Warsh Speech Looms Large as Nasdaq Futures Slide

Nasdaq futures declined by 0.05% on Thursday night, while Dow and S&P 500 futures increased by 0.15% and 0.01%, respectively. This comes ahead of Federal Reserve Chair Kevin Warsh's highly anticipated speech at the Fed's annual symposium in Jackson Hole, Wyoming.

Warsh's speech is seen as a crucial test for his tenure as Fed chair, with investors eager to hear how he plans to address inflation and stabilize long-term Treasury yields. According to a report from Bloomberg, Fed watchers at JPMorgan, Apollo, and Morgan Stanley believe Warsh will reassure markets that controlling inflation remains a key priority for the Federal Reserve.

However, prediction-market traders are not expecting guidance on the Fed's September decision or the Treasury's recent bond-market intervention. In fact, Kalshi bettors have assigned only 16% odds to a mention of 'bond market' and 8% to 'yield curve', with an 89% chance of discussing inflation.

The past week was dominated by major earnings releases, with Nvidia's results topping the charts on Wednesday. The company posted strong second-quarter results, reporting revenue of $96.2 billion, more than double the prior-year period.