Bonds and AI earnings set the week.
Shein tests Hong Kong.

Stocks rose Friday, but higher bond yields and uncertainty around inflation left the major indexes lower for the week.

The S&P 500 closed Friday at 7,674.37, up 0.43%, while the Nasdaq Composite gained 0.43% to 26,180.45 and the Russell 2000 rose 0.85% to 3,017.87. For the week, the S&P 500 lost 1.43% and the Nasdaq declined 2.05%.

The 10-year Treasury yield was about 4.73% and the 2-year about 4.24% in Friday reporting. Those levels keep borrowing costs and equity discount rates elevated even though the Federal Reserve's policy rate remains 3.50% to 3.75%.

July PCE inflation on Wednesday and Chair Kevin Warsh's Friday speech are the week's main Federal Reserve inputs.

The PCE report will update the Fed's preferred inflation measures. A firmer reading would reinforce the case for keeping policy restrictive; a softer reading would reduce pressure for another increase without determining the outcome by itself.

Treasury's plan to at least double the maximum size of long-end liquidity-support buybacks from $2 billion to $4 billion per operation begins September 9. The measure may improve trading conditions, but it does not change the Fed's inflation mandate or eliminate fiscal and term-premium risk.

Nvidia reports Wednesday after a week in which technology shares underperformed the broader market.

The report will give investors a new view of accelerator demand, data-center capacity, networking, and customer spending. Strong revenue alone may not settle the debate because expectations already assume rapid growth.

The market reaction will depend on guidance, supply constraints, margins, and evidence that customers can convert infrastructure spending into revenue. The outcome is relevant to semiconductor suppliers, cloud providers, power developers, lenders, and technology indexes.

Shein is seeking a much lower public valuation while Ross Stores reported strong traffic and raised its outlook.

Shein is seeking up to $1.77 billion in Hong Kong at a valuation of as much as $27 billion, compared with $98.2 billion in a 2022 private round. Reuters reported that selected pre-IPO investors may receive up to $3.5 billion through cash, shares, and structured payments tied to the lower valuation.

Ross Stores reported 13% sales growth, 10% comparable-store sales growth, and EPS of $2.66. About $0.60 per share came from tariff refunds, so the customer-traffic improvement and the one-time benefit need to be separated when assessing underlying performance.

Shein's Hong Kong offering is the material private-market development at the cutoff. Its proposed valuation is far below its 2022 private-round peak, and selected pre-IPO investors are eligible for cash and share protections tied to the lower listing value.