Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., August 21, 2025.
Brendan McDermid | Reuters
U.S. stock futures were little changed early Friday ahead of Federal Reserve Chair Jerome Powell’s speech at Jackson Hole on Friday. Investors will be seeking clues on the path forward for monetary policy.
Dow Jones Industrial Average futures rose 16 points, or 0.04%. S&P 500 futures and Nasdaq 100 futures were each down 0.04% and 0.18% respectively.
Intuit shares dropped nearly 6% in extended trading even after the maker of TurboTax and QuickBooks posted fiscal fourth-quarter results that topped Wall Street’s expectations. Zoom Communications shares gained 5% after the company reported second-quarter results that exceeded expectations.
Wall Street is coming off a losing session, with the S&P 500 posting a fifth straight day of declines. The broad-market index fell 0.4%, while the Nasdaq Composite slid 0.34%. The Dow Jones Industrial Average fell 152.81 points, or 0.34%.
Investors are looking forward to Powell’s speech at the central bank’s annual economic symposium in Jackson Hole, Wyo., hoping to gain clarity on the interest rate outlook. Markets were last pricing in a 75% chance of a quarter-point cut at the September meeting, according to the CME FedWatch tool.
Recently, the prospect of lower interest rates helped bolster parts of the market that have missed out on this year’s rally, with investors dumping megacap tech for small caps and value plays. However, a more hawkish outlook from Powell could throw cold water on the market. In his speech, Powell will have to outline a path forward for the monetary policy while balancing both sides of his dual mandate.
“I think the Fed and what Powell is going to try to articulate and communicate is an explanation and a justification for the Fed to start a process of cutting interest rates starting in September,” Morgan Stanley Investment Management’s Jim Caron said Thursday on CNBC’s “Closing Bell.” “And I think that should be supportive for markets.”
That could determine the direction of the near-term outlook for a stock market that’s come under pressure. As of Thursday’s close, all three major averages were headed for a losing week. The S&P 500 is off 1.2% week to date, while the Nasdaq is down 2.4%. The 30-stock Dow is on pace for a roughly 0.4% slide.
On the other hand, the S&P 500 Equal Weight Index is virtually unchanged for the week.