Futures Slip as Tech Slide Deepens, Jackson Hole in Focus – Europe Market Wrap
US equity futures pointed to further losses after a run of selling in big tech as traders stayed guarded ahead of the Federal Reserve’s gathering at Jackson Hole.
S&P 500 contracts fell 0.2%. Futures for the Nasdaq 100 fluctuated after a two-day selloff that shaved 2% off the index. NVIDIA rose 0.8% in premarket, while most Magnificent Seven peers posted losses. European stocks dropped 0.3% to snap a three-day winning streak.
US Treasuries fell, with the 10-year rate advancing two basis points to 4.31%. The dollar erased early gains. Brent crude rose to the highest in two weeks.
This week has seen pressure on technology stocks, particularly the largest names, amid worries that their sharp rally since April advanced too quickly. Traders are staying cautious as the Jackson Hole symposium kicks off later today, with investors awaiting Fed Chair Jerome Powell’s speech on Friday for guidance on the path for interest rates.
Markets’ direction today could also be shaped by PMIs, home sales data and Walmart Inc. earnings. For the euro area, the Composite Purchasing Managers’ Index compiled by S&P Global grew at the quickest pace in 15 months as manufacturing exited a three-year downturn.
