TLDR
- US stock futures were mostly flat Friday ahead of Fed Chair Kevin Warsh’s speech at the Jackson Hole Symposium
- Nasdaq 100 futures slipped 0.3% after a tech rally Thursday driven by Nvidia and Salesforce earnings
- Marvell Technology shares dropped over 8% in premarket after its earnings failed to impress investors
- The 10-year Treasury yield sat at 4.68%, near multiyear highs, as inflation concerns weigh on bond markets
- Markets are watching Warsh closely for clues on rate policy, though analysts say he is unlikely to signal the Fed’s next move
US stock futures were mostly steady on Friday morning as investors looked ahead to Federal Reserve Chair Kevin Warsh’s first speech at the Jackson Hole Economic Symposium since taking the Fed’s top job.
Dow Jones Industrial Average futures added around 58 points, or 0.1%. S&P 500 futures dipped slightly by 0.1%, while Nasdaq 100 futures fell 0.3%.
The small decline in tech futures came after a strong Thursday session. Nvidia’s upbeat long-term outlook boosted confidence in the AI trade and lifted tech stocks broadly. Salesforce also had its best trading day since 2020 after easing concerns about weakness in the software sector.
Marvell Fails to Keep the Rally Going
The positive momentum faded after the close Thursday when Marvell Technology reported second-quarter earnings. The results narrowly beat expectations, but that was not enough to satisfy investors. Marvell shares had already risen 184% this year, and the stock dropped more than 8% in Friday’s premarket trading.
The Marvell miss put pressure on Nasdaq futures and signaled that the AI-driven rally may be losing some steam heading into the weekend.
All Eyes on Warsh at Jackson Hole
The bigger story Friday is Warsh’s keynote address at the annual Wyoming symposium, scheduled to begin at 10 a.m. ET. Markets are looking for guidance on where interest rates are headed.
🚨 ONE OF THE BIGGEST MACRO EVENTS OF THE YEAR IS TOMORROW.
Fed Chair Kevin Warsh gives his first ever Jackson Hole speech at 10:00 AM ET.
So here’s the setup:
DOVISH SURPRISE (HINTS AT CUTS) → MARKETS RIP
HAWKISH (STICKY INFLATION) → MARKETS DUMP
NEUTRAL (SAYS NOTHING) →… pic.twitter.com/KFiLWAiNNC— Crypto Rover (@cryptorover) August 27, 2026
Warsh’s approach at the last Fed meeting left investors confused about the central bank’s direction. Fed officials remain divided on whether to raise rates further, and inflation has stayed persistently above the Fed’s target.
UBS economist Jonathan Pingle said Warsh’s preference for moving away from forward guidance means the market likely will not get a clear signal on the federal funds rate from Friday’s speech.
Bond markets have already been reacting to inflation worries. The yield on the 10-year Treasury note stood at 4.68% early Friday, near multiyear highs hit earlier this month. Concerns about inflation and national debt have kept upward pressure on yields.
Treasury yields on both the 10-year and 30-year notes were little changed ahead of the speech.
There are no major earnings reports on Friday’s calendar. The University of Michigan’s consumer sentiment survey is due and will offer a reading on how Americans feel about current economic conditions.
Markets are likely to stay cautious and range-bound until Warsh wraps up his address and investors can assess his tone and any policy signals.
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