S&P Futures Flat Ahead of Fed Chairman Kevin Warsh’s Jackson Hole Speech; Marvell Drops After Disappointing Earnings
On August 28, S&P 500 futures were slightly down as investors awaited remarks from Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium. Nasdaq 100 futures fell more sharply due to a drop in chip stocks like Marvell Technology (MRVL), which declined over -8% after posting only modest Q2 results and raising but underwhelming Q3 guidance. The broader market saw mixed performance overnight, with gains from companies such as Nvidia (NVDA) and Salesforce (CRM). Hormel Foods (HRL) was a notable loser due to weaker-than-expected sales. Economic data showed better-than-anticipated jobless claims and wholesale inventory growth, suggesting continued economic strength. Fed officials offered divergent views on the current rate stance: Kansas City Fed’s Jeff Schmid said it is not restrictive while Cleveland's Beth Hammack called for action against inflation. Boston’s Susan Collins described rates as mildly restrictive.
Topics: Jackson Hole Speech Marvell Earnings Nasdaq Performance S&P Futures