Warsh Speaks, Bitcoin Soars as Futures Edge Higher
Futures contracts for major US indices nudged higher on Tuesday as investors braced for key announcements, including a speech from new Fed chair Kevin Warsh at Jackson Hole. The Dow and S&P 500 futures rose by 0.3%, while Nasdaq 100 futures gained 0.7% after Monday's tech sector sell-off.
The only major loser in the pre-market session was Dick's Sporting Goods, which saw its shares plummet 17% after releasing disappointing second-quarter earnings and slashing full-year guidance. The retailer blamed discounting rivals, thin product launches, and a struggling Foot Locker business for the poor performance.
Nvidia, meanwhile, is set to report its quarterly results amidst a seven-day losing streak that has seen its stock fall sharply ahead of the announcement. Bitcoin prices, however, defied the gloom, breaching $80,000 for the first time in three months as speculation about Treasury bond market intervention drove dollar debasement chatter.