BlockBeats News, August 29th. The U.S. stock market briefly recovered risk appetite after Nvidia's earnings report, but the Jackson Hole speech quickly pushed interest rate concerns back to the market center. The S&P 500 fell slightly on Friday, with the Nasdaq dropping about 0.5%. However, both indexes recorded gains for the week, indicating that AI leaders' performance continues to support the overall market, although high valuation assets are becoming more sensitive to policy signals.

Bank of America's Michael Hartnett team warned that although the U.S. stock market continues to "ignore" geopolitical conflicts and the summer tech stock pullback, it may face a reality check in the fall. The bank believes that the current market is still in a "summer consensus," with investors continuing to buy equities and other risk assets; once bond volatility, policy uncertainty, and political risks intensify, optimistic positions will come under pressure.

From a trading perspective, this means that the market will shift from being "Nvidia-driven everything" to re-evaluating interest rates, fiscal policy, and valuation. AI earnings remain a core variable supporting the U.S. stock market, but if long-term yields rise again, growth stock valuations will continue to be compressed. Therefore, Bank of America still recommends using gold and commodities to hedge policy and fiscal risks, waiting for the fall market to reprice.