Full recap
It's Thursday and the Fed's annual mountain retreat is heating up. Kansas City Fed's Schmid dropped in to remind everyone that inflation is 'stubborn and sticky' - which at this point is less a policy warning and more a personality trait. He stopped just short of calling for a rate hike, which is Fed-speak for 'we are absolutely thinking about a rate hike.' All eyes shift to Friday when new Fed Chairman Kevin Warsh takes the Jackson Hole stage. Prior chairs have used this speech to lay out broad policy frameworks, which is a polite way of saying they read a very long essay at bankers while the rest of us watch our purchasing power do the limbo. Warsh inherited a mess. The question is whether he admits it or decorates it. Markets, sensing drama, did what markets do. Nvidia, Okta, Hormel, Veeva, HP, Celsius, and Best Buy all made notable midday moves, because nothing says 'stable economy' like Hormel and a GPU maker trading in the same breath. After hours, Gap, Workday, and Autodesk joined the volatility parade. Earnings season never really ends; it just changes costumes. Over on the field, Josh Jacobs is having a rough summer. Green Bay's star running back was charged with battery and property damage stemming from a May arrest. The Packers' GM is now addressing the possibility of an NFL suspension, which is the kind of distraction a team absolutely does not need heading into a season. Jacobs went from carrying the rock to potentially carrying a legal brief. The NFL preseason rolls on regardless, because the league has the attention span of a golden retriever and the scheduling ambitions of a Fortune 500 company. Thursday's card has experts backing the Rams, which in preseason terms means approximately nothing, but DFS players are loading up lineups anyway because hope is a renewable resource. MLB DFS is also live, with Ben Rice getting the expert nod on Thursday. A daily Fantasy pro with over two million in winnings is handing out picks, and somewhere a guy with a spreadsheet and an energy drink is treating this like insider information. The overlap between macro investors watching Warsh and DFS degenerates watching Rice is larger than anyone wants to admit - both groups are just trying to beat a system that was not designed for them to win. The throughline today is simple: institutions speak in riddles, markets react with noise, athletes remind us that off-field decisions matter, and everyone is looking for an edge in a game where the house sets the rules. FF2K sees it all from the cheap seats, gas mask on, visor down, mildly entertained.
Highlights
- Fed's Schmid calls inflation 'stubborn and sticky' - at this point just admit the 2 percent target is a ghost story for adults
- Josh Jacobs charged with battery and property damage; went from the backfield to the courtroom without a single handoff
- Nvidia and Hormel moving in tandem midday is peak modern economy: the future and a can of Spam, equally uncertain
- Warsh at Jackson Hole Friday - expect carefully worded nothing dressed up as historic guidance
- DFS experts backing the Rams in preseason, which is the financial equivalent of picking a Jackson Hole Fed pivot trade: vibes-based, low accountability
Original source links
- CNBC: Stocks making the biggest moves after hours: Gap, Workday, Autodesk and more
- CNBC: Fed Chairman Kevin Warsh delivers his key Jackson Hole speech Friday. Here's what to expect
- CNBC: Stocks making the biggest moves midday: Nvidia, Okta, Hormel, Veeva, HP, Celsius, Best Buy & more
- CBS Sports: 2026 NFL preseason Week 3 NFL odds, picks today: Expert backs Rams in Thursday best bets
- CBS Sports: Packers' Josh Jacobs charged with two misdemeanors after May arrest; GM addresses possible NFL suspension
- CBS Sports: MLB DFS: Top DraftKings, FanDuel daily Fantasy baseball picks include Ben Rice on Thursday, Aug. 27