The Grand Teton National Park surrounding Jackson Hole is home to some of America's rarest wildlife, including mountain lions and jack rabbits. But those closely watching the economic symposium there today will be hoping to spot something far more elusive-clear direction from Kevin Warsh.
The new Federal Reserve chairman has been deliberately quiet when it comes to policy communication since taking the role in May, getting rid of forward guidance. The market is getting antsy and wants to hear if the central bank is likely to hike rates this year as it battles to tame stubbornly high inflation.
Ahead of Warsh's keynote speech at 10 a.m. Eastern time, stocks were losing some of their Nvidia earnings boost. That's after chip designer and optical networking supplier Marvell's solid earnings didn't have the same effect as the world's most valuable company. But both strengthen the case for the AI trade to keep booming.
But Warsh is a threat to that in the short term. Jackson Hole and the stock market have another thing in common. There are plenty of bears lurking about.
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📈 Here's what's happening in markets today:
Stock futures are wobbling ahead of Fed Chairman Warsh's speech in Jackson Hole.
Coherent, Lumentum, and other hot AI stocks are falling today. They shouldn't be.
PayPal stock drops on bid collapse. 2 reasons its turnaround could pay off.
Solstice stock jumps after calling off a major acquisition.
Another day, another software stock surging.
Marvell was bridesmaid to Nvidia-Why second best isn't a problem.
🏛? Fed's Warsh has little room to falter today in Jackson Hole
Markets have signaled to Federal Reserve Chairman Kevin Warsh that they want more explicit guidance about how the U.S. central bank intends to restore price stability. If Warsh can't supply answers during his keynote address at the Fed's annual symposium in Jackson Hole, Wyo., his credibility may fall victim to a crisis of his own making.
📶 These three companies are racing to the $1 trillion revenue mark
The AI boom is pushing revenue forecasts sharply higher, and for three companies-SpaceX, Nvidia, and Amazon.com, it's a race to the $1 trillion mark. One of these companies could reach that once-unthinkable milestone as soon as 2028. It may not be the one you think.
🙌 Buffett gets praise as chairman, but Berkshire's stock lags
Warren Buffett is getting high marks for his role as Berkshire Hathaway's chairman ahead of his 96th birthday on Sunday. Since stepping down as CEO, he has stayed active, especially in Berkshire's share buybacks and its large Alphabet stake. But there is one blemish on his report card this year: Berkshire's lagging stock performance.
? Callaway Golf ends co-branding deal after viral ad backlash
Callaway Golf dropped a business relationship with an online golf media platform days after getting mired in a controversial ad that went viral and created fallout for the stock. It's another exercise in damage control in the same week that retailer Target faced accusations of racism over a child's Halloween costume it has since removed from its shelves.
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🗽 Foreign countries aren't buying Treasury bonds like before
Foreigners own about 40% of the $30 trillion of "marketable" Treasury bonds, says the Brookings Institution's Gian Maria Milesi-Ferretti. That's down from a peak of 50% before 2008, when central banks led by China and Japan dominated the market. That might concern Treasury Secretary Scott Bessent as he looks to rein in rising yields.
💬 Quote of the day:
Other headlines moving markets:
Affirm stock jumps after earnings. This key number crushed estimates.
Earnings, guidance, and a new Old Navy CEO lift Gap shares.
Hormel foods was Thursday's worst S&P 500 stock.
What a 1980s client and 3 shares of Berkshire Hathaway taught me.
Coffee prices are high. Why ground coffee is holding up better than K-Cups.
Ulta Beauty stock falls after upbeat earnings.
3 things Nvidia said about SpaceX on its earnings call.
Cancer biotech Kura Oncology rallies to new high.
Ross Stores beats TJX, Burlington to be star of off-price stores.
Fake 49er player and 'financial advisor' stole $1.3 million in dating scam.
Nvidia forms PAC to bolster influence on chips and AI policy.
Bitcoin is back. Buy at your own risk.
This isn't the first fight between Treasury and Fed over interest rates.
Why beer and alcohol stocks are no bargain.
Nvidia stock is absurdly cheap. Apple once had the same problem.
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-Edited by Liz Moyer, Stacy Ozol, and Patrick O'Donnell