Stock futures were flat as Wall Street looks toward Jerome Powell’s speech in Jackson Hole, Wyoming.
The major averages initially rallied Thursday on the back of Nvidia's strong quarterly results. However, the markets turned negative for the day as investors grew more cautious ahead of Powell's remarks.
The Dow had its worst day since March, while the broad market index and tech-heavy Nasdaq Composite logged their biggest one-day losses since Aug. 2. Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyDespite Thursday's declines, both the S&P 500 and Nasdaq are holding on to weekly gains of 0.2% and 1.3%, respectively. If the two averages manage end the week in the green, they would break a 3-week losing streak.
The Jackson Hole Economic Symposium in Wyoming brings together central bankers and key financial officials from across the world. following Powell's hawkish speech. The chair used the forum to warn of"some pain" ahead in the battle against inflation.Money Report
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