US futures slip as investors await Fed Chair Warsh at Jackson Hole
US stock futures edged lower ahead of Federal Reserve Chair Kevin Warsh’s Jackson Hole speech. Markets also digested earnings: Gap rose nearly 15%, while Marvell and Autodesk fell on results.
US stock futures edged lower on Friday as investors awaited Federal Reserve Chair Kevin Warsh’s speech at the annual Jackson Hole symposium later in the global day for clues about the outlook for US interest rates.
Investors also digested the latest corporate earnings, with Gap surging nearly 15% in extended trading after the retailer named a new CEO for its struggling Old Navy brand.
Meanwhile, Marvell Technology and Autodesk tumbled more than 7% and 5%, respectively, following disappointing quarterly results.
In regular trading on Thursday, the tech-heavy Nasdaq Composite jumped 1.57%, while the Dow Jones and S&P 500 gained 0.2% and 0.72%, respectively.
The gains came as Nvidia rallied 8.7% after strong demand for AI computing prompted the world’s largest company to forecast a 70% increase in revenue next fiscal year, challenging persistent concerns that capital spending on AI infrastructure could slow.