US stock futures were mixed on Friday as traders turned their attention from Nvidia’s post-earnings surge to Federal Reserve Chair Kevin Warsh’s first Jackson Hole keynote. Dow Jones Industrial Average futures edged up about 0.1%, S&P 500 futures hovered near flat, and Nasdaq 100 futures dipped roughly 0.3% after Thursday’s tech rally.
Jackson Hole is the main macro event. Warsh speaks at 10 a.m. ET at the Jackson Hole Economic Policy Symposium. Investors are looking for a clearer signal on whether the Fed could raise rates again after inflation remained persistently above target. The 10-year Treasury yield held near 4.68%, close to multiyear highs, and markets were pricing roughly a one-in-three chance of a September Fed increase. UBS economist Jonathan Pingle cautioned that Warsh’s preference for moving away from forward guidance means the speech may not offer a clear federal funds rate signal.
Corporate earnings underscored how high expectations have become. Nvidia fell about 1% premarket after surging 8.7% on Thursday. Marvell Technology dropped more than 8% despite beating second-quarter expectations, as investors wanted a faster contribution from its expanded Google custom-chip relationship, with management pointing to a more meaningful impact in fiscal 2029 and beyond. PayPal sank about 14% after a reported $53 billion takeover pursuit by Stripe and Advent International was abandoned. Gap jumped 13% to 15% after raising its annual earnings forecast and naming Michael Francis as Old Navy’s next chief executive.
For digital assets, the speech is part of a macro backdrop that remains highly sensitive to interest-rate expectations. Additional data on Friday includes the final August University of Michigan consumer sentiment reading and Chicago PMI, but Warsh’s tone is expected to dominate risk sentiment into the weekend.
