Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., August 21, 2025.
Brendan McDermid | Reuters
U.S. stock futures were little changed Thursday night ahead of Federal Reserve Chair Jerome Powell’s speech at Jackson Hole on Friday. Investors will be seeking clues on the path forward for monetary policy.
Dow Jones Industrial Average futures rose 50 points, or 0.1%. S&P 500 futures and Nasdaq 100 futures each added about 0.1%.
Intuit shares dropped nearly 6% in extended trading even after the maker of TurboTax and QuickBooks posted fiscal fourth-quarter results that topped Wall Street’s expectations. Zoom Communications shares gained 5% after the company reported second-quarter results that exceeded expectations.
Wall Street is coming off a losing session, with the S&P 500 posting a fifth straight day of declines. The broad-market index fell 0.4%, while the Nasdaq Composite slid 0.34%. The Dow Jones Industrial Average fell 152.81 points, or 0.34%.
Investors are looking forward to Powell’s speech at the central bank’s annual economic symposium in Jackson Hole, Wyo., hoping to gain clarity on the interest rate outlook. Markets were last pricing in a 75% chance of a quarter-point cut at the September meeting, according to the CME FedWatch tool.
Recently, the prospect of lower interest rates helped bolster parts of the market that have missed out on this year’s rally, with investors dumping megacap tech for small caps and value plays. However, a more hawkish outlook from Powell could throw cold water on the market. In his speech, Powell will have to outline a path forward for the monetary policy while balancing both sides of his dual mandate.
“I think the Fed and what Powell is going to try to articulate and communicate is an explanation and a justification for the Fed to start a process of cutting interest rates starting in September,” Morgan Stanley Investment Management’s Jim Caron said Thursday on CNBC’s “Closing Bell.” “And I think that should be supportive for markets.”
That could determine the direction of the near-term outlook for a stock market that’s come under pressure. As of Thursday’s close, all three major averages were headed for a losing week. The S&P 500 is off 1.2% week to date, while the Nasdaq is down 2.4%. The 30-stock Dow is on pace for a roughly 0.4% slide.
On the other hand, S&P 500 Equal Weight Index is virtually unchanged on the week.
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What Wall Street expects from Fed Chair Powell’s big Jackson Hole speech
Federal Reserve Chair Jerome Powell is set to deliver what almost certainly will be his last keynote address at the central bank’s annual conclave during one of the most tumultuous times in its history.
What’s at stake is the near-term sentiment for financial markets, the longer-term path of the Fed’s policy trajectory, and a not insignificant dose of trying to preserve vestiges of independence at a time when the normally sacrosanct institution is facing enormous political pressure.
— Jeff Cox
Stocks making the biggest moves after hours
Check out the companies making headlines after hours.
Intuit — Shares dropped roughly 6% even after the financial technology company reported fiscal fourth-quarter results that topped Wall Street’s expectations. Intuit reported adjusted earnings of $2.75 per share on revenue of $3.83 billion. Analysts polled by LSEG had expected earnings per share of $2.66 on revenue of $3.75 billion.
Workday — The stock slid nearly 6%. The human resources software company said it sees third-quarter subscription revenue coming in at $2.24 billion, in line with analysts’ expectations, per StreetAccount. Third-quarter adjusted operating margin is expected to be 28.0%, just slightly below the StreetAccount consensus call for 28.1%.
— Sarah Min
Stock futures open little changed Thursday night
Stock futures opened little changed Thursday night.
Dow Jones Industrial Average futures rose 65 points, or 0.1%. S&P 500 futures and Nasdaq 100 futures each added about 0.1%.
— Sarah Min
