Futures pointed to a lower open, with the Dow down 163 points, the S&P 500 down about 19, and the Nasdaq down about 61. Markets entered a three-day losing streak following an approximate 30% rally since April, with leadership shifting as large-cap growth lagged small caps and value. Investors grew nervous ahead of Federal Reserve Chair Jerome Powell's speech at Jackson Hole, seeking clarity on the timing and number of interest-rate cuts. Federal Reserve Governor Michelle Bowman argued for three cuts after a weaker-than-expected jobs report. Solar and wind stocks fell after President Trump said he would not approve such projects. Walmart reported Q2 EPS of $0.68, missing estimates of $0.74, while revenue rose to $177.4 billion.
Markets are also a bit nervous ahead of Fed boss Jerome Powell's speech on Friday at Jackson Hole. For one, the event has a history of serving as a negative catalyst. And two, investors desperately want to hear about the future of interest rate cuts. Will we see just one cut this year, or three, as Federal Reserve's Michelle Bowman argued for after a weaker-than-expected jobs report?
Solar and wind stocks are being pressured. All after President Trump said he would not approve solar or wind power projects. "We will not approve wind or farmer destroying Solar," Trump, who has complained in the past that solar takes up too much land, posted on Truth Social, as quoted by CNBC. "The days of stupidity are over in the USA!!!"
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