US Stock Futures: S&P, Nasdaq Futures Dip Ahead of Jackson Hole Speech

US stock index futures were mixed on Friday, with the Dow Jones rising while the S&P 500 and Nasdaq 100 fell, following Thursday's gains.

US Treasury Secretary Scott Bessent intensified his "Economic D-Day" pressure campaign, accusing Iran's "corrupt regime" of funding overseas terrorist activities amid deteriorating domestic economic conditions. Driven by the expanded financial offensive, the Iranian rial fell to a record low of approximately 1.37 million rials per US dollar, while August oil loadings plunged to 248,000 barrels per day.

Investors will closely monitor Federal Reserve Chair Kevin Warsh's speech to international economists and central bankers at Jackson Hole. Global markets will scrutinize his remarks for further details on the economy, recent bond market volatility, and new risks facing the US and global outlook.

Meanwhile, the 10-year US Treasury yield stood at 4.67%, and the two-year yield at 4.23%. CME Group's FedWatch tool projections showed markets pricing in a 33.7% probability of a rate hike at the Fed's September meeting.

Index Performance

Dow Jones 0.18%

S&P 500 -0.06%

Nasdaq 100 -0.37%

Russell 2000 0.07%

The SPDR S&P 500 ETF Trust and Invesco QQQ Trust ETF, which track the S&P 500 and Nasdaq 100 respectively, traded lower in Friday's premarket. SPY fell 0.019% to $770.95, while QQQ dropped 0.31% to $718.87.

Stocks to Watch

Marvell Technology

Marvell Technology Inc. shares plunged 8.93%, despite the company reporting better-than-expected second-quarter financial results. Management guided third-quarter non-GAAP gross margin of 57.5%–58.5%, down sequentially from 58.9% in the second quarter. Edge stock ratings show MRVL maintaining strong price trends across short, long, and medium terms, with solid growth scores.

PayPal Holdings

PayPal Holdings Inc. shares tumbled 14.58% following reports that a consortium led by Stripe and Advent International had abandoned its $53 billion acquisition plan. Edge stock ratings show PYPL maintaining strong price trends across short, long, and medium terms, but with poor growth scores.

Ulta Beauty

Ulta Beauty Inc. shares also fell 3.19%, despite the company reporting optimistic second-quarter results and raising its fiscal 2026 guidance. Edge stock ratings show ULTA maintaining strong price trends in the short and medium terms, weak long-term trends, and solid quality scores.

Gap

Gap Inc. shares surged 14.86% after the company reported better-than-expected second-quarter earnings and raised its fiscal 2026 earnings per share guidance above expectations. Edge stock ratings show GAP maintaining strong short-term price trends, but weak long-term and medium-term trends, with good value scores.

IREN

IREN Ltd. shares plummeted 7.72% after the company reported fourth-quarter results after Thursday's close, with quarterly revenue missing consensus estimates. Edge stock ratings show IREN with weak price trends across long, short, and medium terms, and poor value scores.

Previous Session Market Signals

Information technology led Thursday's gains across S&P 500 sectors, while healthcare, consumer staples, and consumer discretionary sectors saw the largest declines during the session.

Index Performance Value

Dow Jones 0.20% 53,569.44

S&P 500 0.72% 7,730.99

Nasdaq Composite 1.57% 26,541.35

Russell 2000 0.28% 3,014.34

Analyst Insights

Jennifer Timmer, global macro analyst at Wells Fargo Investment Institute, maintains a constructive outlook on the US economy and stock market despite recent signs of consumer weakness.

Responding to concerns about whether the US consumer has "left the building," Timmer emphasized that recent economic softness "calls for perspective, not panic."

While consumer spending may slow in the second half as lower-income households face financial pressure, she stressed that the broader economic fundamentals remain solid.

Key pillars supporting her optimistic outlook include labor market stability—noting that the "no-hire, no-fire" environment remains intact—strong spending by higher-income households driven by asset gains, and the ongoing "AI investment boom."

Ultimately, Timmer concluded, "Recent data suggests consumers are slowing, not sharply declining."

She expects that stable labor markets, sustained AI infrastructure investment, and wealth accumulation gains will keep the broader economic expansion on track, which could continue to "drive equity markets higher."

Upcoming Economic Data

Here is the data investors will watch on Friday.

August Chicago PMI data will be released at 9:45 AM ET.

The final August University of Michigan Consumer Sentiment Survey will be released at 10:00 AM ET.

Commodities, Cryptocurrency, and Global Markets

In early New York trading, WTI crude oil futures fell 0.60%, hovering near $83.03 per barrel.

Spot gold in US dollars rose 0.22%, hovering near $4,611.84 per ounce. The US dollar index spot rose 0.01% to 99.1670.

Meanwhile, Bitcoin rose 0.10% over the past 24 hours to $79,769.58 per coin.

Asian markets were mixed on Friday, with South Korea's Kospi and China's CSI 300 index declining. Australia's ASX 200, India's Nifty 50, Hong Kong's Hang Seng Index, and Japan's Nikkei 225 advanced. European markets were mostly higher in early trading.