US Stocks, Bonds Drift With Focus on Jackson Hole: Markets Wrap
(Bloomberg) — US stocks and Treasuries drifted ahead of Federal Reserve Chair Kevin Warsh’s address at Jackson Hole, with traders looking for clarity on his economic outlook and strategy for bringing inflation back to target.
S&P 500 futures were little changed, leaving the index on course for a weekly advance. Nasdaq 100 contracts gave back some of the gains sparked by Nvidia Corp.’s blockbuster outlook. PayPal Holdings Inc. slumped 13% in premarket trading after Advent and Stripe abandoned their pursuit of the firm. The dollar, Brent crude and gold barely budged.
Warsh’s address, scheduled for 10 a.m. New York time, is shaping up as a crucial moment for markets as doubts about his commitment to taming inflation have helped push up long-term yields. A divided policy committee and the Treasury’s bond market intervention are further complicating the backdrop.
“Investors are reluctant to increase their exposure just hours before Kevin Warsh’s speech,” said Nabil Milali at Edmond de Rothschild Asset Management. “His recent comments have been so vague that no one knows what to expect today, with some investors anticipating a very hawkish message and others expecting the exact opposite.”
“What investors want to see is the framework that the Fed is using to think about the economy to allow markets to better assess incoming data,” said Hugh Gimber, global markets strategist at JPMorgan Asset Management. “That’s the piece that’s been missing at the moment.”
The speech will be more significant for foreign-exchange, gold and bond markets than for equities, said Ulrich Urbahn, head of multi-asset strategy and research at Berenberg.
“A firm message on inflation, fiscal credibility or the need to preserve restrictive policy would tend to lift real and nominal long-end yields, support the dollar and pressure duration-sensitive assets,” he said.
Europe’s Stoxx 600 bounced back as consumer-related stocks recovered, with the gauge set to dodge its longest streak of weekly losses since 2024. Yields rose as Spanish and French inflation quickened, strengthening the case for an increase in interest rates next month. The euro and pound were little changed.
Corporate News:
Marvell Technology Inc. plunged more than 8% in premarket trading despite beating estimates and offering a positive outlook. The Trump administration must lift its ban on Anthropic PBC’s artificial intelligence technology for federal agencies, a US judge ruled. Some of the main moves in markets:
Stocks
The Stoxx Europe 600 rose 0.6% as of 9:35 a.m. London time S&P 500 futures were little changed Nasdaq 100 futures fell 0.2% Futures on the Dow Jones Industrial Average rose 0.2% The MSCI Asia Pacific Index rose 0.2% The MSCI Emerging Markets Index was little changed Currencies
The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1646 The Japanese yen fell 0.1% to 159.55 per dollar The offshore yuan was little changed at 6.7205 per dollar The British pound was little changed at $1.3586 Cryptocurrencies
Bitcoin fell 0.4% to $79,803.82 Ether fell 0.4% to $2,497.58 Bonds
The yield on 10-year Treasuries was little changed at 4.67% Germany’s 10-year yield was little changed at 3.26% Britain’s 10-year yield advanced two basis points to 5.05% Commodities
Brent crude fell 0.6% to $89.14 a barrel Spot gold rose 0.2% to $4,609.47 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Margaryta Kirakosian and Faseeh Mangi.
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