Indiana storm outages drag into a second week as Wall Street rallies — August 23, 2026

Top U.S. Stories

• About 30,000 Indiana customers remained without power as of August 22, more than a week after an August 11 storm packing 99 mph winds tore through the Gary area, toppling roughly 300 poles and 44 transmission structures. Why it matters: full restoration in Gary and Portage isn’t expected until August 25, school reopenings have been delayed for thousands of children, and Governor Mike Braun has announced $5,000 grants for affected households — a reminder of how long severe-weather damage to aging grid infrastructure can linger.
• Federal agents seized an iPhone and MacBook Pro from former Rep. Eric Swalwell and searched his Washington, D.C. home as part of a criminal probe into sexual misconduct allegations, with a separate warrant executed at San Francisco International Airport. Why it matters: Swalwell resigned from Congress in April amid the allegations, and the FBI has reportedly contacted several of the women involved — the investigation could have implications beyond the individual case.
• U.S. equities closed higher Friday, with the Dow up 0.98%, the S&P 500 up 0.43%, and the Nasdaq up 0.43%.
• Nvidia is scheduled to report fiscal Q2 earnings on August 26, a closely watched signal for the durability of AI infrastructure spending heading into the August 27-29 Jackson Hole symposium.

Markets

The Dow Jones closed Friday at 53,277.01 (+0.98%), the S&P 500 at 7,674.37 (+0.43%), and the Nasdaq Composite at 26,180.45 (+0.43%). WTI crude held in the high-$86 range, near its highest level since late July, as Middle East uncertainty kept a floor under prices. The dollar traded around ¥158.70 (ECB reference, August 21). In Tokyo, the Nikkei 225 closed at 66,016.36 on August 21 and overnight futures were roughly flat heading into the new week.

Stocks in Focus

Chip and AI-adjacent names stayed in focus ahead of Nvidia’s August 26 earnings report. Energy shares remained supported by crude’s high-$86 range amid ongoing Middle East tensions. Utility and infrastructure names in the Midwest drew attention as Indiana’s extended outage highlighted grid-resilience questions after severe weather.

Compass Insight

This week’s throughline for U.S. markets is a rebound that hasn’t fully cleared the risks underneath it. Equities advanced on Friday, but crude oil sitting near its highest level since late July — alongside a dollar still firm against the yen — means energy and import costs stay elevated for consumers even as headline indices rise. Separately, Indiana’s slow grid recovery is a reminder that severe-weather damage to aging infrastructure can take weeks, not days, to resolve — a cost that shows up in local economies well after the storm itself is old news. Short term, next week’s twin catalysts — Nvidia’s August 26 earnings and the August 27-29 Jackson Hole symposium — are likely to set the tone for AI-related and rate-sensitive stocks alike. Longer term, watch whether elevated oil prices persist alongside dollar strength, since that combination tends to weigh most on lower-income households through gas and utility bills.