Dow Jones| Nasdaq | S&P 500 | US Stock Market Today |Live Updates: US stock futures slip as AI rally pauses ahead of Warsh’s Jackson Hole speech
Dow Jones| Nasdaq | S&P 500 | US Stock Market Today |Highlights: US stocks ended lower on Friday as Fed Chair Kevin Warsh reaffirmed the central bank's focus on bringing inflation back to 2%, lifting expectations for a September rate hike. The S&P 500 fell 0.26% and Nasdaq dropped 0.53%, while PayPal slid and Gap surged after company updates.
- Molly Brooks, US rates strategist, TD Securities, New York
- Oliver Pursche, senior vice president, Wealthspire Advisors, Westport, Connecticut
- Eugene Epstein, head of trading and structured products at Moneycorp in Stamford, Connecticut
- Cyrus Amini, chief investment officer, Hyphen Wealth Management, Mount Pleasant, South Carolina
- Michael Rosen, managing partner and CIO, Angeles Investments, Santa Monica, California
- Gary Schlossberg, global strategist, Wells Fargo Investment Institute, San Francisco
- Mark Hackett, chief market strategist, Nationwide, Philadelphia
Zinc fell from a four-year high on Friday after Fed Chair Kevin Warsh's comments on inflation prompted traders to increase bets on a September rate hike. However, tight inventories continued to support prices, with LME zinc stocks falling to around two days of global consumption. Zinc remained on track for a 6.4% monthly gain in August.
The U.S. dollar index pared gains slightly after Federal Reserve Chair Kevin Warsh’s comments at Jackson Hole, last up 0.06% at 99.16.
Marvell Technology fell 6.9% as investors questioned the timing of revenue from its AI chip agreement with Alphabet’s Google, despite an increased 2027 revenue forecast. PayPal dropped 15.4% after Bloomberg News reported that a consortium involving Advent and Stripe had abandoned its pursuit of the payments company. The moves added to a mixed premarket session for individual stocks, with investors balancing company-specific developments against broader concerns about rates and inflation.
