Weekly Market Update – August 31, 2026
Price Return Last Week
S&P 500 +0.5% S&P Mid Cap (1.3%) Russell 2000 (1.5%)
MSCI EAFE +0.1% MSCI EM 0.0%
10 Yr US Treasury Rate – fell from 4.74% to 4.72%
Source: Refinitiv Eikon
Recent News
Warsh Speech – In his first speech as Federal Reserve Chairman at Jackson Hole, Kevin Warsh expressed concern that inflation hadn’t yet been tamped out. He stated, “we must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do.” While recent inflation readings have been lower, Warsh noted that “they do not tell me that underlying trends have meaningfully improved.” Odds of a rate hike at the next Fed meeting sat at 48% following Warsh’s speech.
Source: The Wall Street Journal
Iran Sanctions – The United States announced additional sanctions against Iran to pressure the country into a peace deal. Treasury Secretary Scott Bessent announced a new campaign titled “Operation Economic Outcast” to impose additional sanctions on Iran. Over 1,000 sanctions already existed prior to the announcement but the new sanctions target over 60 entities that do business with Iran.
Source: The Wall Street Journal
Canadian Retaliatory Tariffs – Canada announced tariffs on Tuesday in retaliation for tariffs imposed by the United States. Over 800 products are affected but are focused on steel, dairy, appliances, paper, and electronics. Canadian Prime Minister Mark Carney noted that the tariffs are “dollar for dollar” the same as the tariffs imposed on Canada by the U.S. and will hit approximately $20 billion worth of U.S. imports.
Source: NBC News
Illinois Debt Upgraded – Illinois received a credit rating upgrade from Moody’s to A1 from A2. Moody’s stated that the state has delivered eight consecutive on-time balanced budgets and shown conservative fiscal management, which led to the upgrade. This is the highest that Moody’s has rated Illinois since 2010.
Source: Dow Jones Newswire
The Birth of the Football – For over fifty years, Chicago firm Horween Leather Company has provided the leather for all Official NFL Footballs. The tradition started in the 1940’s when George Halas asked his friend Arnold Horween to help him develop a better football. Horween developed a new tanning process that improved the grip of the ball and that process is the same one used today.
Source: Howween Leather Company
Upcoming Events
9/1 – S&P Manufacturing PMI, ISM Manufacturing PMI, Notable Earnings Reports: Palo Alto Networks, Dell Technologies
9/2 – Notable Earnings Reports: Broadcom
9/3 – S&P Services PMI, ISM Services PMI
9/4 – Jobs Report
Source: Refinitiv Eikon
Disclosure
This material, including references to specific securities, is for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Views are as of the date shown and may change. Forecasts and forward-looking statements are not guarantees of future results. Information is believed reliable but not guaranteed for accuracy or completeness; third-party sources are not affiliated with Chesley, Taft & Associates (CTA). Indexes are unmanaged, not investable, do not reflect fees or expenses, and shown for illustrative purposes only. Past performance is not indicative of future results. Viewing this material does not create an advisory relationship with CTA.
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