA: Core PCE Price Index m/m (USD)

US personal income rose 0.4% in July 2026, while disposable income increased 0.5%. Consumer spending grew 0.2%, mainly because higher spending on services outweighed lower spending on goods. After adjusting for inflation, spending was nearly unchanged. The PCE price index, a key measure of inflation, rose 0.2% for the month and 3.7% from a year earlier. Core inflation, excluding food and energy, was 3.3%. The personal saving rate stood at 3.0%.

EUR/USD fell 0.2% on the day.

15:30 – USA: Prelim GDP q/q (USD)

The US economy grew at an annual rate of 1.5% in the second quarter of 2026, slowing from 2.1% in the first quarter. Growth was supported by stronger consumer spending, exports, and business investment, while government spending fell. Inflation remained elevated, with the PCE price index rising 5.3%. Corporate profits increased sharply by $400.9 billion. Overall, the economy continued expanding, but at a slower pace despite solid private-sector demand and stronger company earnings.

USD/JPY edged up 0.08% on the day.

17:30 – USA: Crude Oil Inventories (USD)

US oil refineries operated at a high 97.4% of capacity in the week ending August 21, 2026. Crude oil inventories rose slightly to 428.9 million barrels, while gasoline and distillate stocks fell sharply and remained below normal seasonal levels. Crude oil imports also declined from the previous week. Overall petroleum demand was weaker than a year earlier, with gasoline, distillate fuel and jet fuel use all lower over the latest four-week period despite strong refinery activity.

USOil rose 0.91% on the day.

Thursday, August 27

15:30 – USA: Unemployment Claims (USD)

US jobless claims fell slightly in the week ending August 22, with 203,000 people filing for unemployment benefits, down 4,000 from the previous week. However, the four-week average rose to 205,500. Continuing claims also declined, falling by 18,000 to 1.78 million in the week ending August 15. The insured unemployment rate remained unchanged at 1.2%. Overall, the figures suggest layoffs remain relatively low, and the labor market continues to show stability despite small weekly fluctuations.

EUR/USD ticked up 0.013% on the day.

Friday, August 28

15:30 – Canada: GDP m/m (CAD)

Canada’s economy grew 0.3% in June 2026, marking a third straight monthly increase. Growth was led by services such as wholesale trade, retail trade, and public administration, while goods-producing industries slipped slightly. Manufacturing and construction improved, but mining and oil and gas activity declined. For the second quarter overall, GDP by industry rose 0.9%, with most sectors expanding. Early estimates suggest economic activity was essentially unchanged in July, pointing to slower momentum after June’s growth.

USD/CAD rose 0.34% on the day.

Commodities

1. Crude Oil

1. Crude oil prices fell 3.67% over the past week

2. Brent Oil

1. Brent was down 5.67% compared to the previous week

3. Gold

1. The precious metal Gold (XAUUSD) concluded the week on Friday with 3.22% weekly losses

4. Silver

1. XAGUSD decreased by 3.79% from last week

Stock Market

1. S&P 500 rose 0.54%

2. DJIA was up 0.56%

3. NASDAQ 100 increased by 0.55%

Top Gainers

1. CID HoldCo, Inc. (DAIC) 989.20%

2. Netcapital Inc. (NCPL) 189.62%

3. Picard Medical, Inc. (PMI) 174.14%

Top Losers

1. SMJ International Holdings Inc. (SMJF) -90.27%

2. Rich Sparkle Holdings Limited (ANPA) -82.47%

3. First Breach, Inc. (FBDT) -82.44%

Company Earnings (August 24 – 28)

Wednesday, August 26: NVDA (NVIDIA Corporation)

Wednesday, August 26: CRM (Salesforce, Inc.)

Thursday, August 27: RY (Royal Bank of Canada)

NVIDIA reported record second-quarter revenue of $96 billion, supported by booming demand for AI infrastructure. Data center sales reached $89 billion, while major customers such as AWS are expanding GPU deployments. New products, including Vera Rubin, are expected to support further growth. However, rising memory costs are expected to reduce profit margins, while uncertainty around China and financial exposure to AI infrastructure projects remain risks. Overall, demand remains very strong, but costs and geopolitical pressures are increasing.

NVDA shares rose 1.32% over the past week.

Salesforce reported record second-quarter revenue of $11.35 billion, helped by strong demand for Slack, Agentforce and Data 360. AI adoption accelerated, with Agentforce reaching $1.5 billion in annual recurring revenue and more customers using the product in production. The company raised its full-year revenue outlook and continued strong share buybacks. However, foreign-exchange pressures and uneven licensed revenue remain challenges, while profit and free-cash-flow growth are expected to stay relatively modest despite higher sales.

CRM shares surged 22.39% over the past week.

RBC reported record third-quarter earnings of CAD 6 billion, supported by strong growth in wealth management, capital markets and commercial banking. The bank is also investing in transaction banking and AI, which could create up to CAD 1 billion in value by fiscal 2027. However, risks remain from US tariffs, weaker Canadian growth and rising problem loans. RBC also faces competitive pressure on banking margins while balancing growth, dividends and share buybacks.

RY shares ticked up 0.64% over the past week.

Conclusion

Overall, the week highlighted a mixed but resilient economic backdrop. Inflation remained elevated in several major economies, while growth data showed continued expansion at a slower pace. Labor-market conditions in the US remained stable, and corporate earnings were generally strong, particularly in technology and banking. Equity markets ended the week modestly higher, while commodities weakened. Investors will continue watching inflation, growth, and central-bank expectations for signs of where markets may head next.