Against the backdrop of the US-Russia Alaska summit and mixed economic signals, US stocks ended the week with high-level volatility. On August 15, the Dow Jones Industrial Average pulled back slightly after breaking through the 45,000 point threshold, while the S&P 500 and Nasdaq indices also came under pressure.

Investors weighed potential geopolitical risks on one hand while digesting the latest data on retail sales, consumer confidence, and industrial output on the other. At the close, the Dow edged up 0.08% to 44,946.12 points after touching an intraday record high of 45,203.52 points; the S&P 500 index slipped 0.29% to approximately 6,449.80 points; and the Nasdaq fell 0.4% to 21,622.98 points.

By sector, healthcare stocks led gains, with UnitedHealth surging over 11.98% on news of increased holdings by Berkshire Hathaway, helping lift the Dow. Semiconductor equipment stocks faced pressure as Applied Materials (AMAT) plunged 14% on disappointing earnings results, dragging down the semiconductor sector. However, Intel bucked the trend with a 2.93% gain on reports of potential US government investment.

The energy sector declined, with WTI crude falling 1.28% to close at approximately $63 per barrel and Brent crude dropping 1.06% to around $66 per barrel. COMEX gold edged down slightly to near $3,382 per ounce. The dollar index fell to 97.847.

**Wall Street Closely Monitors Geopolitical Risks**

According to reports, on August 15, US President Trump and Russian President Putin held a small-group meeting lasting over two and a half hours in Anchorage, Alaska. At the subsequent joint press conference, Putin stated that Russia sincerely hopes for an end to the Russia-Ukraine conflict. He said that agreements reached between Russia and the US would not only serve as a starting point for resolving the Ukraine issue but would also promote the restoration of pragmatic and constructive relations between the US and Russia. He emphasized that returning to a cooperative track is very important, as the commercial investment potential between the two countries is enormous.

President Trump said at the press conference that his meeting with Putin was productive, with many items agreed upon and only a few unresolved points remaining. "Both sides have not yet reached an agreement, but there is a good opportunity at present," Trump stated. He expressed hope for good and productive meetings between the US and Russia in the future. Putin responded that the next meeting could be held in Moscow.

Regarding the US-Russia summit, Dan Wantrobski, chief technical strategist at Wall Street financial services firm Janney Montgomery Scott, noted that the market is in a phase highly reactive to potential disruptive factors, and will therefore closely monitor geopolitical events and news that could trigger volatility.

**Central Bank Annual Meeting Becomes Next Key Focus**

Economic data also became an important focus for the market that day. US Commerce Department data showed July retail sales increased 0.5% month-over-month, slightly below expectations, but June data was revised upward to 0.9%, indicating consumer resilience remains intact. Meanwhile, the latest University of Michigan survey showed the preliminary August consumer confidence index fell to 58.6, missing expectations of 62, while the preliminary year-end inflation expectation rose to 4.9%, reflecting growing concerns among residents about price increases.

Federal Reserve data showed overall industrial output declined 0.1% month-over-month in July, indicating slightly weak manufacturing activity.

Ulrike Hoffmann-Burchardi, Chief Investment Officer for Americas and Global Head of Equities at UBS, pointed out that with the Federal Reserve potentially resuming rate cuts in September, some inflationary pressures are expected to ease. She believes that although companies passing on costs may drive moderate inflation increases, slowing housing inflation and consumer pressure can still alleviate price pressures from tariffs. She expects the Fed to begin easing within a month, with US Treasury yields falling for the remainder of the period.

Beyond monitoring geopolitical developments, Wall Street investors are also awaiting the latest Federal Reserve policy signals. The 2025 Jackson Hole Economic Policy Symposium will be held from August 21-23 in Jackson Hole, Wyoming. This year's theme is "Labor Markets in Transition: Demographics, Productivity, and Macroeconomic Policy." Dozens of central bank governors, policymakers, scholars, and economists from around the world will gather to discuss global economic issues and policy choices.

Federal Reserve Chairman Powell will deliver a keynote speech, with markets expecting his remarks to provide important signals regarding interest rate path choices. Especially in the current context of intertwined geopolitical and monetary policy uncertainties, Powell's speech could become a crucial turning point factor influencing market trends for the rest of the year.