S&P 500 closes at 7,711.76 on August 28, 2026 — down for the day, up for the week
The Standard and Poor 500 index closed at 7,711.76 on Friday, August 28, 2026, down 0.25 percent from the previous session. The first Jackson Hole keynote by Fed chair Kevin Warsh, in which he said the underlying trends in inflation had not meaningfully improved, weighed on the index. The Nasdaq Composite fell 0.52 percent to 26,402.42 on semiconductor weakness, and the Dow Jones Industrial Average was effectively flat at 53,559.99, down 9.45 points. All three indices still finished the week higher — the S&P 500 up 0.49 percent, the Nasdaq 0.85 percent and the Dow 0.53 percent. The two-year Treasury yield rose nearly 8 basis points to 4.31 percent
The three lines
- Indices — S&P 500 7,711.76 (−0.25%), Nasdaq 26,402.42 (−0.52%), Dow 53,559.99 (−0.02%)
- Cause — Warsh's Jackson Hole keynote. September hike odds crossed 50 percent
- Week — Down on the day, up on the week. S&P 500 +0.49 percent
Key questions
- Where did the S&P 500 close on August 28, 2026?
- **7,711.76**, down about **19 points** or **0.25 percent** from the previous close of 7,730.99. The **Nasdaq Composite** fell **0.52 percent to 26,402.42** and the **Dow Jones Industrial Average** slipped **9.45 points, or 0.02 percent, to 53,559.99** — effectively unchanged. All three fell on the day but **rose over the week**: the S&P 500 **+0.49 percent**, the Nasdaq **+0.85 percent** and the Dow **+0.53 percent**. Thursday's Nvidia-driven rally was large enough to carry the week despite Friday's pullback.
- Why did stocks fall on Friday?
- **Markets read Fed chair Kevin Warsh's Jackson Hole speech as hawkish.** In his first keynote as chair, delivered August 28, Warsh called the economy's strength impressive but said the **underlying trends in inflation have not meaningfully improved**. He did not commit to a September increase, but the direction was inferred. **CME FedWatch odds of a quarter-point hike in September rose to about 56 percent**, reversing from a near-70 percent chance of a hold the day before. Bonds moved the same way: the policy-sensitive **two-year Treasury yield rose nearly 8 basis points to 4.31 percent**, the highest since late July. When rate expectations rise, growth stocks — whose value rests on earnings further out — fall first. That is why the Nasdaq lost twice as much as the S&P 500.
- Was the Nasdaq's underperformance about semiconductors?
- **Yes. Chip names drove the Nasdaq's decline.** Nvidia, Intel and other semiconductor stocks fell and pulled the index down. Two forces overlapped. One was the rise in rate expectations. The other was a report, published by Politico on August 27, that the Trump administration is weighing tariffs on **servers, laptops and game consoles** — finished goods containing chips — on top of the existing duty on chips themselves. The same story hit Korea harder: the **KOSPI fell 1.79 percent to 6,788.88**, with **Samsung Electronics down 3.38 percent** and **SK Hynix down 4.45 percent**, because memory chips are Korea's largest export category and its two makers are the market's two largest companies. The tariff plan is covered in "US weighs second round of chip tariffs."
The S&P 500 closed at 7,711.76 on Friday, August 28.
That is 0.25 percent below the previous session. Thursday's Nvidia-driven rally stopped after one day.
The week, however, finished higher for all three major indices.
1. The numbers
| Index | Close | Change |
|---|---|---|
| S&P 500 | 7,711.76 | −0.25% |
| Nasdaq Composite | 26,402.42 | −0.52% |
| Dow Jones Industrial Average | 53,559.99 | −9.45 (−0.02%) |
The weekly picture points the other way.
| Index | Weekly change |
|---|---|
| S&P 500 | +0.49% |
| Nasdaq | +0.85% |
| Dow | +0.53% |
Thursday carried the week. That session — S&P 500 7,730.99, Nasdaq 26,541.35 — was the day Nvidia rose 8.7 percent on its earnings.
2. The cause — Jackson Hole
Kevin Warsh delivered his first keynote as Fed chair at the Jackson Hole symposium.
The substance:
- The economy's strength is "impressive"
- But underlying inflation trends have not meaningfully improved
- The central bank "has more work to do"
He did not commit to a September increase. Markets inferred one anyway.
| Measure | Before | After |
|---|---|---|
| September hold probability | near 70% | — |
| September quarter-point hike | 30s | about 56% |
| Two-year Treasury yield | — | 4.31% (+nearly 8bp) |
At 4.31 percent the two-year is at its highest since late July. The speech is covered in "Warsh's first Jackson Hole speech."
3. Why the Nasdaq fell twice as much
The S&P 500 lost 0.25 percent; the Nasdaq lost 0.52 percent.
Two forces overlapped.
| Force | Mechanism |
|---|---|
| Higher rate expectations | Growth stocks, valued on distant earnings, fall first |
| Chip tariff report | Direct hit to Nvidia, Intel and other semiconductor names |
Politico reported on August 27 that the administration is weighing tariffs on servers, laptops and game consoles — finished goods containing chips — on top of the existing duty on chips themselves.
4. The same day in Korea
| Index / stock | August 28 |
|---|---|
| KOSPI | 6,788.88 (−1.79%) |
| Samsung Electronics | −3.38% |
| SK Hynix | −4.45% |
| Foreign net selling | 1.76 trillion won |
The same catalyst landed harder in Seoul. Memory chips are Korea's largest export category, and the two companies that make them are the two largest on the KOSPI — a concentration the S&P 500 does not have. That session is covered in "KOSPI closes at 6,788.88 on August 28, 2026."
5. What comes next
| When | What |
|---|---|
| September FOMC | Hike odds currently about 56 percent |
| Before then | Employment and inflation releases |
Fifty-six percent is a price, not a decision. When the July employment report missed badly in early August, hike odds collapsed within a day. A single release can move it back.
6. What was not confirmed
- Dow close — 53,559.99 and −9.45 points rest on a single source.
- Weekly returns — single source for all three indices.
- Individual names — moves in Nvidia, Intel and other chip stocks were not confirmed.
- Breadth — volume and advancer-decliner counts were not reviewed.
- Other assets — 10-year yield, dollar index and oil moves were not confirmed.
Sources
- CNBC — S&P 500 falls Friday after Fed's Warsh highlights inflation worries, but index posts positive week
- Yahoo Finance — Wall Street ends lower after Fed Chair Warsh reaffirms inflation fight
- Yahoo Finance — Dow, S&P 500, Nasdaq moderate as markets digest Warsh's Jackson Hole speech
- CNBC — September Fed decision is now a coin flip as rate hike odds increase
- The Washington Post — Fed chair Warsh, concerned about inflation, says bank 'has more work to do'
- CNBC — U.S. considers fresh round of tariffs on semiconductors, report says