The S&P 500 closed August 31, 2026, near 7,677 after trading in a tight range around recent highs near 7,799 earlier in the month, with year-to-date gains of roughly 12-13%. Hawkish remarks from Fed Chair Kevin Warsh at Jackson Hole, reaffirming the 2% inflation target and downplaying recent cooling in price data, drove a sharp repricing of monetary policy expectations, lifting odds of a September rate hike and pushing Treasury yields higher. Key near-term catalysts include the August employment report on September 4, CPI on September 11, and the FOMC decision on September 16, alongside earnings from AI-exposed names such as Broadcom. Geopolitical tensions and elevated oil prices add volatility to the risk-asset backdrop as traders assess whether equity momentum can extend into September.