Stock futures mixed as investors await Warsh's Jackson Hole speech

U.S. stock futures pointed in different directions Friday as investors looked ahead to Federal Reserve Chairman Kevin Warsh's keynote address at the Kansas City Fed's annual economic symposium in Jackson Hole, Wyoming. Nasdaq 100 futures fell 0.3% while Dow futures edged higher as investors awaited Warsh's first major address as Fed chair U.S. stock futures pointed in different directions Friday as investors looked ahead to Federal Reserve Chairman Kevin Warsh's keynote address at the Kansas City Fed's annual economic symposium in Jackson Hole, Wyoming. S&P 500 futures hovered just under the flatline, Nasdaq $NDAQ 100 futures slipped 0.3%, and Dow Jones Industrial Average futures nudged into positive territory. Warsh is scheduled to speak at 10 a.m. ET, according to The Wall Street Journal. According to CME $CME's FedWatch tool, fed funds futures assign roughly a 64% chance that policymakers leave rates unchanged at their next gathering. Warsh has been more tight-lipped than his predecessors, and traders are watching for any signals on the direction of interest rates, according to the Journal. Because Friday marks his first Jackson Hole keynote, investors are paying close attention to the language he uses. "New chairs use this stage to set the frame for their tenure, and whatever language he establishes Friday gets applied to every data print for the next year," Natalia Lojevsky, managing director at CIFC Asset Management, told CNBC. Marvell Technology's roughly 8% premarket drop dragged chip stocks lower and put pressure on Nasdaq futures. Investors were let down by the company's outlook for non-GAAP gross margin in the current quarter, according to CNBC. Gap $GPS stock climbed 14% despite a mixed quarterly report after the retailer named a new chief executive for its Old Navy brand. Thursday's session ended on a positive note, with Nvidia $NVDA's post-earnings surge of nearly 9% doing much of the heavy lifting. It was also the strongest session since Aug. 4 for the technology sector, the S&P 500, and the Nasdaq Composite. With Thursday's gains, all three major indexes are on pace to end the week higher. Should the Dow finish in the green, it would snap a two-week losing streak for the blue-chip index. Markets in the Asia-Pacific region closed mixed Friday. Japan's Nikkei 225 added 0.41%, Australia's S&P/ASX 200 gained 0.6%, South Korea's Kospi fell 1.79%, and China's CSI 300 dropped 0.46%. The dollar and Treasury yields showed little movement before Warsh took the stage, and Brent crude futures were changing hands near $88 a barrel. Daily Brief Join 500,000+ readers who start their day with Quartz. By subscribing, you agree to our Terms of Service and Privacy Policy.