While August traditionally has been weak for global equities, the MSCI All Country World Index’s (ACWI) posted its best August return in seven years, managing to gain 2.67% in a turbulent month, bringing its YTD return to 14.31%. The ACWI index made six new all‑time highs during the month to bring its 2026 tally to 36. Heightened geopolitical tensions in the Persian Gulf contributed to choppy trading, but global equities posted a month of broad gains, led by better-than-expected earnings from the “Big Tech” companies. In the bond market, long duration treasuries remained the most important macro story as ballooning federal debt, massive AI borrowing by Big Tech, and inflation pushed the US 30-year Treasury yield to its highest level since 2007 – touching 5.31% mid-month. Soon thereafter, the US Department of the Treasury, led by Secretary Scott Bessent, announced its intent to increase its purchases of longer-dated Treasury bonds, pushing the 30-year rate down to 5.24% by month’s end. The 30-year started 2026 at 4.84%.
US stocks weathered the warning from the bond market, as well as signs of weakness from the American consumer and growing wariness about the artificial intelligence trade. Still, the S&P 500 and Nasdaq recorded their first increases since May, and the Dow Jones returned 1.34% for its fifth straight up month, and its 15th gain in the past 16. Overall, strong tech earnings helped ease investor nerves with the CBOE S&P Volatility Index (VIX), referred to as “the fear index”, finishing the month at a seemingly subdued 14.92.
Only five of the 11 sectors gained in August. Energy and Information Technology posted the strongest sector returns this month, up 7.02% and 6.25%, respectively, benefiting from the dual tailwinds of rising crude oil prices paired with record high refining margins (in Energy), as well as the return of AI-related enthusiasm (for Tech). Nvidia’s blowout second quarter report, in which it announced revenue of $96.2 billion, up 106% from a year earlier, also temporarily put aside concerns about capex spending going forward when it guided market expectations towards third-quarter revenue of $104 billion. At the biggest weight in the MSCI ACWI at ~4.92%, it is also the largest contributor to the global index’s gains, single-handedly accounting for 17% and 6.01% of MTD and YTD returns, respectively, as the mega cap chipmaker returned 9.98% in August and is up 18.52% on the year. On the other side of the returns coin, Utilities and Industrials were the laggards, falling 4.77% and 2.56%, respectively, in August.
The 60-day cease-fire between the US and Iran expired, and crude oil added 1.29% this month to bring its 2026 YTD to 49.36%. US President Trump extended his military threats against Iran to singling out the country’s Kharg Island main export terminal. Precious metals soared as safe-haven demand elevated, with gold and silver climbing 9.67% and 15.59%, respectively, in August. Meanwhile, the more diversified Bloomberg Commodity index also added 7.39% in August and is now up 32.06% YTD.
US Federal Reserve Chairman Kevin Warsh closed the month by delivering a hawkish speech at his widely anticipated Jackson Hole symposium. Warsh reaffirmed core PCE as the Fed’s preferred gauge, but provided an additional look into some of the other market signals he follows: from credit spreads to the AI economy’s pricing of “tokens” to access the various models. He ultimately reiterated that he still views the Fed Funds target rate as their main inflation fighting tool, while noting, “while this summer’s [inflation] readings were better than expected, they do not tell me that underlying trends have meaningfully improved.” Fed funds futures traders are now pricing in 64% odds of a September rate hike, up from around 35% before Warsh’s comments.
Crypto broke out of its long slumber, as a slew of bullish developments came in during August. First, the SEC proposed “Regulation Crypto Assets” offering a framework for the industry and defining registration, disclosure, and fundraising pathways. Two days later, the CFTC announced it was exploring a federal crypto-market framework, which is one of the main goals of the ever-elusive CLARITY Act now set for a vote in September. In between, the US Treasury’s announced buy-backs of longer dated Treasury bonds, pressing longer-term yields and the US dollar lower, and pushing capital into inflation and debasement hedges like gold and crypto. Finally, President Trump hosted several crypto executives at the White House and urged Congress to pass the CLARITY Act. By the time August came to an end, Bitcoin and Ethereum rallied 25.37% and 32.90% MTD, respectively.
Disclosure Statement
Perigon Wealth Management, LLC (‘Perigon’) is an independent investment adviser registered under the Investment Advisers Act of 1940. More information about the firm can be found in its Form ADV Part 2, which is available upon request by calling 415-430-4140 or by emailing [email protected]
Performance
Past performance is not an indicator of future results. Additionally, because we do not render legal or tax advice, this report should not be regarded as such. The value of your investments and the income derived from them can go down as well as up. This does not constitute an offer to buy or sell and cannot be relied on as a representation that any transaction necessarily could have been or can be affected at the stated price.
The material contained in this document is for information purposes only. Perigon does not warrant the accuracy of the information provided herein for any particular purpose.
Additional Information regarding our investment strategies, and the underlying calculations of our composites is available upon request.
Data Source: Bloomberg Pricing Data, as of August 31, 2026.
Annual Form ADV
Every client may request a copy of our most current Form ADV Part II. This document serves as our “brochure” to our clients and contains information and disclosures as required by law.
Perigon Wealth Management, LLC is a registered investment advisor. Information in this message is for the intended recipient[s] only. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy will be profitable.
Global Market Commentary August 2026
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While August traditionally has been weak for global equities, the MSCI All Country World Index’s (ACWI) posted its best August return in seven years, managing to gain 2.67% in a turbulent month, bringing its YTD return to 14.31%. The ACWI index made six new all‑time highs during the month to bring its 2026 tally to 36. Heightened geopolitical tensions in the Persian Gulf contributed to choppy trading, but global equities posted a month of broad gains, led by better-than-expected earnings from the “Big Tech” companies. In the bond market, long duration treasuries remained the most important macro story as ballooning federal debt, massive AI borrowing by Big Tech, and inflation pushed the US 30-year Treasury yield to its highest level since 2007 – touching 5.31% mid-month. Soon thereafter, the US Department of the Treasury, led by Secretary Scott Bessent, announced its intent to increase its purchases of longer-dated Treasury bonds, pushing the 30-year rate down to 5.24% by month’s end. The 30-year started 2026 at 4.84%.
US stocks weathered the warning from the bond market, as well as signs of weakness from the American consumer and growing wariness about the artificial intelligence trade. Still, the S&P 500 and Nasdaq recorded their first increases since May, and the Dow Jones returned 1.34% for its fifth straight up month, and its 15th gain in the past 16. Overall, strong tech earnings helped ease investor nerves with the CBOE S&P Volatility Index (VIX), referred to as “the fear index”, finishing the month at a seemingly subdued 14.92.
Only five of the 11 sectors gained in August. Energy and Information Technology posted the strongest sector returns this month, up 7.02% and 6.25%, respectively, benefiting from the dual tailwinds of rising crude oil prices paired with record high refining margins (in Energy), as well as the return of AI-related enthusiasm (for Tech). Nvidia’s blowout second quarter report, in which it announced revenue of $96.2 billion, up 106% from a year earlier, also temporarily put aside concerns about capex spending going forward when it guided market expectations towards third-quarter revenue of $104 billion. At the biggest weight in the MSCI ACWI at ~4.92%, it is also the largest contributor to the global index’s gains, single-handedly accounting for 17% and 6.01% of MTD and YTD returns, respectively, as the mega cap chipmaker returned 9.98% in August and is up 18.52% on the year. On the other side of the returns coin, Utilities and Industrials were the laggards, falling 4.77% and 2.56%, respectively, in August.
The 60-day cease-fire between the US and Iran expired, and crude oil added 1.29% this month to bring its 2026 YTD to 49.36%. US President Trump extended his military threats against Iran to singling out the country’s Kharg Island main export terminal. Precious metals soared as safe-haven demand elevated, with gold and silver climbing 9.67% and 15.59%, respectively, in August. Meanwhile, the more diversified Bloomberg Commodity index also added 7.39% in August and is now up 32.06% YTD.
US Federal Reserve Chairman Kevin Warsh closed the month by delivering a hawkish speech at his widely anticipated Jackson Hole symposium. Warsh reaffirmed core PCE as the Fed’s preferred gauge, but provided an additional look into some of the other market signals he follows: from credit spreads to the AI economy’s pricing of “tokens” to access the various models. He ultimately reiterated that he still views the Fed Funds target rate as their main inflation fighting tool, while noting, “while this summer’s [inflation] readings were better than expected, they do not tell me that underlying trends have meaningfully improved.” Fed funds futures traders are now pricing in 64% odds of a September rate hike, up from around 35% before Warsh’s comments.
Crypto broke out of its long slumber, as a slew of bullish developments came in during August. First, the SEC proposed “Regulation Crypto Assets” offering a framework for the industry and defining registration, disclosure, and fundraising pathways. Two days later, the CFTC announced it was exploring a federal crypto-market framework, which is one of the main goals of the ever-elusive CLARITY Act now set for a vote in September. In between, the US Treasury’s announced buy-backs of longer dated Treasury bonds, pressing longer-term yields and the US dollar lower, and pushing capital into inflation and debasement hedges like gold and crypto. Finally, President Trump hosted several crypto executives at the White House and urged Congress to pass the CLARITY Act. By the time August came to an end, Bitcoin and Ethereum rallied 25.37% and 32.90% MTD, respectively.
Disclosure Statement
Perigon Wealth Management, LLC (‘Perigon’) is an independent investment adviser registered under the Investment Advisers Act of 1940. More information about the firm can be found in its Form ADV Part 2, which is available upon request by calling 415-430-4140 or by emailing [email protected]
Performance
Past performance is not an indicator of future results. Additionally, because we do not render legal or tax advice, this report should not be regarded as such. The value of your investments and the income derived from them can go down as well as up. This does not constitute an offer to buy or sell and cannot be relied on as a representation that any transaction necessarily could have been or can be affected at the stated price.
The material contained in this document is for information purposes only. Perigon does not warrant the accuracy of the information provided herein for any particular purpose.
Additional Information regarding our investment strategies, and the underlying calculations of our composites is available upon request.
Data Source: Bloomberg Pricing Data, as of August 31, 2026.
Annual Form ADV
Every client may request a copy of our most current Form ADV Part II. This document serves as our “brochure” to our clients and contains information and disclosures as required by law.
Perigon Wealth Management, LLC is a registered investment advisor. Information in this message is for the intended recipient[s] only. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy will be profitable.
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