Wall Street Futures Steady as Nvidia Results and Jackson Hole Loom: Dow Jones, S&P, Nasdaq

U.S. equity futures were little changed on Monday, pointing to a subdued start on Wall Street as investors remained cautious ahead of Nvidia’s (NASDAQ:NVDA) quarterly earnings and the Jackson Hole economic symposium.

Stocks recovered on Friday following the previous session’s sell-off, although the rebound was not enough to prevent the major indices from recording sizeable weekly declines.

Treasury Buyback Plans Ease Pressure on Bond Yields

Futures initially suggested a weaker opening before improving after CNBC reported further details about the U.S. Treasury Department’s plans to increase purchases of longer-dated government debt.

According to CNBC, citing two senior Treasury officials, the department could draw on its General Account, which holds close to $1 trillion, to help finance a planned doubling of its debt buyback programme.

The report pushed Treasury yields lower, with the benchmark 10-year yield retreating after two sessions of significant increases driven partly by concerns surrounding the U.S. government’s debt burden.

Lower yields provided some relief for equities, but investors appeared unwilling to take aggressive positions ahead of this week’s major market catalysts.

Nvidia Earnings Could Set the Tone for Technology Stocks

Nvidia’s (NASDAQ:NVDA) quarterly report is expected to command significant attention as investors assess whether the artificial intelligence boom can continue supporting earnings growth and elevated technology-sector valuations.

Monetary policy will also move into focus when Federal Reserve Chair Kevin Warsh delivers his keynote address at the Jackson Hole symposium on Friday.

“[Fed Chair Kevin] Warsh is scheduled to deliver keynote remarks on Friday, and markets will be looking for greater clarity on both his assessment of inflation and the broader “regime change” he has advocated at the Fed,” said Daniela Hathorn, Senior Market Analyst at Capital.com.

She added, “He has been reluctant to provide conventional forward guidance, meaning the speech may focus more heavily on the Fed’s reaction function and longer-term philosophy than explicitly signaling what policymakers will do in September.”

Investors will also receive closely watched U.S. consumer inflation data on Wednesday. With few major economic releases before then, trading could remain relatively restrained.

Dow Leads Friday’s Wall Street Recovery

Wall Street rebounded strongly on Friday after Thursday’s decline, with all three major indices ending the session higher.

The Dow advanced 517.80 points, or 1%, to 53,277.01. The Nasdaq gained 113.29 points, or 0.4%, to 26,180.45, while the S&P 500 rose 33.21 points, or 0.4%, to 7,674.37.

Even with Friday’s recovery, the Nasdaq finished the week down 2.1%, while the S&P 500 lost 1.4% and the Dow declined 0.9%.

Some of the rebound appeared to come from investors buying shares following Thursday’s sharp retreat, when rising bond yields and an extended rally in crude oil weighed on risk appetite.

Middle East Tensions Keep Oil Risks in Focus

U.S. crude futures were broadly unchanged after rising more than 6% over the week, with uncertainty surrounding the conflict in the Middle East continuing to support energy prices.

Concerns have increased as the Trump administration shifts towards more aggressive economic measures against Iran rather than further major U.S. military operations, raising the possibility that the confrontation could continue for an extended period.

A prolonged crisis could maintain upward pressure on energy prices and complicate the outlook for inflation and monetary policy.

“Next week’s results from Nvidia could put some of the focus back on corporate earnings but, as we head towards the autumn, a chill has started to descend for markets,” said Dan Coatsworth, head of markets at AJ Bell.

He added, “Investors will be looking for a comfort blanket when Federal Reserve chair Kevin Warsh addresses the Jackson Hole meeting at the end of this month.”

Gold and Brokerage Shares Outperform

Brokerage stocks were among Friday’s strongest performers, with the NYSE Arca Broker/Dealer Index climbing 3.7% to a record closing level.

Gold-related shares also benefited from a sharp increase in bullion prices, lifting the NYSE Arca Gold Bugs Index by 2.5% to its highest close in four months.

Airline, healthcare and pharmaceutical stocks also recorded substantial gains, while utility shares moved notably lower.

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