The Fed kicks off its Jackson Hole Symposium, big names report earnings
Description
The Federal Reserve kicks off its annual symposium in Jackson Hole, WY, this morning. The gathering comes after the minutes from the central bank’s latest meeting pointed to a likely interest rate cut next month. On the earnings front, we heard from big names, including Peloton (PTON), Baidu (BIDU), and Advance Auto Parts (AAP) this morning. Yahoo Finance trending tickers include Snowflake (SNOW), Lucid (LCID), and Zoom Video (ZM).
Takeaways:
- Fed Chair Jerome Powell is set to give a speech Friday night that could hint at how much the central bank could cut interest rates in its September policy meeting.
- US initial jobless claims for the prior week came in line with economist expectations — 232,000 — while increasing from the previous week, which could point to a cooling labor market after yesterday's payroll revisions.
- Minnesota Governor and Vice Presidential candidate Tim Walz accepted his nomination in a speech at the Democratic National Convention (DNC) on Wednesday night, endorsing Kamala Harris’s economic agenda. Vice President Harris is scheduled to formally accept her nomination and speak at the DNC tonight.
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