The Money Edit

Opening bell

Opening bell

S&P futures 0.2%
Nasdaq 26,541 1.6%
Nikkei 225 0.5%
Kospi 1.5%
10 year Treasury to 4.68%
Brent crude 0.4% to $89.33

Nvidia rally cools, Warsh speaks at ten

Overnight

Wall Street closed higher on Thursday on the back of Nvidia's earnings, with the S&P 500 up 0.72% to 7,730.99, the Nasdaq Composite up 1.57% to 26,541.35 and the Dow up 0.20% to 53,569.44. Asia was mixed overnight, the Nikkei adding 0.5% and the Hang Seng 0.4% while South Korea's Kospi fell 1.5% on weakness in chip stocks. European futures pointed slightly higher, with EURO STOXX 50 futures up 0.3%, and US futures drifted between flat and slightly lower, S&P 500 futures down 0.2% and Nasdaq futures down 0.3%, while Dow futures held about 0.2% higher.

What to watch

The main event is Kevin Warsh's first speech as Fed chair at the Jackson Hole symposium at 10am Eastern, an annual gathering of central bankers in Wyoming that chairs traditionally use to signal where interest rates are heading. Markets want him to clear up the confusion left by his stance at the last Fed meeting, so his wording on rate cuts will move bonds and stocks quickly. The University of Michigan consumer sentiment survey, a monthly read on how households feel about their own finances, is also out today, and it lands against a labour market that still looks solid after jobless claims came in at 203,000 on Thursday, below the 208,000 expected.

Sources