As of today, the S&P 500 Index is up by +0.17%, with the Dow Jones Industrial Average gaining +0.14%, while the Nasdaq 100 Index is down by -0.18%. Key futures are also mixed, with E-mini S&P futures rising +0.10% and Nasdaq futures declining -0.20%. Notably, Marvell Technology has seen a decline of over -7%, negatively impacting AI infrastructure stocks.
The markets are reacting ahead of Fed Chair Warsh’s address at the Fed’s annual symposium in Jackson Hole, Wyoming. Economically, the August MNI Chicago PMI unexpectedly dropped -10.5 to 47.1, marking a significant contraction, while oil prices are down more than -1% amid rising supplies from the Middle East.
Currently, the S&P 500 is tracking for an earnings growth rate of nearly 32% for Q2, surpassing projections of +23%, with AI infrastructure expected to contribute substantially. Market sentiments indicate a 36% chance of a +25 basis point rate hike at the upcoming FOMC meeting on September 15-16.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
