Nvidia Rally Stalls as Market Awaits Warsh's Jackson Hole Speech
Wall Street paused its rally after Nvidia's impressive earnings announcement on Thursday.
The focus has shifted to Fed Chair Kevin Warsh's speech at Jackson Hole, which is expected to provide insight into the Federal Reserve's policy stance ahead of the September FOMC meeting.
Nasdaq futures fell 0.3%, while S&P 500 futures were flat with a negative bias.
Investors are also watching for hints about the Fed's rate outlook, as several officials have warned that inflation may not be sufficiently contained and policy may not be restrictive enough.
The AI trade is facing its next test, with Nvidia shares seeing some pressure in early premarket trading after adding $453 billion in market cap on Thursday.
Micron Technology, SanDisk, and SK Hynix remain in focus following Trump's praise of Micron's new research lab commitment, but investors are cautious about the memory supercycle turning cyclical.