Wall Street futures mixed ahead of Warsh’s Jackson Hole speech

U.S. stock futures traded mixed on Friday as investors took profits after Nvidia’s surge and awaited Federal Reserve Chair Kevin Warsh’s keynote at the Jackson Hole Economic Policy Symposium. The 10-year Treasury yield hovered near 4.68%, and markets priced roughly a one-in-three chance of a September rate increase.

Dow futures were up about 0.1%, S&P 500 futures were near unchanged and Nasdaq 100 futures fell about 0.3% in early trade. Nvidia slipped roughly 1% premarket after jumping 8.7% the previous day on a bullish forecast. Profit-taking in Nvidia extended to other chip stocks; Micron and Intel each fell more than 2%.

Marvell Technology declined roughly 8% despite reporting stronger-than-expected quarterly results and raising long-term revenue targets. Company executives said the expanded partnership with Google on custom chips will contribute more meaningfully to revenue in fiscal 2029 and beyond, timing that some investors found disappointing.

PayPal shares plunged about 14% after reports that a proposed $53 billion takeover pursuit by Stripe and Advent International was abandoned, removing a takeover premium. Gap rose roughly 13% to 15% after raising its annual earnings forecast, naming Michael Francis as the incoming chief executive of Old Navy and reporting adjusted quarterly earnings that beat estimates while revenue fell 2%.

Warsh is scheduled to speak at 10 a.m. ET at the symposium. Investors are seeking a clearer explanation of the data or conditions that would prompt the Fed to raise rates again, with attention to any explicit signals on future policy direction. Swissquote strategist Ipek Ozkardeskaya expects markets will look for a more definitive policy message.

Economic reports due Friday include the final August University of Michigan consumer-sentiment reading at 10 a.m. ET, expected to remain near the preliminary reading of 51, and the Chicago PMI at 9:45 a.m. A weaker consumer reading could strengthen arguments for a more patient stance on rates even as inflation remains above the Fed’s target.

With bond yields elevated and equity valuations sensitive to rate outlooks, traders and fixed-income investors are focused on how Warsh’s remarks intersect with upcoming economic data. Market pricing and short-term moves in rates and equities will reflect any new signals from the Fed chair and the consumer readings released alongside his speech.