European and US equity markets began the week in a cautious mood on Monday, August 24, 2026, as investors braced for a cluster of macro events: new US sanctions on Iran, Nvidia’s fiscal second-quarter earnings, and Federal Reserve Chair Kevin Warsh’s Jackson Hole speech.
The pan-European STOXX 600 added just 0.03% to 654.38, while the STOXX 50 slipped 0.2% to 6,450. Basic resources rose 0.7% as gold climbed 0.83% to near $4,642, while energy shares fell 0.6% with Brent crude around $93 early before easing toward $91. Travel and leisure stocks gained 1%, and automobile shares fell 0.5% despite stronger European EV sales data in July.
In the US, Nasdaq 100 futures dropped about 0.6%, S&P 500 futures slipped roughly 0.2%, and Dow futures were near flat. Technology remained under pressure after the S&P 500 tech sector lost more than 3% last week amid elevated Treasury yields. The 30-year Treasury yield reached about 5.34% last week, its highest in 19 years, raising discount-rate concerns for AI and tech valuations.
Nvidia reports on Wednesday, August 26, in what is being framed as the most important test for the AI trade. The stock has already fallen for five consecutive sessions, and Bloomberg reported some customers have been told AI server prices could rise more than 15% because of surging memory costs.
Treasury Secretary Scott Bessent is expected to outline tougher Iran sanctions at 2 pm ET. The US has threatened what it called “the greatest financial offensive ever marshalled” against Iran, while Iran warned it could shut down all oil exports from the Gulf. Canada also added trade tension after Washington imposed 50% tariffs on about $20 billion of Canadian imports, with Canadian retaliation planned from September 8.
Fed Chair Kevin Warsh speaks at Jackson Hole on Friday, August 28, and markets will parse his remarks for rate signals. The ECB is widely expected to raise rates by another 25 basis points in September after its June hike, with money markets pricing the deposit rate near 3% by late 2027.
For digital asset markets, the combination of higher yields, oil-driven inflation risk and tech earnings uncertainty creates a cautious macro backdrop.
