Stock market today: Dow, S&P 500, Nasdaq futures up slightly ahead of Powell speech

US stock futures pushed higher on Friday as Wall Street counted down to Federal Reserve Chair Jerome Powell's highly anticipated speech at Jackson Hole.

Dow Jones Industrial Average futures (YM=F) rose 0.3%, while S&P 500 futures (ES=F) moved up 0.2%. and contracts on the tech-heavy Nasdaq 100 (NQ=F) rose 0.1% — all on the heels of another downbeat day for stocks.

The S&P 500 (^GSPC) is currently seeing a five-day losing streak as tech stocks got beaten up by AI trade doubts. The US benchmark indexes are on track for a weekly loss.

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All eyes are on Jackson Hole for whether Powell signals an interest-rate cut is coming next month, amid division among Fed rate-setters about the path of policy. His remarks are likely to shake up rate-cut bets, already on the wane after a weak monthly jobs report. Traders are losing faith in an easing in September, pricing in about 70% odds of a cut on Friday, compared with 85% a week ago.

The Fed chair is also expected to lay out changes to the central bank's framework review when he speaks at 10 a.m. ET — potentially shaping monetary policy for years to come.

The White House will be watching as closely as Wall Street as President Trump continues to push the Fed and Powell to lower rates. Trump this week opened a new front in his public pressure campaign, with a call for the resignation of Fed governor Lisa Cook for alleged mortgage fraud.

On the earnings front, Zoom (ZM) popped in premarket after reporting an AI boost, and Ross Stores (ROST) jumped as shoppers seek discounts amid tariffs. Intuit (INTU) and Workday (WDAY), meanwhile, slid.LIVE8 updates

17 mins ago

Jenny McCall

Premarket trending tickers: Intuit, WorkDay and AMD

Here's a look at some of the top stocks trending in premarket trading:

Intuit Inc. (INTU) stock fell 6% before the bell on Friday after forecasting first-quarter revenue growth below analysts' estimates on Thursday.

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Workday's (WDAY) stock dropped on Friday before the bell after the software company raised its full-year subscription revenue forecast on Thursday, but a forecast in line with expectations for the current quarter pushed the human resources software provider’s shares down.

AMD (AMD) shares fell 1% in premarket trading following the news that Nvidia (NVDA) has told partners to halt work on H20 chip for China. 17 mins ago

Grace O'Donnell

Zoom stock jumps as Enterprise revenue accelerates

Shares of Zoom (ZM) jumped 5% in premarket trading on Friday after the communications software provider posted earnings that beat Wall Street estimates and raised its full-year outlook.

Zoom CEO Eric Yuan highlighted artificial intelligence as a driver of its strong quarter, with its AI agents underpinning profit growth.

The company posted earnings per share of $1.16, compared to Wall Street analyst estimates for $0.72, per S&P Global Market Intelligence. Revenue rose 5% to $1.2 billion, bolstered by 7% growth in Enterprise revenue. The company's monthly churn rate remained flat year over year at 2.9%.

Despite Friday's gain, the stock is still down 10% year to date, underperforming the S&P 500's (^GSPC) 8% gain. 33 mins ago

Jenny McCall

Good morning. Here's what's happening today.

Economic data: Federal Reserve Chair Jerome Powell speaks at the Jackson Hole Economic Symposium

Earnings: BJ's Wholesale (BJ), Buckle (BKE)

Here are some of the biggest stories you may have missed overnight and early this morning:

The stage is set for Powell's final Jackson Hole speech

Meta, Google sign $10 billion cloud services megadeal

Nvidia tells partners to halt work on H20 chip for China, stock falls

Traders need a green light from Powell to keep stocks rallying

Nvidia in talks with US over a new chip for China: CEO Huang

Nike eyes China growth, with outdoor sports revamp at the center

Musk tried to enlist Zuckerberg to help fund his bid for OpenAI 37 mins ago

Karen Friar

Meta's hiring freeze is a Meta problem, not an AI problem

Meta's (META) absurd AI job offers were a way to overcome its disadvantages, a sign of desperation rather than a show of strength, Yahoo Finance's Hamza Shaban says in a takeaway from today's Morning Brief.

Read more here. Today at 11:00 AM UTC

Karen Friar

Nvidia stock slides as company freezes H20 work, navigates China pressures ahead of earnings

Shares in Nvidia slid in premarket after the chipmaker reportedly told its suppliers to halt work on production of its China-tailored H20 AI chip.

Nvidia CEO Jensen Huang said Friday that the AI bellwether is in talks with the Trump administration over a potential new semiconductor — the "B30A" — designed for Chinese techs to use.

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Nvidia told component suppliers such as Foxconn (2317.TW, HNHPF), Samsung Electronics (SSNLF, 005930.KS), and Amkor Technology (AMKR) to suspend work on the H20, per The Information and Reuters.

Those orders came after Beijing urged Chinese companies to avoid using Nvidia's AI chip. The move to restrict sales was prompted by what China deemed "insulting" remarks from US commerce secretary Howard Lutnick.

Huang was asked about a possible “B30A” semiconductor for AI data centers for China while on a visit to Taiwan on Friday. The Nvidia CEO was there to meet key partner Taiwan Semiconductor Manufacturing Corp. (TSM), the world's biggest chip manufacturer.

“I’m offering a new product to China for ... AI data centers, the follow-on to H20,” Huang said, according to Reuters.

However, he added: "That’s not our decision to make. It’s up to, of course, the United States government. And we’re in dialogue with them, but it’s too soon to know.”

Nvidia has increasingly found itself having to navigate trade tensions between the US and China amid President Trump's reshaping of tariff policy.

With the chipmaker set to report second-quarter earnings next week, a key question for Wall Street is whether China will be part of its outlook.

"If NVDA were to include China in its guidance, we believe it would contribute an incremental $2-3 billion in revenue," KeyBanc Capital Markets analyst John Vinh wrote in a recent note. Today at 9:40 AM UTC

Karen Friar

Meta said to sign over $10 billion cloud services deal with Google

Google has struck a six-year cloud computing deal with Meta Platforms (META) worth more than $10 billion, according to reports late Thursday. It's the Alphabet-owned (GOOG, GOOGL) search giant's second big agreement recently, after one with OpenAI (OPAI.PVT).

Alphabet shares rose over 1% after the reports. Meanwhile, Meta stock ticked slightly higher to put the megacaps on track for an upbeat Friday to end a rough week for Big Techs.

Reuters reports:

Read more here. Today at 9:20 AM UTC

Karen Friar

Bond market rate-cut bets face a Powell reckoning at Jackson Hole

Jerome Powell’s Jackson Hole speech — slated for 10 a.m. ET — has been the focal point for the bond market this week, for good reason. In recent years, Powell has used the occasion to make market-moving policy news, with investors zeroing in on whether Fed chair pushes back on the current pricing for rate cuts.

Bloomberg reports:

Read more here. Today at 1:49 AM UTC

Rian Howlett

Nvidia puts a pause on production of Chinese H20 chips

Bloomberg reports:

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Read more here.

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