Federal Reserve Chair Kevin Warsh said inflation remains too high, signaling the central bank may have to raise interest rates. Warsh, who took over from Jerome Powell on May 22, has drawn market attention for how he will approach tightening. The Fed’s next meeting is scheduled for September 15-16, and inflation was 3.7% in July. Powell had responded to inflation that hit 9.1% in 2022 with aggressive rate increases and said the move would bring pain to consumers and businesses.

U.S. equities were mixed, with the S&P 500 and Dow Jones Industrial Average edging higher while the Nasdaq 100 slipped. Marvell Technology fell more than 7% after forecasting Q3 adjusted gross margin below expectations, dragging chipmakers and AI infrastructure names lower. WTI crude oil dropped more than 1% after Goldman Sachs said Persian Gulf oil exports have recovered to about two-thirds of prewar levels, easing supply concerns. Investors are also focusing on upcoming Q2 earnings releases and remarks from Fed Chair Warsh.

After the latest GTA 6 trailer was released, Take-Two Interactive shares rose 2.34% in after-hours trading and Sony Group shares gained 2.58%, reflecting a more upbeat market view of the game’s sales outlook. As of press time, Take-Two was trading at $238.45. The stock was still down 7.39% year-to-date.

Moderna’s investigational drug intismeran reported positive results in a Phase III melanoma trial, and some oncologists expect it could reach the market as early as early 2027. Management updated its estimated timeline for a potential approval to 2027, bringing forward expectations for the company’s return to stable growth. Argus Research upgraded Moderna shares, saying “the tide is turning.”

Cotton futures were down 10 to 33 points in early Friday trading, giving back part of Thursday’s gains. For the week ending 8/20, 2026/27 export sales totaled 95,726 RB, down 46.62% from the same week last year. The Cotlook A Index fell 60 points on August 26 to 97.60 cents.

ICE data show arabica coffee inventories fell to 224,011 60kg bags on Aug 28, the lowest since May 2000, as dealers competed for scarce spot supply. The drawdown has helped keep benchmark arabica futures above US$3 per lb for the past couple of months. The market expects a global surplus of 8.2 million bags in the 2026/27 season, largely on hopes of a record Brazilian crop, but tight physical availability persists.

India is tightening controls on sugar stockpiling and will switch to a new quota system from September, requiring mills to sell at least 40% of their allocation in the first week and the balance in the second. With the new crushing season approaching, output is expected to exceed 10 lakh tonnes in October and reach around 45 LMT in November. Ex-mill prices have already fallen by about 20%, while retail price declines are only starting to show.

Gold prices extended their decline as investors grappled with uncertainty over the Federal Reserve’s policy path. Spot gold slid to around $4,576 per ounce, while India’s domestic gold price has fallen by nearly Rs 5,000 per 10 grams over four sessions. The US PCE inflation rate for July held at 3.7%, slightly above forecasts, prompting markets to scale back September hike expectations while still pricing a high probability of a December move. Investors are awaiting remarks from Fed Chair Kevin Warsh for clues on the rate outlook.