Stocks Mixed Ahead of Fed Chair Warsh's Speech
U.S. stock indices are mixed ahead of Federal Reserve Chair Warsh’s speech at the Jackson Hole symposium, with the S&P 500 and Dow Jones reaching recent highs while the Nasdaq struggles due to a sharp decline in Marvell Technology (MRVL). The market is closely watching for insights on inflation control and economic outlook. MRVL dropped over -7% after forecasting weaker-than-expected Q3 gross margins. The U.S. economy delivered negative signals, with the Chicago PMI falling sharply below expectations, marking its steepest contraction in eight months. Meanwhile, oil prices are down due to increased Middle Eastern exports and potential OPEC instability from Venezuela considering an exit. Earnings season is shaping up positively for stocks, with strong Q2 results expected across sectors. Interest rates remain a key focus as the 10-year Treasury yield rises slightly ahead of Warsh’s speech. European bond yields also climbed to multi-decade highs, and markets are pricing in high probabilities of rate hikes from both the Fed and ECB.
Topics: Fed Chair speech Marvell Technology earnings guidance stock indices performance