MARKET WRAPS

STOCKS: Stocks fell after Federal Reserve Chairman Kevin Warsh's relatively hawkish speech from Jackson Hole, Wyo.

TREASURYS: Treasury yields rose after Warsh emphasized his commitment to fighting inflation and downplayed labor-market risks.

FOREX: The U.S. dollar rose alongside the odds of a rate hike in September.

COMMODITIES: U.S.-traded oil futures slipped during the session and retreated 4.2% this week.

HEADLINES

Warsh Says the Fed May Not Be Done Fighting Inflation

JACKSON HOLE, Wyo.- Federal Reserve Chairman Kevin Warsh signaled the

central bank may not be done fighting inflation with higher interest

rates.

The remarks were his most substantive since he took over this spring,

and investors took them as a sign the Fed is more likely to raise rates.

Warsh said he saw little sign that borrowing and lending conditions were

restraining the economy, and that better inflation readings this summer

hadn't convinced him the underlying trend was improving.

"We must be confident that underlying inflation is moving to our

objective, clearly and at sufficient speed. Otherwise, we have work to

do," he said Friday in his first speech as Fed chairman, a highly

anticipated debut at the Kansas City Fed's annual symposium in Wyoming.

Chevron, Other U.S. Firms Near Deal to Invest Billions in Venezuelan Oil

Fields

Chevron and other U.S. energy companies are nearing deals to invest

billions of dollars in Venezuela's oil fields, positioning President

Trump for a win after months of slow negotiations.

The U.S. oil major is close to a deal to expand its longstanding

operations in the Latin American country, potentially adding two

heavy-oil fields to its portfolio in Venezuela, according to people

familiar with the matter. It currently has three joint ventures with

PdVSA and is the only big U.S. company active in the country.

Halliburton, one of the largest U.S. oil-field-services firms, is also

in talks to bring its suite of equipment to oil producers in Venezuela,

some of the people said.

Consumer Sentiment Was Weaker in August, per Michigan Survey

Consumer sentiment worsened in August, confirming its preliminary

reading earlier this month, according to the University of Michigan's

monthly survey.

The survey's sentiment index fell to 51.7 in August, lower than 55.2

in July, according to its final results published Friday. Economists

polled by The Wall Street Journal were expecting a reading of 51.

The August drop leaves sentiment above the historic lows in the

mid-40s touched earlier this year. However, sentiment fell about 6% from

last month, landing about 11% below a year ago amid continued worries

that inflation will remain elevated for the foreseeable future, the

survey said.

The U.S. Created 79,000 Fewer Jobs Than Previously Reported, New

Revisions Suggest

The pace of job growth was probably slightly weaker than reported from

early 2025 through early this year, the Labor Department's Bureau of

Labor Statistics said Friday.

The U.S. likely added 79,000 fewer jobs than previously reported over

the 12 months that ended in March, according to the BLS.

The private sector likely had 178,000 fewer jobs in March than the

still-official data shows, with the slide concentrated in retail and in

wholesale trade. Healthcare and private education, and professional and

business services, were among the sectors that also likely had fewer jobs

than previously reported.

Canada's Economy Grows Strongly, Though Tariff Uncertainty Casts Shadow

OTTAWA-Canada's economy notched the strongest growth in years in the

second quarter thanks to a surge in exports and strong domestic demand,

though the escalation in the trade war with the U.S. casts fresh doubt on

how durable the rebound will prove.

Gross domestic product increased at an annualized rate of 3.3% in the

April-to-June period, the strongest expansion since the first quarter of

2023, Statistics Canada said Friday.

Growth was broad and led by exports, resilient household spending and

a recovery in business investment. The pace would have been even stronger

if not for businesses drawing down on inventories. Monthly accounts show

growth each month of the quarter, but an advance estimate points to

industry-level gross domestic product flatlining in July, in part as a

tailwind from the soccer World Cup faded.

Blue-Collar Jobs Are the New Flashpoint in Data-Center Fight

Much of the public outcry over data-center construction has centered

on electricity costs, water consumption and noise. Now, a new battlefront

is opening up over jobs, too.

Call it the backlash to the backlash: Nationwide resistance to the

construction has grown so broad that politicians on both sides of the

aisle have halted approvals or tightened oversight as midterm elections

approach. Unions and construction trade groups are now entering the fray

from the other side, warning that such actions endanger thousands of

building-related jobs. They are threatening to withhold support of

candidates opposing the data-center projects.

In some cases, these groups are breaking with longtime political

allies to support those who back construction. In a memo circulated to

members and viewed by The Wall Street Journal, the Steamfitters UA Local

602, whose members install mechanical piping systems in Virginia,

Maryland and Washington, D.C., wrote that it is drawing a "clear line"

and won't support politicians who oppose the facilities. "This is an

existential moment for Local 602," it said.

Judge Rules Trump Administration's Blacklisting of Anthropic Was Unlawful

SAN FRANCISCO-A federal judge ruled late Thursday that the Trump

administration violated Anthropic's First Amendment rights by

blacklisting the artificial-intelligence company as a supply-chain risk.

U.S. District Judge Rita F. Lin of the Northern District of California

mostly sided with Anthropic in her ruling on the company's March lawsuit

against the Trump administration, saying the government had erred in its

haste to give Anthropic that designation.

The government didn't provide evidence that the company was an actual

national security risk, Lin wrote in her decision, but rather acted in

"unlawful retaliation" to Anthropic's public pushback against the

Pentagon's use of AI.

TALKING POINT What a 125-Year-Old Bull Market Says About Today's Trading Craze

Is this seemingly unstoppable stock market starting to feel like 1999, when technology stocks went vertical on a wave of speculation? To me, it feels more like 1901.

No, I wasn't around back then. But a look 125 years back in time shows that it was a remarkably similar period, with lessons for today. Gambling fever can burn longer and hotter than most people think-and then end faster than anyone can imagine. Those who refuse to play pay a high price in short-term opportunity cost, but win in the long run.

Some of the similarities are uncanny.

In 2026, fast trading is almost the norm, with more than 3 million daily trades in S&P 500 index option contracts that expire the same day. In 1901, the turnover rate on the New York Stock Exchange hit 319%, with the entire market capitalization effectively changing hands every 16 weeks-a velocity of trading that wouldn't be exceeded for more than a century.

In 2026, prediction markets are all the rage, with traders betting on the short-term outcome of just about anything imaginable. In 1901, bucket shops were the hottest outlet for speculation, with people betting on whether the next tick in U.S. Leather or American Cotton Oil stock would be up or down.

In 2026, leveraged exchange-traded funds are booming, enabling traders to double or triple the daily returns on stocks or indexes. In 1901, speculators trading on margin, or borrowed money, eagerly leveraged their bets 10-fold or more. (Today, with perpetual futures, some people might even be able to leverage up to 100 to 1.)

--Jason Zweig

Expected Major Events for Monday 01:00/JPN: Jul Steel Imports & Exports Statistics

04:30/JPN: Jul Preliminary Report on Petroleum Statistics

05:00/JPN: Jul Housing Starts

05:00/JPN: Jul Construction Orders

08:00/GER: Aug North Rhine Westphalia CPI

08:00/GER: Aug Saxony CPI

08:00/GER: Aug Hesse CPI

08:00/GER: Aug Baden-Wuerttemberg CPI

08:00/GER: Aug Bavaria CPI

08:00/GER: Aug Brandenburg CPI

12:00/GER: Aug Provisional CPI

12:30/CAN: Jul Model-based Principal Field Crop Estimates

14:30/US: Aug Texas Manufacturing Outlook Survey

19:00/US: Jul Agricultural Prices

23:01/UK: Aug Shop Price Monitor

23:01/UK: Aug CBI Growth Indicator Survey

23:50/JPN: 2Q Quarterly Financial Statements Statistics of Corporations

All times in GMT. Powered by Onclusive and Dow Jones.

Expected Earnings for Monday Eco (Atlantic) Oil & Gas Ltd (EOG.V) is expected to report for 1Q.

North European Oil Royalty Trust $(NRT)$ is expected to report for 3Q.

Science Applications International Corp $(SAIC)$ is expected to report $1.72 for 2Q.

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This article is a text version of a Wall Street Journal newsletter published earlier today.