Surging Long-Term Yields Put U.S. Stocks on Edge Before Nvidia and Jackson Hole

Overview

• Long-term U.S. Treasury yields jumped to multiyear highs last week, with the 30-year yield rising above 5.3%, which raised borrowing costs and pressured tech-heavy stock valuations.
• The U.S. Treasury announced tactical buybacks to calm the long end but markets treated the move as only a short-lived reprieve and volatility persisted.
• Bloomberg reported that Nvidia told customers it will raise prices on some AI servers by more than 15%, and the company will report quarterly results on August 26, making its guidance a key test of corporate AI demand.
• Treasury Secretary Scott Bessent will hold a press conference to unveil a coordinated sanctions campaign on Iran, a step that has already helped lift oil and added a second channel for higher inflation expectations.
• Investors are watching this week’s Fed remarks at Jackson Hole, upcoming July PCE inflation data, and Nvidia’s report because any of those catalysts could quickly shift rates, oil prices and stock risk appetite.