Week Ending 8/28/2026

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MARKET RECAP

U.S. stocks finished the week higher despite a modest pullback on Friday. The S&P 500 rose 0.5% from the prior Friday’s close of 7,674.37 to 7,711.76. The Dow Jones Industrial Average also gained 0.5%, closing at 53,559.99 versus 53,277.01 a week earlier. The Nasdaq Composite outperformed with an 0.8% weekly advance, ending at 26,402.42 after starting the comparison week at 26,180.45.
Strength in mega-cap technology, led by Nvidia’s better-than-expected results and outlook, offset late-week caution after Federal Reserve Chair Kevin Warsh’s Jackson Hole remarks. International equities, using VXUS as a proxy, slipped 0.2% for the week, closing Friday at $87.52 versus $87.71 the previous Friday.
The 10-year Treasury yield finished near 4.73%, little changed from about 4.74% a week earlier after moving lower midweek and then rising Friday. The 2-year yield, which is more sensitive to near-term Fed policy bets, reacted more sharply to Warsh’s speech: it jumped more than 12 basis points on Friday to about 4.35%, from roughly 4.20%–4.23% the day before, as markets raised the odds of a rate hike. Warsh said recent inflation readings were better than expected but that underlying trends had not improved enough, and that price stability remains the Fed’s predominant focus.
Bitcoin ended the week roughly flat to slightly lower, near $77,800 after trading around $78,300 the prior Friday. Gold dropped about 3.2%, falling from roughly $4,608 an ounce to about $4,456.
Initial jobless claims for the week ended August 22 came in at 203,000, down 4,000 from a revised 207,000 and below forecasts.
The week’s main policy catalyst was Warsh’s first Jackson Hole speech as chair, which revived rate-hike speculation and weighed on stocks and gold on Friday. Other developments included collapsed U.S.-Canada trade talks and new tariff threats, additional sanctions aimed at isolating Iran, and political discussion of a Venezuela oil arrangement. Markets still posted a modest weekly gain in U.S. equities, supported by earnings, but finished the period more focused on inflation and the path of policy heading into Labor Day and the next jobs report.

Barron’s wrote about the AI Capex bubble and when it might burst. Historically, major capex cycles don’t top out until spending reaches about 25% of GDP. With US GDP currently at about $30 trillion, that would mean about $7.5 trillion in capex, and that probably won’t be reached until the beginning of the next decade. Another key point is that it takes some kind of external shock, like a policy change or monetary tightening, to trigger the collapse.

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Week Ending 08/21/2026

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MARKET RECAP

U.S. equities declined for the week ending August 21, 2026, with the S&P 500 falling 1.43% to close at 7,674.37, the Dow Jones Industrial Average dropping 0.85% to 53,277.01, and the Nasdaq Composite sliding 2.05% to 26,180.45 (Friday closes versus the prior Friday). The pullback snapped multi-week winning streaks for the S&P and Nasdaq amid rising longer-term Treasury yields, higher oil prices tied to Middle East/Iran tensions, and broader risk-off sentiment, though indexes rebounded on Friday.

International stocks, proxied by VXUS, finished essentially flat with a negligible gain of about 0.01% (closing near $87.71 versus roughly $87.70 the prior Friday). The 10-year Treasury yield rose approximately 4 basis points over the week to around 4.74%, as concerns over government debt, inflation, and financing costs outweighed a mid-week intervention. Bitcoin surged roughly 24% to the mid-$78,000 range (from around $63,000), while gold advanced about 5.5–5.6% (Comex settling near $4,624).

Initial jobless claims for the week ending August 15 fell to 206,000 from a revised 212,000, remaining at historically low levels and signaling continued labor-market resilience despite softer hiring trends in recent months. Geopolitically, ongoing U.S.-Iran frictions and related oil-supply worries added to market pressure, while Treasury Secretary Scott Bessent’s announcement of increased longer-dated bond buybacks (financed by shorter-term issuance) produced only a brief dip in yields before they rebounded, with the effort widely viewed as a temporary and ultimately unsuccessful intervention against fundamental fiscal and inflation pressures.

Overall, the week highlighted investor sensitivity to rising yields and geopolitical risks, resulting in a broad equity retreat despite Friday’s partial recovery, while safe-haven and alternative assets like gold and Bitcoin outperformed.
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Week Ending 8/14/2026

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MARKET RECAP

U.S. equities mixed for the week ending August 14, 2026. The S&P 500 rose from a prior-Friday close of 7,757.64 to 7,785.76, +0.36%. The Dow Jones Industrial Average fell from 54,036.93 to 53,732.41, -0.56%. The Nasdaq Composite edged higher from 26,690.62 to 26,729.16, +0.14%.
Markets showed resilience near recent highs amid mixed economic data, including cooler inflation readings offset by weaker retail sales. International stocks, tracked via the Vanguard Total International Stock ETF (VXUS), advanced modestly. VXUS closed the prior Friday at 87.21 and finished the week at 87.70, a gain of approximately +0.56%.In fixed income, the 10-year Treasury yield moved slightly higher, starting near 4.65% on August 7 and ending around 4.68–4.69% by August 14/15.
Bitcoin declined roughly 2.9%, falling from near $64,880 to about $62,980. Gold posted a modest advance of around 0.8–1%, rising from roughly $4,340–4,343 to the $4,376–4,380 area.
On the geopolitical front, developments surrounding the Strait of Hormuz and the ongoing U.S.-Iran tensions remained a focal point. Iran and Oman discussed potential safe shipping routes, while Tehran continued to condition any full reopening on U.S. concessions including lifting the naval blockade, sanctions relief, and other demands.
Additional vessel incidents were reported, and U.S. officials signaled readiness to sustain or intensify economic pressure, keeping energy markets sensitive to the situation.
Overall, the week reflected a cautious, mixed tone: major U.S. indexes finished near records with the S&P and Nasdaq higher while the Dow lagged, international equities gained slightly, yields edged up, Bitcoin softened, and gold held firm, against a backdrop of persistent Middle East uncertainties.
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Week Ending 8/6/2026

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MARKET RECAP
U.S. equities delivered their strongest weekly gains since April, with the S&P 500 rising 3.58% to close at 7,757.64, the Dow Jones Industrial Average advancing 2.96% to 54,036.93, and the Nasdaq Composite climbing 5.19% to 26,690.62 (comparing Friday, August 7 closes to the prior Friday, July 31). Soft July jobs data (nonfarm payrolls falling 23,000) eased concerns about imminent Federal Reserve rate hikes, supporting risk assets amid solid earnings.

International stocks, tracked via the VXUS ETF, gained approximately 3.1% for the week, rising from a July 31 close of $84.59 to $87.21 on August 7. Global equities broadly participated in the risk-on move.
In fixed income, the 10-year Treasury yield declined from about 4.75% on July 31 to roughly 4.64–4.66% by August 7. Bitcoin advanced roughly 3.2%, moving from near $62,882 to around $64,900. Gold posted a sharp rally of about 7.2%, with Comex futures settling near $4,340.70 after ending the prior week around $4,049.
Geopolitically, tensions remain elevated in the Middle East, where Iran continues to condition any full reopening of the Strait of Hormuz on U.S. concessions including sanctions relief and an end to the naval blockade, even as technical talks with Oman advance; the Trump administration has emphasized economic pressure while pausing major new strikes. In Eastern Europe, Russia and Ukraine exchanged overnight drone and missile attacks that killed civilians on both sides, with frontline fighting and long-range strikes persisting. Domestically, U.S. midterm primary season continues.

Abdul El-Sayed’s razor-thin primary win over moderate Rep. Haley Stevens has handed the progressive left its biggest victory of the cycle and set up a high-stakes general election test against Republican Mike Rogers in a must-win Senate battleground.

Overall, the week reflected a clear risk-on tone driven by cooling labor-market signals and resilient corporate results, lifting equities, crypto, and gold while yields eased, even as geopolitical flashpoints in Iran and Ukraine, alongside the approaching midterms, continue to inject uncertainty into the broader outlook.

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Week Ending 07/31/2026

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MARKET RECAP

U.S. stocks posted solid weekly gains for the period ending July 31, 2026, with the S&P 500 rising approximately 1.05% from its prior Friday close of 7,411.98 to 7,489.72, the Dow Jones Industrial Average advancing about 1.04% from 51,947.25 to 52,485.03, and the Nasdaq Composite climbing roughly 1.59% from 24,975.82 to 25,373.85. The advance came after a choppy session that included a midweek pullback tied to the Federal Reserve’s decision to hold rates steady amid ongoing inflation concerns, followed by a rebound fueled by strong earnings from major technology names.

International stocks, tracked via the Vanguard Total International Stock ETF (VXUS) as a broad proxy, gained about 1.43% over the same Friday-to-Friday span, closing near $84.59 after starting the week around $83.40. Overseas markets showed resilience despite mixed regional results and lingering global uncertainties.
In fixed income, the 10-year U.S. Treasury yield moved higher, finishing the week near 4.75% after starting around 4.68–4.69% the prior Friday, while the 30-year yield rose from about 5.16% to 5.27%. The increases reflected renewed investor focus on inflation risks and the path of monetary policy. New Fed Chair Kevin Warsh’s post-meeting press conference on July 29 drew a sharp market reaction: equities sold off heavily that day (with the Dow dropping more than 2% and the S&P 500 falling about 1.5%), longer-term yields spiked to multi-year highs as traders questioned the Fed’s resolve on inflation, and the yield curve steepened while near-term rate-hike odds declined.
Bitcoin declined over the week, falling from levels near $64,100–$64,200 to roughly $62,880–$62,900 (a drop of around 2–3.5%), while gold prices were little changed to slightly lower, ending near $4,040–$4,050 after trading in a similar range the previous Friday.
Overall, the week delivered a modest recovery for equities after recent softness, supported by corporate results, even as higher yields, the bond market’s response to Warsh’s remarks, and softer performance in cryptocurrencies highlighted persistent caution around inflation and risk assets.

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Week Ending 7/24/2026

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MARKET RECAP

U.S. equities finished lower for the week ending July 24, 2026. The S&P 500 declined 0.61% from its prior Friday close of 7,457.69 to 7,411.98. The Dow Jones Industrial Average fell 0.38%, closing at 51,947.25 versus 52,146.42 a week earlier. The Nasdaq Composite dropped more sharply, losing 2.13% from 25,520.24 to 24,975.82, pressured by weakness in technology and AI-related shares.

International stocks, tracked via the VXUS ETF, were essentially flat, edging up roughly 0.04% for the week to close at 83.40. In the bond market, the 10-year Treasury yield rose about 14 basis points, moving from around 4.55% to approximately 4.68–4.69%.
Bitcoin traded near $64,150 at week’s end, showing little net change or a modest gain of under 0.5% from the prior Friday’s level near $64,000. Gold advanced, rising from about $4,018 to roughly $4,053 per ounce, a gain of around 0.9%.
Overall, the week reflected caution amid tech earnings scrutiny, elevated oil prices tied to Middle East tensions, and rising yields, leaving major U.S. indexes in the red while gold provided a relative bright spot.
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How to Open a “Trump Account” for Your Child: A Step-by-Step Guide

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How to Open a “Trump Account” for Your Child: A Step-by-Step Guide

If you are looking to build long-term wealth for a child in your life, Section 530A Trump Accounts offer a unique way to start early. Created under the One Big Beautiful Bill Act (OBBBA), these accounts act as a pre-funded starter retirement account for kids under 18, complete with a $1,000 federal seed grant for eligible children born between 2025 and 2028.

While Trump Accounts work similarly to traditional IRAs in the long run, the process of opening and managing one is slightly different from setting up a standard brokerage account. Here is a straightforward walkthrough of how the process works and what to expect at each step.

Step 1: Submit IRS Form 4547 to Register

Unlike opening a regular bank or investment account, opening a Trump Account starts directly with the federal government.

To get started, an authorized adult—usually a parent or legal guardian—must file IRS Form 4547 (Election to Establish a Trump Account). This form registers the child as the account owner and allows you to claim the $1,000 federal grant if your child qualifies.

You can submit Form 4547 in one of three ways:

  • Online via the IRS: Through your official IRS Online Account.

  • On Your Mobile Device: Through the official Trump Accounts mobile app.

  • With Your Tax Return: Filed alongside your annual federal income tax return.

Step 2: Activate the Account Online

Once the IRS processes and approves your Form 4547 submission, you will receive confirmation to activate the account.

  • Where to Go: Head to the official portal ([www.trumpaccount.com](https://www.trumpaccount.com)) or open the Trump Accounts app to complete activation.

  • Central Administrator: Currently, Robinhood serves as the central platform for initial account creation and administration.

  • Future Portability: While you must open and activate the account through the central system first, options to transfer or roll over the account to other financial institutions are expected to open up in the future.

Step 3: Fund and Choose Your Investments

Once activated, you can begin contributing funds and setting up your investment strategy:

  • Contribution Limits: Family, friends, and even employers can contribute up to a total of $5,000 per year in after-tax dollars. The child does not need to have earned income to receive contributions.

  • Employer Match: Employers can contribute up to $2,500 per year toward the $5,000 annual limit.

  • Investment Options: Prior to age 18, investments are kept straightforward. Funds are invested in broad-market U.S. index options, such as funds tracking the S&P 500.

Tax Tip: Keep good records of the personal contributions you make! Private contributions go in using after-tax dollars, whereas government seed funds and market growth are pre-tax. Good record-keeping helps ensure your child isn’t double-taxed on those contributions when they make withdrawals years down the road.

Step 4: What Happens When Your Child Turns 18?

During childhood, you control and manage the account as the parent or guardian. However, on January 1st of the calendar year your child turns 18, a few key shifts happen automatically:

  1. Conversion to a Traditional IRA: The account officially transitions from a Trump Account into a standard Traditional IRA.

  2. Transfer of Ownership: Full control and administrative responsibility pass directly to your child.

  3. Investment Freedom: Your child can expand their investments beyond broad index funds into individual stocks, bonds, or other asset classes.

  4. Standard IRA Rules Apply: Withdrawals before age 59½ generally face a 10% penalty plus ordinary income tax, though standard IRA exemptions apply (such as using funds for higher education tuition or a first-time home purchase).

Beyond the Headlines: Navigating “Trump Accounts,” 529s, and Custodial Options for Your Child’s Future

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Beyond the Headlines: Navigating “Trump Accounts,” 529s, and Custodial Options for Your Child’s Future

With the passage of the One Big Beautiful Bill Act (OBBBA), parents and caregivers have a new financial tool to evaluate: Section 530A “Trump Accounts”. These accounts join established options like 529 Plans, Custodial Brokerage Accounts (UTMA/UGMA), and Minor Roth IRAs.

Choosing the right account—or combination of accounts—requires balancing immediate tax benefits, long-term growth potential, investment control, and the intended use of the funds.

Here is a breakdown of how these vehicles compare and a strategic framework for prioritizing your contributions.

Understanding the Landscape: Account Summaries

1. Section 530A Trump Accounts

Trump Accounts are structured as a child-centric version of a Traditional IRA.

  • The Pitch: Children born between January 1, 2025, and December 31, 2028, who are U.S. citizens are eligible for a one-time $1,000 federal grant.

  • Funding: Anyone can contribute using after-tax dollars, up to $5,000 annually per beneficiary. Uniquely, the child does not need earned income to accept contributions.

  • Investment Profile: Prior to age 18, assets are locked into broad-market U.S. index funds (such as S&P 500 trackers).

  • Taxation: Growth is tax-deferred. Withdrawals after age 18 are taxed as ordinary income on the growth/pre-tax portions. Non-qualified withdrawals prior to age 59½ face standard IRA restrictions and a 10% penalty (with exceptions for qualified higher education, first-time home purchases, and minor emergencies).

2. 529 Education Savings Plans

The premier vehicle for education-targeted savings.

  • Tax Edge: Contributions are made with after-tax dollars, but all growth and withdrawals are completely federal- and state-tax-free when used for qualified education expenses (higher education, trade schools, or up to $10,000/year in K–12 tuition).

  • Control & Flexibility: Parents retain full control indefinitely. Beneficiaries can be changed to other family members, and up to $35,000 in unused funds can be rolled over into a Roth IRA for the beneficiary (subject to annual IRA limits and account tenure rules).

3. Custodial Accounts (UTMA / UGMA)

Taxable brokerage accounts managed by an adult for the benefit of a minor.

  • Taxation: Subject to “Kiddie Tax” rules. The first $1,350 of unearned income is tax-exempt, the next $1,350 is taxed at the child’s lower tax bracket, and earnings above $2,700 are taxed at the parents’ rate.

  • Flexibility & Control: Zero restrictions on how money is spent, provided it directly benefits the child (cars, sports travel, early milestones). However, full control shifts entirely to the child once they reach the legal age of majority (18 to 21, depending on the state).

4. Minor Roth IRAs

The ultimate tax-free retirement chassis for working youth.

  • Requirement: The child must have legitimate earned income (W-2 or documented self-employment).

  • Tax Edge: Contributions are made after-tax, but growth and qualified withdrawals in retirement are 100% tax-free. Original contributions can be withdrawn at any time without tax or penalty.

The Recommended Funding Hierarchy

Determining where to deposit the next dollar comes down to tax efficiency and intended use. Here is a recommended framework for families:

Tier 1: Free Government Money – claim the $1,000 Federal Grant (Trump Account, if eligible)

Tier 2: Education Savings – fund a 529 Plan (to cover projected K-12 / College costs)

Tier 3: Earned Income Optimization – fund a Minor Roth IRA (if the child works)

Tier 4: Long-Term Wealth & Pre-18 Flexibility – Trump account contributions or a custodial account

Step 1: Claim Free Capital First

If you have a child born between 2025 and 2028, file IRS Form 4547 (electronically or with your tax return) to establish a Trump Account and capture the $1,000 federal grant. Even without adding personal funds, that initial seed compounded over decades provides an automatic head start.

Step 2: Prioritize Tax-Free Vehicles for Targeted Goals

If education is a priority, direct long-term savings into a 529 Plan. Complete tax-exemption on investment growth provides a significantly higher net return than the tax-deferred growth of a Trump Account. Furthermore, if funds remain unused, up to $35,000 can be rolled into a Roth IRA later on.

Step 3: Utilize a Minor Roth IRA for Working Children

If your child earns income (modeling, refereeing soccer matches, household W-2 employment), prioritize a Minor Roth IRA over a Trump Account. Both use after-tax contributions, but the Roth IRA yields tax-free distributions down the road rather than taxable distributions.

Step 4: Balance Remaining Surplus Between UTMA and Trump Accounts

When deciding where to park additional general-purpose savings:

  • Select a Trump Account if you value tax-deferred compounding for long-term adult milestones (retirement, first home) and prefer automated, low-cost index investing.

  • Select a UTMA/UGMA Account if you need liquidity to pay for major pre-18 expenses (e.g., competitive sports fees, a vehicle) or want complete freedom over custom asset allocation.

Bottom Line

No single account meets every need. Combining the free seed money of a Trump Account with the tax-exempt growth of a 529 Plan creates a balanced foundation for both early adult needs and ultra long-term financial independence.

Disclaimer: Tax laws are complex and subject to change. Consult a Certified Public Accountant (CPA) or financial advisor to customize an investment structure tailored to your family’s tax bracket and financial goals.

Week Ending 07/02/2026

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MARKET RECAP

US equity markets posted solid weekly gains for the week ending July 2, 2026 (with markets closed July 3-4 for the holiday), driven by a softer-than-expected June jobs report that eased rate-hike fears and supported a rotation into cyclical sectors.

The S&P 500 rose from approximately 7,354 on the prior Friday to close at 7,483.24, a gain of roughly +1.8%. The Dow Jones Industrial Average climbed from 51,876 to a record 52,900.07, up about +2.0% for its fourth straight weekly advance. The Nasdaq Composite advanced from around 25,298 to 25,832.67, gaining roughly +2.1% despite some intraday tech weakness on July 2.
International stocks, as proxied by the Vanguard Total International Stock ETF (VXUS), showed modest gains. VXUS closed the week at approximately 84.84 (up from around 84.48 the prior Friday), for a weekly advance of roughly +0.4%. This reflected mixed global performance amid U.S. data spillover effects and varying regional economic signals.
In fixed income, the 10-year Treasury yield edged higher. It rose from 4.38% on June 26 to close the week near 4.49%, reflecting some recalibration after the jobs data tempered extreme dovish bets while still supporting overall risk appetite.
Bitcoin and gold both advanced. Bitcoin moved from around $60,000 mid-to-late June to the low-to-mid $63,000 range by early July, posting a solid weekly gain on risk-on sentiment. Gold climbed over 2% for the week, trading near $4,170–$4,200 per ounce after four weeks of declines, as weaker U.S. employment data reduced near-term Fed tightening expectations.
Overall, markets ended the shortened week on a constructive note with broad participation and record highs for the Dow, though rotation away from mega-cap tech and upcoming data will likely keep volatility in focus.
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Week Ending 6/26/2026

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MARKET RECAP

US stock markets posted a mixed performance over the trading week ending June 26, 2026. The S&P 500 fell 1.95% from its June 18 close of 7,500.58 to finish at 7,354.02. The Dow Jones Industrial Average gained 0.60%, advancing from 51,564.70 to 51,876.11. The Nasdaq Composite declined 4.60% from 26,517.93 to 25,297.62, pressured by weakness in major technology names.

International equities, as measured by the VXUS ETF, declined 2.64%. The fund closed at 84.48 on June 26 after trading at 86.77 on June 18.In the bond market, the 10-year Treasury yield eased 8 basis points over the period. It moved from 4.46% on June 18 to 4.38% on June 26, reflecting modest improvement in fixed-income sentiment amid the equity pullback.
Bitcoin ended the week near $59,800 while gold traded around $4,080–$4,090 per ounce, both lower than the prior week’s levels. Overall, the week featured notable weakness in U.S. large-cap growth stocks and international equities, with bonds benefiting from lower yields and commodities showing continued softness.
THE FIVE BULLET BRIEF

  • Total vs. Core PCE: Monthly Personal Consumption Expenditures (PCE) came in slightly below consensus forecasts with total prices up 0.4% MoM. However, Core PCE (excluding food and energy) rose by 0.32% unrounded, translating to an annualized monthly jump of 3.9%.

  • Economic Growth Upgraded: In its final revision, Q1 GDP growth was adjusted upward by 0.5 percentage points to a final annualized rate of 2.1%. This adjustment occurred despite a 0.6 percentage point downward revision to core services consumption, which was entirely offset by a sharp decline in nominal and real goods imports.

  • Income & Spending Surge: Both monthly personal income and consumer spending expanded by 0.7% MoM, coming in ahead of consensus expectations. The personal savings rate held steady at 3.0% following upward adjustments to prior metrics.

  • Corporate Hardware Hikes: Driven by compounding memory hardware and component expenses, Apple announced sweeping 20% price increases across its iPad and Mac segments—with certain products like the Mac Studio rising up to 32.5%. 

  • Record Issuance: The primary US corporate bond market recorded a massive $30 billion single-day session, pushing year-to-date issuance past $1.2 trillion. This trajectory puts 2026 on track for a record-shattering $2.2 trillion in total annual volume. Huge infrastructure funding deals include mega-issues from Amazon ($37 billion), Meta ($30 billion), and a recent $25 billion investment-grade corporate bond package from SpaceX.

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