S&P 500 Futures Stall Near 7,731 as Warsh Speech Tests $500 Billion Tech Surge
Updated
Updated · TradingView · Aug 27
S&P 500 Futures Stall Near 7,731 as Warsh Speech Tests $500 Billion Tech Surge
3 articles · Updated · TradingView · Aug 27
Summary
S&P 500 futures were little changed Friday, with Nasdaq contracts off 0.1% and Dow futures slightly higher, as traders waited for Fed Chair Kevin Warsh’s 10 a.m. ET Jackson Hole speech.
July headline PCE inflation accelerated to 3.7%, above the 3.6% expected, leaving markets to gauge whether Warsh validates pricing for a 35% chance of a September rate hike and 75% by December.
Thursday’s rally left the S&P 500 up 0.7% at 7,730.99 and near a record, but the advance was narrow: technology jumped 3.4%, Nvidia added about $456 billion in value and Salesforce another $37 billion.
Only 171 S&P 500 stocks rose and the equal-weighted index fell 0.2%, underscoring how vulnerable the benchmark could be if a hawkish message pushes the 10-year Treasury yield above its current 4.67% area.
Across markets, the dollar index held near 99.10, gold slipped 0.5% toward $4,575, Bitcoin stayed near $80,000 and Brent hovered around $90 while heading for a weekly drop of more than 5%.