Stock market today: Dow, S&P 500, Nasdaq futures hold steady as the focus turns to Kevin Warsh’s Jackson Hole speech

US stock futures were mixed in premarket trading on Friday as all eyes turned to the Federal Reserve’s Jackson Hole Symposium, where Fed Chairman Kevin Warsh is scheduled to speak.

Futures on the Dow Jones Industrial Average (YM=F) rose by 0.2%, and S&P 500 (ES=F) traded roughly flat. The Nasdaq-100 (NQ=F) contracts dipped 0.3% after a tech- and earnings-fueled stock rally on Thursday.

Markets are seeking clarity from Warsh on the Fed’s rate strategy after his stance at the last Fed meeting created confusion. The Fed chairman’s speech, which is scheduled to begin at 10 a.m. ET, comes as Fed officials remain divided on whether to raise interest rates and as inflation has stayed persistently above the central bank’s target.

The 10- and 30-year Treasury yields (^TNX, ^TYX) were little changed ahead of the Jackson Hole summit but aren’t far off from multiyear highs reached earlier this month as concerns about inflation and national debt exerted pressure.

Investors also continue to digest Nvidia’s (NVDA) bullish long-term outlook, which has rebuilt confidence in the artificial intelligence trade and lifted tech stocks on Thursday. Similarly, Salesforce (CRM) brushed aside worries about a “SaaSpocalypse,” sending its stock to its best day since 2020.

There are no notable earnings reports on Friday, but the University of Michigan’s survey of consumer sentiment will provide perspective on how Americans are viewing economic conditions.

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Gold holds near $4,600 as investors focus on Fed rate-hike path
Bloomberg reports:
Gold steadied near $4,600 an ounce as investors weighed the outlook for US interest rates ahead of a key speech by Federal Reserve Chairman Kevin Warsh.
Bullion was little changed after adding 0.2% in the previous session but remained on track for its biggest monthly gain since 1999. The metal was given fresh impetus by the US Treasury’s surprise intervention in the bond market, which revived interest in the so-called debasement trade that helped power gold’s record-breaking rally last year.
Investors will be seeking clues to the Fed’s approach to inflation when Warsh makes his first major speech as chairman later on Friday. The much-anticipated address at the central bank’s annual Jackson Hole symposium offers Warsh an opportunity to counter criticism that he hasn’t been forthright with his views on the economy.
Economists and policymakers are divided over the need to hike rates in the coming months, which would be a headwind for non-yielding gold. Though Fed officials kept borrowing costs unchanged in July, three dissented in favor of a quarter-point hike.
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