Pre-Market Update: Nasdaq Futures Fall as Marvell Earnings Disappoint and Jackson Hole Looms
TLDR
- US stock futures were mostly flat Friday ahead of Fed Chair Kevin Warsh’s speech at the Jackson Hole Symposium
- Nasdaq 100 futures slipped 0.3% after a tech rally Thursday driven by Nvidia and Salesforce earnings
- Marvell Technology shares dropped over 8% in premarket after its earnings failed to impress investors
- The 10-year Treasury yield sat at 4.68%, near multiyear highs, as inflation concerns weigh on bond markets
- Markets are watching Warsh closely for clues on rate policy, though analysts say he is unlikely to signal the Fed’s next move
US stock futures were mostly steady on Friday morning as investors looked ahead to Federal Reserve Chair Kevin Warsh’s first speech at the Jackson Hole Economic Symposium since taking the Fed’s top job.
Dow Jones Industrial Average futures added around 58 points, or 0.1%. S&P 500 futures dipped slightly by 0.1%, while Nasdaq 100 futures fell 0.3%.
The small decline in tech futures came after a strong Thursday session. Nvidia’s upbeat long-term outlook boosted confidence in the AI trade and lifted tech stocks broadly. Salesforce also had its best trading day since 2020 after easing concerns about weakness in the software sector.
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