US open: Stocks mixed as traders await Warsh's Jackson Hole address

(Sharecast News) - Wall Street trading got off to a mixed strat on Friday as investors turned their attention to Federal Reserve chairman Kevin Warsh's appearance at Jackson Hole.

As of 1500 BST, the Dow Jones Industrial Average was up 0.20% at 53,674.78, while the S&P 500 advanced 0.09% to 7,737.63 and the Nasdaq Composite came out of the gate 0.02% softer at 26,536.66.

The Dow opened 105.34 points higher on Friday, matching gains recorded in the previous session after Nvidia beat analyst expectations and guided for strong revenue growth ahead.

After the close, Marvell Technology posted another strong quarter, with secondquarter revenues jumping 37% yearonyear to $2.7bn, slightly ahead of analyst expectations as demand for its datacentre chips continued to accelerate. Adjusted earnings rose 40% to $0.94 per share, topping the $0.92 consensus, while net income came in at $865.9m, also ahead of forecasts. Marvell's datacentre division remained the standout performer, with revenue up 46% to $2.2bn, underscoring ongoing strength in AIrelated infrastructure spending.

However, Friday's primary focus was set to be Federal Reserve chairman Kevin Warsh's speech at Jackson Hole, due to start at 1500 BST, with market participants searching for any hints as to what the future of US monetary policy may hold. Markets currently assign around a 64% chance that the central bank keeps rates unchanged next month, according to CME's FedWatch tool, leaving traders highly sensitive to any shift in tone from Warsh.

On the macro front, the Chicago business barometer dropped sharply in August, sliding to 47.1 from 57.6 in July and missing expectations for a reading above 58, signalling the steepest contraction in activity since December 2025. The index's fall pushed it back below the 50point threshold after three months of expansion. New orders tumbled 15.4 points, while the production gauge fell 8.8 points, marking its first contraction since last December. The latest data pointed to a clear loss of momentum across the region's manufacturing sector as both demand and output weakened.

Elsewhere, US consumer sentiment weakened in August, according to the University of Michigan's consumer sentiment index, with this month's final reading confirming a roughly 6% monthonmonth decline and leaving the index about 11% below yearearlier levels. The University of Michigan said concerns that inflation will remain elevated continued to weigh on households. The survey noted that policy uncertainty, including the Iran conflict, had pushed up expectations for gasoline prices in both the short and long term. Yearahead inflation expectations eased to 4.0% from 4.2% in July, though the reading remained well above February's 3.4% level prior to the Iran conflict and above all 2024 prints.

No major corporate earnings were slated for release on Friday.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Microsoft Corp. (MSFT) $511.30 3.59%

Apple Inc. (AAPL) $315.82 2.17%

Intel Corp. (INTC) $92.44 2.08%

Salesforce.Com Inc. (CRM) $260.02 1.88%

McDonald's Corp. (MCD) $263.87 1.38%

Dow Chemical Co. (DOW) $30.64 1.25%

Coca-Cola Co. (KO) $89.85 0.92%

Nike Inc. (NKE) $38.85 0.72%

Walt Disney Co. (DIS) $107.72 0.71%

Verizon Communications Inc. (VZ) $49.95 0.60%

Dow Jones - Fallers

Cisco Systems Inc. (CSCO) $110.76 -1.26%

Merck & Co. Inc. (MRK) $147.46 -0.88%

International Business Machines Corporation (CDI) (IBM) $237.25 -0.70%

3M Co. (MMM) $177.29 -0.42%

Home Depot Inc. (HD) $328.83 -0.16%

Unitedhealth Group Inc. (UNH) $395.17 -0.13%

Amgen Inc. (AMGN) $432.99 -0.09%

Johnson & Johnson (JNJ) $265.20 -0.08%

Travelers Company Inc. (TRV) $369.90 -0.07%

American Express Co. (AXP) $334.66 -0.03%

S&P 500 - Risers

Gap Inc. (GAP) $23.83 15.70%

Ipg Photonics Corp. (IPGP) $78.85 6.81%

Apache Corp. (APA) $42.57 4.98%

Bath & Body Works, Inc. (BBWI) $19.61 4.66%

Synopsys Inc. (SNPS) $450.59 4.13%

Microsoft Corp. (MSFT) $509.93 3.59%

Gen Digital Inc. (GEN) $30.56 3.21%

Brighthouse Financial, Inc. (BHF) $54.17 3.10%

Intuit Inc. (INTU) $348.05 3.05%

Albemarle Corp. (ALB) $139.55 2.94%

S&P 500 - Fallers

Paypal Holdings Inc (PYPL) $54.34 -12.89%

Coterra Energy Inc. (CTRA) $32.56 -8.62%

Equity Residential (EQR) $63.66 -3.50%

Dollar General Corp (DG) $121.57 -3.34%

Autodesk Inc. (ADSK) $255.00 -3.06%

Expedia Group Inc. (EXPE) $321.57 -2.97%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $514.31 -2.95%

Ross Stores Inc. (ROST) $228.93 -2.82%

Dollar Tree Inc (DLTR) $124.08 -2.77%

Jack Henry & Associates Inc. (JKHY) $168.65 -2.46%

Nasdaq 100 - Risers

Synopsys Inc. (SNPS) $450.59 3.93%

Microsoft Corp. (MSFT) $509.93 3.59%

Gen Digital Inc. (GEN) $30.56 3.16%

Intuit Inc. (INTU) $348.05 3.05%

Western Digital Corp. (WDC) $468.64 2.83%

Broadcom Inc. (AVGO) $374.50 2.61%

Adobe Systems Inc. (ADBE) $291.27 2.41%

Intel Corp. (INTC) $92.69 2.08%

Kraft Heinz Co. (KHC) $25.49 1.92%

DENTSPLY Sirona Inc. (XRAY) $11.21 1.77%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $0.34 -13.49%

Paypal Holdings Inc (PYPL) $54.34 -12.89%

Autodesk Inc. (ADSK) $255.00 -3.06%

Expedia Group Inc. (EXPE) $321.57 -2.97%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $514.31 -2.95%

Ross Stores Inc. (ROST) $228.93 -2.82%

Dollar Tree Inc (DLTR) $124.08 -2.77%

Regeneron Pharmaceuticals Inc. (REGN) $795.45 -1.89%

Workday, Inc. (WDAY) $194.29 -1.76%

Illumina Inc. (ILMN) $221.45 -1.75%