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Briefing.com Summary:
*The market is eagerly anticipating the speech from Fed Chair Warsh at 10:00 a.m. ET.
*Pre-market indications point to a mixed start for the major indices.
*The latest batch of earnings reports has driven some big winners and some big losers.
The stock market officially opens for trading at 9:30 a.m. ET, but for all practical purposes, the unofficial start to trading will be 10:00 a.m. ET, which is when Fed Chair Warsh is scheduled to deliver his speech at the Jackson Hole Symposium.
Investors have been hesitant in front of that speech, not knowing if its contents will convey some dovish or hawkish messaging—or any market-moving messaging at all. Clarity on that consideration will be provided by the bond market, which in turn will drive the stock market.
Fed Chair Warsh's speech isn't all that is happening at 10:00 a.m. ET, however. That is also when the final reading for the University of Michigan Consumer Sentiment Index for August will be released and when the BLS will publish the preliminary estimate of the upcoming annual benchmark revisions to the establishment survey data.
There will be a lot for capital markets to react to shortly after the official start to trading, then. For now, the pre-market tone is understandably mixed.
The 2-yr note yield is up one basis point to 4.24%, the 10-yr note yield is up one basis point to 4.68%, and the U.S. Dollar Index is roughly flat at 99.20.
Currently, the S&P 500 futures are up seven points and are trading in line with fair value, the Nasdaq 100 futures are down 37 points and are trading 0.2% below fair value, and the Dow Jones Industrial Average futures are up 97 points and are trading 0.1% above fair value.
These indications suggest there won't be a lot of movement at the index level when the opening bell rings, yet that belies a good bit of movement taking place in a number of individual stocks following their earnings reports.
Some of the big winners include Elastic (ESTC), Gap (GAP), and Affirm Holdings (AFRM). They are up 25%, 18%, and 11%, respectively. Some of the big losers include Marvell Technology (MRVL), Rubrik, Inc. (RBRK), and Autodesk (ADSK). They are down 8%, 5%, and 4%, respectively.
The attention to these big winners and losers, though, is mostly a company-specific thing at this point, primarily because the market is waiting for Fed Chair Warsh to do his thing--whatever that ultimately means.
