Market Close: Stocks Lower, Inflation Warning Puts Rate Hikes in Focus • 8/28/26

CNBC Business News Update recaps a losing Friday for major averages, with Nvidia and chipmakers lower after Fed Chair Worsh's hawkish Jackson Hole inflation warning raised rate-hike concerns. The update also covers elevated oil and gasoline prices amid the US-Iran war, rising mortgage rates, Apple pricing and CEO changes, and high beef prices tied to a 70-year low cattle herd. Next week's watch list includes Broadcom, Dell, Palo Alto Networks earnings and the August jobs report. - Major averages fell Friday but held modest weekly gains; Nvidia down 4.5% led the Dow lower. - Fed Chair Worsh's Jackson Hole speech was more hawkish than expected, increasing market focus on possible rate hikes. - Oil prices are up more than 20% since the US-Iran war began; US gasoline averages over $4 per gallon. - 30-year fixed mortgage rates rose toward 7%, hitting 6.81%. - Apple raised Apple TV and Apple One prices after Mac/iPad increases and cut AI/software jobs amid a CEO transition. - Beef prices are up 9% with ground beef near $7 as the US cattle herd sits at a 70-year low. - Next week brings Broadcom, Dell, and Palo Alto Networks earnings and the August jobs report.