Stocks
Dow Rises 80 Points Ahead of Warsh Speech as Markets Await Inflation Clues
The Dow Jones Industrial Average rose by 80 points on Friday as investors awaited Federal Reserve Chair Kevin Warsh's speech at the central bank's annual Jackson Hole symposium.
Warsh's appearance is expected to provide insight into the Federal Reserve's approach to inflation and interest rates, with markets pricing in a 36% chance of a rate hike in September according to CME's FedWatch tool.
In company-specific news, Gap shares jumped by around 18.8% after the retailer appointed Michael Francis as CEO of Old Navy and raised its annual profit forecast.
However, Marvell Technology fell by 7.17% after investors expressed concerns about the timing of revenue from its AI chip agreement with Alphabet's Google.