Mixed US Futures Ahead of Fed Chair Warsh's Jackson Hole Address
US stock futures were mixed on Friday as investors await guidance from Federal Reserve Chair Kevin Warsh at the Fed's annual economic symposium in Jackson Hole, Wyoming. Despite calls for clarity on how to control inflation, Warsh has signaled he will provide fewer hints about the Fed's intentions.
The S&P 500 futures fell slightly, while Dow Jones Industrial Average futures rose 0.1%. Nasdaq futures dropped 0.3% as investors remain uncertain about the long-term economic trajectory of the US.
Oil prices continue to be a wild card for inflation, with Brent crude rising 0.2% to $88.68 per barrel and US benchmark crude oil falling 0.1% to $83.46 per barrel. The Strait of Hormuz remains closed due to uncertainty over the war in Iran.
In other market news, Gap's stock surged more than 17% after posting strong quarterly earnings, while PayPal shares dropped over 17% on a report that Advent and Stripe are dropping plans for a potential buyout.