Week ahead: Salesforce Jumped 22.6% Thursday on a Beat Lifted by $2.53 of Its $5.90 EPS Coming From Unrealized Gains on Its Anthropic Stake CrowdStrike Rose 20.5% on Its Own Beat-and-Raise, Dragging Okta and the Rest of Cybersecurity Higher Nvidia Added 8.7% Thursday as Wednesday's Beat Kept Compounding, With Guidance Implying 70% Fiscal 2028 Revenue Growth Marvell Beat Estimates After Thursday's Close but Fell in After-Hours Trading, per CNBC — the Sector's One Sour Note Fed Chair Kevin Warsh Delivers His First Jackson Hole Keynote Today at 10 A.M. ET, With the 30-Year Yield Down to 5.19% From Friday's 5.27% SMH Jumped 3.1% Thursday to $573.00, Erasing Monday's Tariff-Driven Drop and Up 2.24% for the Week Oil Is on Track for a Weekly Loss Despite Simmering Iran Tensions, per Reuters, With USO Down 3.44% Since Friday Trump Administration in Advanced Talks for a Stake in Venezuelan Oil Fields Holding an Estimated 90 Billion Barrels, per WSJ

Markets

Week Ahead

Nvidia, Salesforce, and CrowdStrike All Beat Thursday, the Nasdaq Jumps 1.6%, and Warsh's Jackson Hole Debut Lands Today at 10 A.M.

Thursday was the most recent completed session: the Nasdaq Composite rose 1.57% to 26,541 as three straight earnings beats compounded on each other. Salesforce jumped 22.6% to $252.05 after $2.53 of its $5.90 EPS came from unrealized gains on its Anthropic stake, alongside raised full-year guidance. CrowdStrike rose 20.5% to $227.96 on its own beat and raised outlook, lifting Okta and the rest of cybersecurity with it. Nvidia added another 8.74% to $227.98, extending Wednesday's post-earnings pop. The one sour note: Marvell beat estimates after Thursday's close but fell in after-hours trading, per CNBC's Fast Money desk, even after its CEO called AI bookings "exceptionally robust." SMH itself jumped 3.10% Thursday to $573.00, erasing Monday's tariff-driven drop and finishing the week up 2.24%. The 30-year Treasury yield has eased to 5.19% from last Friday's 5.27% ahead of Fed Chair Kevin Warsh's first Jackson Hole keynote, delivered today at 10 a.m. ET — the week's last unresolved event, with economists pressing him for clarity on inflation, rate policy, and Fed-Treasury tension.

By Lei Holdings Research

Thursday, August 27, 2026 close, the most recent completed session, with Friday's Jackson Hole keynote pending as of publication · Published Friday, August 28, 2026 · Published every weekday morning — see the full archive

SPY$771.10+0.66% Thu

QQQ$721.11+1.37% Thu

SMH$573.00+3.10% Thu

GLD$422.60+0.30% Thu

SLV$62.77+1.92% Thu

USO$130.01+2.09% Thu

USD/JPY¥159.43+0.29% since Fri

Marriner S. Eccles Federal Reserve Board Building in Washington, D.C. — Fed Chair Kevin Warsh delivers his first Jackson Hole keynote today at 10 a.m. ET — the week's last unresolved event, arriving after three straight earnings beats already lifted the Nasdaq. Photo: Federal Reserve, Wikimedia Commons.

Three Straight Beats Push the Nasdaq Up 1.6%, and SMH Erases Monday's Drop

Salesforce, CrowdStrike, and Nvidia all beat Thursday, and the market rewarded all three: the Nasdaq Composite rose 1.57% to 26,541, its best day in weeks. SMH jumped 3.10% to $573.00, fully erasing Monday's tariff-driven slide to $546.80 and finishing the week up 2.24% from last Friday's $560.42.

CRM, Thu

+22.6%

CRWD, Thu

+20.5%

NVDA, Thu

+8.74%

SMH, since Fri

+2.24%

What actually happened

Salesforce's beat was real, but AI investment gains did the heavy lifting

The Motley Fool: $2.53 of Salesforce's $5.90 adjusted EPS came from unrealized gains on its Anthropic stake, not core operations — still a genuine beat, but a reminder to separate the AI-investment windfall from the underlying software business's growth rate.

The one sour note

Marvell beat, but fell anyway

Marvell posted record revenue of $2.739 billion, up 37% year-over-year, and beat EPS estimates. CNBC's Fast Money desk reported shares fell in after-hours trading regardless — a "beat isn't enough" reaction one seeking Alpha piece bluntly titled "Not Good Enough."

SMH · VanEck Semiconductor ETF

Daily, 6 months · MA50/200, RSI(14), MACD(12,26,9)

Close $573.00

Friday $560.42 → Monday $546.80 (tariff shock) → Wednesday $555.77 (stabilizing) → Thursday $573.00 (+3.10%), fully erasing the drop and closing the week up 2.24%. RSI climbed to 51.4 from 45.1, and the MACD histogram narrowed to −0.29 from −1.47 — momentum turning, though still below the 50-day average near $584. A close back above $585 would confirm the rotation; $547 remains the nearest support.

Three of Thursday's biggest movers, all on earnings beats: Nvidia extending Wednesday's pop, Salesforce on its Anthropic-boosted EPS, and CrowdStrike on cybersecurity demand.

Broadcom rode the same wave, up 4.49% Thursday to $371.54 ahead of its own early-September report, even without new company-specific news. Marvell's after-hours stumble is the one name that broke the pattern — a reminder that "beat and raise" isn't automatically enough once a stock has already run.

Marc Benioff

Chair & CEO, Salesforce

Salesforce's Thursday beat leaned on a $2.7 billion unrealized gain from its Anthropic stake, per its own quarterly filing — a reminder that some of the day's best-looking headline numbers were investment gains, not subscription revenue.

Investment Thesis — curated valuations, fundamental thesis and technical analysis, generated for Lei Holdings Patreon members

From Lei Holdings Our latest investment thesis — curated valuations, fundamentals, and technicals on a name we think the market is mispricing — is up for members. Read it on Patreon →

Yields Ease to 5.19% Into Warsh's Debut, and Oil Heads for a Weekly Loss Despite Iran Tensions

The 30-year Treasury yield closed Thursday at 5.19%, down from last Friday's 5.27%, ahead of Warsh's speech today. Oil is on track for its first weekly loss in three weeks, per Reuters, even with simmering Iran tensions, while gold and silver both firmed modestly Thursday alongside the broader risk-on move.

GLD · SPDR Gold Shares

Daily, 6 months · MA50/200, RSI(14), MACD(12,26,9)

Close $422.60

Friday $423.36 → Tuesday $428.07 (fresh high) → Wednesday $421.32 (−1.58% pullback) → Thursday $422.60 (+0.30%), essentially flat for the week at −0.18%. Still 9.6% above its 50-day average near $386; RSI sits at 66.7, off Tuesday's overbought peak. MACD histogram narrowed to +2.11 — the two-week rally has cooled but hasn't reversed. $415 is the nearest support, $428 the nearest resistance.

USO · United States Oil Fund

Daily, 6 months · MA50/200, RSI(14), MACD(12,26,9)

Close $130.01

Friday $134.64 → Tuesday $126.15 (sharpest drop in weeks) → Wednesday $127.35 (+0.95%) → Thursday $130.01 (+2.09%), a partial bounce that still leaves USO down 3.44% for the week. RSI recovered to 54.3 from a low near 44; MACD histogram sits at −0.05, essentially flat. $126 is the nearest support, $135 the nearest resistance from last Friday's high.

Why yields eased into Warsh's speech

The 30-year yield fell to 5.19% Thursday from 5.27% last Friday, per Treasury Department data, as markets positioned ahead of Warsh's 10 a.m. ET keynote today

NPR and Axios both report Warsh faces pressure to clarify his message on inflation and rate policy after a muted public record so far as chair

Former Cleveland Fed President Loretta Mester told CNBC that Treasury's own bond-market intervention "complicates things a bit" for what Warsh can credibly say today

Why oil is headed for a weekly loss despite Iran tensions

Reuters: oil fell Friday and is on track to snap a two-week winning streak, even after settling higher Thursday on reports Trump isn't interested in returning to prior deal terms with Iran

WSJ: the Trump administration is in advanced talks for a direct U.S. stake in Venezuelan oil fields holding an estimated 90 billion barrels — a supply-side story working against the geopolitical risk premium

GLD and SLV both firmed Thursday (+0.30% and +1.92%) alongside the broader risk-on tone rather than as a safe-haven bid

USD/JPY

¥159.43

30Y yield

5.19%

GLD, since Fri

−0.18%

USO, since Fri

−3.44%

The yen weakened slightly to ¥159.43, up 0.29% since Friday, tracking the dollar's modest strength as risk appetite improved through the week. Asian currencies broadly consolidated Thursday ahead of Warsh's speech, per WSJ, with little directional conviction until his remarks land.

Warsh's Jackson Hole Debut Is Today's Only Remaining Binary Event

Three of the week's four earnings catalysts are resolved. Warsh's 10 a.m. ET keynote today is what's left — and per Axios, he's under real pressure to be clearer than he has been so far on inflation, rates, and Fed-Treasury tension.

Kevin Warsh

Chair, Federal Reserve

Delivers his first Jackson Hole keynote as Fed Chair today at 10 a.m. ET. NPR reports the stakes are high given elevated inflation and rising yields; Warsh has signaled he won't offer explicit forward guidance.

Wed Aug 26

NVDA

Nvidia's beat keeps compounding Resolved

Shares rose another 8.74% Thursday to $227.98 as guidance implying 70% fiscal 2028 revenue growth sank in, per the Motley Fool's coverage of the print.

Thu Aug 27

CRM / CRWD

Salesforce and CrowdStrike both beat before Thursday's open Resolved

Salesforce jumped 22.6% and CrowdStrike 20.5%, both on beat-and-raise quarters — Investor's Business Daily credited the pair, alongside Nvidia, with driving the Nasdaq's 1.57% Thursday gain.

Thu Aug 27

MRVL

Marvell reports after Thursday's close, falls anyway Resolved

Record $2.739 billion revenue, up 37% year-over-year, beat estimates — CNBC's Fast Money desk reported the stock fell in after-hours trading regardless.

Fri Aug 28, 10am ET

FED

Kevin Warsh delivers his first Jackson Hole keynote as Fed Chair High vol

Runs as the headline event of the Kansas City Fed's Aug 27-29 symposium; NPR and Axios both frame it as a pivotal test of whether Warsh can clarify his policy stance under pressure.

Fri Aug 28

USO

Oil on track for a weekly loss despite Iran tensions

Reuters: crude fell Friday, on track to snap a two-week winning streak even after Thursday's gain on reports Trump won't return to prior Iran deal terms.

Flagged — unverified or single-sourced

Warsh's keynote had not yet occurred as of this edition's publication (10 a.m. ET Friday); everything about its content or market reaction is necessarily forward-looking, not a confirmed outcome.
Marvell's exact after-hours percentage move was not independently confirmed via a primary price feed this run (FMP's real-time quote endpoint required a plan upgrade); the direction — down — is confirmed via CNBC's Fast Money coverage, but treat the magnitude as unverified until Friday's official close.

Salesforce and CrowdStrike Lead a Beat-Driven Rally, While Marvell Is the One Name That Fell Anyway

The tofu-agent scanner directory was unreadable again this run — every dated Aug 26-27 file returned "Resource deadlock avoided" / EDEADLK filesystem errors from the iCloud-synced Obsidian vault, confirmed across Read, cat, and cp attempts. This section was built entirely from independently verified price data and dated news sources instead.

Thursday's three biggest software-and-chip stories: Salesforce's Anthropic-boosted beat, CrowdStrike's cybersecurity rally, and Marvell's beat-but-fall reaction.

Thu Aug 27

CRM

Salesforce +22.6%

$205.62 (Wed) → $252.05 (Thu), confirmed against FMP close data. Confirmed catalyst: a beat-and-raise quarter where $2.53 of $5.90 adjusted EPS came from unrealized gains on its Anthropic stake, per the Motley Fool's same-day coverage.

Thu Aug 27

CRWD

CrowdStrike +20.5%

$189.18 (Wed) → $227.96 (Thu), confirmed against FMP close data. Confirmed catalyst: a beat-and-raise quarter that also lifted Okta and the broader cybersecurity group, per Zacks Investment Research's same-day sector note.

Thu Aug 27

NVDA

Nvidia +8.74%

$209.66 (Wed) → $227.98 (Thu), confirmed against FMP close data. Confirmed catalyst: continued market digestion of Wednesday's beat, with guidance implying 70% fiscal 2028 revenue growth, per the Motley Fool.

Thu Aug 27

AVGO

Broadcom +4.49%

$355.59 (Wed) → $371.54 (Thu), confirmed against FMP close data. No company-specific news found for Thursday; likely sympathy strength from the broader chip-sector rally ahead of Broadcom's own early-September report — flagged as inferred, not confirmed.

Thu Aug 27, after close

MRVL

Marvell beats, falls in after-hours trading anyway

Record $2.739B revenue (+37% YoY) and an EPS beat ($0.94 vs. $0.93 estimate), confirmed via Zacks. CNBC's Fast Money desk reported shares fell after hours regardless — exact percentage unconfirmed via primary price feed this run; direction only.

How this list is built

Degraded input again this run: the tofu-agent scanner directory (Obsidian vault, iCloud-synced) returned "Resource deadlock avoided" and "EDEADLK" errors on every dated Aug 26-27 file attempted, tested via three separate tools (Read, cat, cp). No scanner signal could be read — same failure mode as the prior two editions.
Every ticker above was sourced two ways: a close-to-close price move confirmed against FMP's historical EOD data, and a named, dated news catalyst confirmed via search. Nothing here is carried forward from a prior edition's mover list.
Marvell's after-hours percentage move is flagged as unconfirmed because FMP's real-time quote endpoint required a plan upgrade this run; only the beat and the negative reaction's direction are independently confirmed, via Zacks and CNBC respectively.

Three Beats Resolved the Week's Growth Question, Leaving Only Warsh's Rate Question

Nvidia, Salesforce, and CrowdStrike collectively answered whether AI-driven growth is intact — it is. What's left is a narrower, harder question: whether Warsh's keynote today confirms or unsettles the modest easing in yields that's already priced in.

Three straight beats did what Nvidia's alone hadn't yet — moved SMH's technicals

SMH's RSI climbed to 51.4 and its MACD histogram turned less negative Thursday, confirming the rotation into chips that Wednesday's Nvidia beat alone hadn't yet produced in the ETF's own indicators.

Marvell's stumble is a reminder that "beat" no longer guarantees a pop

A record quarter with 37% revenue growth still fell in after-hours trading, per CNBC — after three consecutive rallies on beats, the bar for "good enough" has clearly moved higher.

Yields eased into Warsh's keynote rather than climbing toward it

The 30-year yield fell to 5.19% from last Friday's 5.27% — markets are pricing some form of dovish or at least non-hawkish signal, which raises the stakes if Warsh delivers the opposite.

Oil's weekly loss runs against the geopolitical risk premium

Reuters: crude is headed for a weekly loss even with Iran tensions simmering, while WSJ reports the U.S. is in advanced talks for direct access to Venezuelan reserves — a supply-side story working against the same-week risk narrative.

Salesforce's headline number partly reflects its own AI bet, not just its core business

$2.7 billion of Thursday's gain traces to unrealized appreciation on Salesforce's Anthropic stake — a reminder that some of this week's best-looking earnings numbers are investment gains layered on top of operating results, not purely organic growth.

Gold and silver firmed alongside risk assets, not against them

GLD (+0.30%) and SLV (+1.92%) both rose Thursday alongside the broader rally rather than as a safe-haven hedge — a sign the metals bid this week has been more about easing yields than fear.

The tariff and Fed-independence tensions flagged earlier this week haven't resolved — Loretta Mester's point that Treasury's own bond-market intervention "complicates things" for Warsh is still live heading into his 10 a.m. remarks.

Where This Leaves Positioning

SPY $771

Thursday's close, up 0.66% on the session and 0.70% for the week. A push through $775 on a well-received Warsh speech would confirm the earnings-driven rally has room to extend into September.

SMH $573

Thursday's close, up 3.10% on the session and 2.24% for the week — fully erasing Monday's tariff-driven drop. A close above the 50-day average near $584 would confirm the rotation back into chips is durable, not a one-day pop.

30Y yield 5.19%

Down from last Friday's 5.27% ahead of Warsh's speech. A move back above 5.25% after his remarks would signal markets read them as hawkish; holding near or below 5.19% would confirm the easing trend.

USO $130

Thursday's close, up 2.09% on the session but still down 3.44% for the week. A reclaim of $135 would signal the mid-August rally is resuming; a slip back toward $126 would confirm the rally has stalled.

GLD $423

Thursday's close, essentially flat for the week at −0.18%. RSI at 66.7 has cooled from overbought without breaking down — a hold above $415 keeps the multi-week uptrend intact.

Warsh delivers a hawkish surprise

The week's easing in yields reverses fast

If Warsh signals openness to holding rates higher for longer given elevated inflation, the 30-year yield likely retests 5.27%+ quickly, gold's rally stalls, and some of this week's chip and software gains give back ground as risk appetite cools.

Read-through: 30-year yield climbs back above 5.25%, SMH retests $555, GLD tests $410, USO stays below $130.

Warsh confirms the dovish read already priced in

This week's rally gets a second leg

If Warsh's remarks are read as non-hawkish or reassuring on the Fed's independence from Treasury pressure, yields likely hold near 5.19% or lower, and the earnings-driven rally in chips and software extends into next week without a rate-driven reversal.

Read-through: 30-year yield holds at or below 5.19%, SMH clears $585, SPY pushes toward $780.

Base case

Three straight earnings beats resolved the week's growth question and pushed the Nasdaq up 1.57% Thursday — Warsh's 10 a.m. Jackson Hole keynote today is the only event left to decide whether the same week ends on a rate-driven note instead.

Equities: SPY (+0.66% Thu, +0.70% since Fri) and QQQ (+1.37% Thu, +1.08% since Fri) both rose on the week. SMH (+2.24% since Fri) fully erased Monday's tariff-driven drop as RSI climbed to 51.4 — confirmation, not just stabilization, this time.

Commodities & rates: the 30-year yield eased to 5.19% from 5.27% ahead of Warsh's keynote. Oil is headed for a weekly loss (USO −3.44%) despite Iran tensions, while gold and silver both firmed modestly Thursday alongside broader risk appetite rather than as a hedge.

FX & policy: the yen weakened modestly to ¥159.43, up 0.29% since Friday. Warsh's speech today at 10 a.m. ET is the week's last unresolved event, with NPR and Axios both framing it as a real test of whether he can offer clarity under pressure.

The wildcard: Marvell's beat-but-fall reaction is the one name that broke this week's pattern — a signal the market's bar for "good enough" has risen after three consecutive beat-driven rallies, and a reason not to assume every earnings beat left on the calendar gets rewarded the same way.

—

Sources

Here's Why Salesforce Stock Soared Today — The Motley Fool, Aug 27 2026 Salesforce Stock Just Soared. Thank Anthropic. — The Motley Fool, Aug 27 2026 CrowdStrike vs. Okta: Which Cybersecurity Stock Is the Better Buy After Q2 Earnings? — Zacks Investment Research, Aug 27 2026 Nvidia Just Guided for 70% Revenue Growth in Fiscal Year 2028 — The Motley Fool, Aug 27 2026 Stock Market Cheers Nvidia, Salesforce Earnings; Nasdaq, S&P 500 Make Key Technical Moves — Investor's Business Daily, Aug 27 2026 Marvell Technology Q2 Earnings Call Highlights — MarketBeat, Aug 27 2026 Marvell Technology (MRVL) Q2 Earnings and Revenues Beat Estimates — Zacks Investment Research, Aug 27 2026 Marvell Q2: Not Good Enough — Seeking Alpha, Aug 27 2026 Oil on Track for Weekly Loss Even as Iran Tensions Simmer — Reuters, Aug 28 2026 Trump Administration in Advanced Talks for Stake in Venezuelan Oil Fields — WSJ, Aug 27 2026 The Stakes Are High as Kevin Warsh Is Set to Give His First Major Speech as Fed Chair — NPR, Aug 27 2026 Fed's Warsh Under Pressure to Clarify Message in Highly Anticipated Jackson Hole Speech — Axios, Aug 27 2026 Jackson Hole 2026: Dates, Schedule, and Warsh's First Speech as Fed Chair — Regards of Wall Street, Aug 2026 U.S. Department of the Treasury — Scott Bessent confirmed as Treasury Secretary, accessed Aug 28 2026 Price, RSI, and MACD data pulled fresh via FMP tools (historical EOD, treasury rates) current through Thursday Aug 27, 2026 close, the most recent completed session. News current as of Aug 27-28. Fed Chair Kevin Warsh and Treasury Secretary Scott Bessent both independently re-verified this run via NPR and Treasury.gov respectively, not carried forward from a prior edition. All chart-data indicators (SMA50/200, RSI14, MACD) were fully recomputed this run for SMH, GLD, and USO from raw OHLCV using standard EMA/Wilder formulas, not carried forward. Market Movers section built without tofu-agent scanner input — the Obsidian vault directory returned "Resource deadlock avoided" / "EDEADLK" filesystem errors on every dated file attempted for Aug 26-27, tested via three separate tools; see that section for full detail.