Warsh's Jackson Hole Address Looms as US Stocks Hold Steady
US stock futures were little changed on August 28 as investors awaited Federal Reserve Chair Kevin Warsh's speech at Jackson Hole, seeking clarity on his economic outlook and strategy for bringing inflation back to target.
Futures for the S&P 500 remained steady, with the index poised for a weekly gain. Nasdaq 100 contracts gave back some of their earlier gains sparked by Nvidia Corp.'s strong earnings outlook.
Treasury yields, gold prices, and the dollar barely moved, but Brent crude oil fell below $89 a barrel. Warsh's address at the Fed's annual symposium in Wyoming is seen as crucial, given recent doubts about his commitment to taming inflation.
Ulrich Urbahn of Berenberg noted that a firm message on inflation from Warsh could lift long-term yields and support the dollar, while pressuring duration-sensitive assets globally. Equities may initially look through it, he said.