S&P 500 Futures Are Little Changed as Investors Count Down to Warsh's Jackson Hole Address: Live Updates
Investors awaited Kevin Warsh's Jackson Hole speech as futures stayed little changed, with CME FedWatch pricing a 64% chance of steady rates next month.
- On Thursday, Nvidia shares jumped 8.7% after the company's robust earnings forecast, pushing the S&P 500 and Nasdaq Composite to their best day since August 4.
- Salesforce surged 22.6% and CrowdStrike climbed 20.5% following earnings beats, while the S&P 500 Information Technology sector rose 3.4% as the best gainer among 11 constituents.
- Policy uncertainty grew after a hotter-than-expected Personal Consumption Expenditures reading on August 26, with traders now focused on Federal Reserve Chairman Kevin Warsh's address at Jackson Hole on Friday.
- Natalia Lojevsky, managing director at CIFC Asset Management, noted "Investors have very little history with how he talks," as Fed funds futures price in a roughly 64% likelihood of steady rates next month.
- Morgan Stanley estimated Nvidia revenue growth at 52%, below the company's 70% forecast, though Nvidia warned that memory component shortages could curb the pace of industry growth.
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Technology stocks rallied Thursday on a blockbuster outlook from Nvidia Corp. lifting key equity indexes, while every other sector in the US stock market fell.
US stocks today: Nasdaq, S&P 500 rise as Nvidia revives AI rally; Fed outlook in focus
Nvidia's strong revenue forecast revived the AI trade and lifted the Nasdaq and S&P 500, but Wall Street's focus is quickly shifting to Fed Chair Kevin Warsh's Jackson Hole speech. Fresh inflation data and a resilient labour market have complicated the interest rate outlook, leaving investors weighing AI optimism against monetary policy risks.
Nvidia's explosive 70% growth forecast has given new impetus to the AI investment bet, while the market now turns its attention to Kevin Worth and his crucial speech on Friday in Jackson Hole.
Markets are increasing the Nvidia balance as a positive signal for the chip industry and buying. Jackson Hole, meanwhile, is launching the central banker's meeting, which is important for US monetary policy.
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