U.S. equity futures showed limited movement on Friday as markets awaited Federal Reserve Chair Kevin Warsh’s Jackson Hole address following a technology-led advance in the previous session.

S&P 500 futures were unchanged, while Nasdaq 100 futures fell 0.3% and Dow futures gained 0.2%.

Nvidia (NASDAQ:NVDA) remained in focus after its shares advanced following the company’s latest results. PayPal (NASDAQ:PYPL), meanwhile, dropped in after-hours trading after a reported takeover approach ended, while renewed uncertainty over U.S.-Iran relations contributed to higher oil prices.

Nvidia shares gain 8.7% following outlook

Nvidia climbed 8.7% on Thursday after the semiconductor company issued a stronger-than-expected revenue outlook.

The S&P 500 subsequently closed 0.7% higher, while the Nasdaq Composite gained 1.6% and the Dow advanced 0.2%.

Nvidia’s position as a supplier of chips used in artificial intelligence infrastructure means its financial performance is also closely followed by investors assessing spending across the broader AI data centre market.

Warsh speech puts monetary policy back in focus

Investors are awaiting Warsh’s keynote speech at the Federal Reserve’s annual Jackson Hole symposium in Wyoming later on Friday.

Markets will be looking for indications of how the central bank is assessing inflation and the future direction of interest rates.

Price pressures have remained elevated in recent economic data, while Treasury yields continue to reflect concerns surrounding inflation, government borrowing and monetary policy.

Warsh’s comments could alter market expectations for interest rates, although any resulting movement in equities or bonds will depend on the substance of his remarks.

Nvidia financing programme reportedly put on hold

Nvidia is also facing attention over a financing initiative involving AI cloud companies.

The Wall Street Journal reported that the chipmaker has paused some transactions under a programme providing credit support to AI cloud businesses purchasing Nvidia chips.

Under the initiative, participating companies received financing support in exchange for a portion of their revenue.

The report said some Nvidia employees had raised concerns about potential antitrust scrutiny. The precise reason for pausing the transactions remains unclear from the source material, and the programme could still be modified.

Chief Executive Jensen Huang has previously defended Nvidia’s investments in AI start-ups, arguing that businesses in the sector require unusually large amounts of capital.

PayPal drops 12.2% after reported bid is withdrawn

PayPal shares fell 12.2% in after-hours trading after a consortium led by Advent International and Stripe ended its pursuit of the payments company, Bloomberg reported.

The prospective buyers had reportedly proposed paying $60.50 per share, implying a valuation of more than $53 billion.

According to the report, PayPal’s board viewed the price as insufficient and also raised concerns regarding regulatory and financing considerations.

Reports of potential takeover interest had previously contributed to PayPal’s recovery from a 52-week low of $38.46 after discussions emerged in July.

Brent moves above $88 as U.S.-Iran uncertainty increases

Oil prices moved higher after reports of a change in the U.S. administration’s position towards an earlier agreement with Iran.

The Trump administration has told mediators that it is no longer interested in returning to a memorandum of understanding agreed in June, according to The Wall Street Journal.

The agreement signed by President Donald Trump at the Palace of Versailles had provided a framework for reopening the Strait of Hormuz and beginning negotiations over Iran’s nuclear programme in return for sanctions relief and access to frozen Iranian assets.

The Wall Street Journal reported that Washington has since moved towards a maximum economic pressure policy and is not seeking to restore the agreement.

Brent crude subsequently traded above $88 per barrel.

The Strait of Hormuz is relevant to international energy markets because of its role in global oil shipments. A sustained change in crude prices could also influence inflation expectations and market assumptions regarding the future direction of monetary policy.

European equities moved higher on Friday, with the pan-European STOXX 600 gaining 0.6% as investors awaited Federal Reserve Chair Kevin Warsh’s address at the Jackson Hole Economic Policy Symposium.

Despite Friday’s advance, the index remained on course for a weekly decline of approximately 0.4%, which would mark its third consecutive weekly loss and its longest losing run since April 2025.

European markets faced a combination of higher sovereign bond yields, volatile energy prices and mixed regional economic data during the week.

Higher bond yields weigh on European markets

Global sovereign bond yields rose earlier in the week, pushing borrowing costs across both core and peripheral eurozone markets towards multi-month highs.

Yields subsequently eased following announcements concerning U.S. government debt buybacks and a decline in energy prices.

Nevertheless, elevated borrowing costs remained a factor for European equity valuations during the week, particularly in interest-rate-sensitive areas such as real estate.

Energy markets were also volatile as geopolitical tensions surrounding the Strait of Hormuz affected crude oil and European wholesale gas prices. Prices subsequently eased as diplomatic developments reduced some immediate concerns towards the end of the week.

ECB comments remain in focus

European Central Bank policy expectations also contributed to the week’s market backdrop.

ECB Executive Board member Isabel Schnabel reiterated that interest rates would need to rise further to bring inflation under control, according to the source material.

The comments added to investor consideration of the outlook for European monetary policy alongside movements in sovereign bond yields and energy prices.

Investors await Warsh’s Jackson Hole address

Attention on Friday turned to Warsh’s first keynote address as Federal Reserve chair at the Jackson Hole symposium in Wyoming.

Investors are looking for indications of whether the Federal Reserve intends to maintain restrictive monetary policy into the autumn amid persistent headline inflation or whether softer labour-market conditions could allow policymakers to pause.

Movements in U.S. Treasury yields can influence European sovereign bond markets, making the Federal Reserve’s policy outlook relevant for financing conditions across Europe.

Investors are also watching for comments concerning the Federal Reserve’s balance-sheet strategy as governments continue to issue substantial amounts of debt.

DAX and CAC 40 join regional advance

Major European equity indices traded higher alongside the STOXX 600 on Friday.

Germany’s DAX rose 0.5%, while France’s CAC 40 gained 0.9% after declining sharply during the previous session. London’s FTSE 100 advanced 0.4%.

Technology-related shares also received support during the session following Nvidia’s earnings outlook earlier in the week.

Friday’s gains, however, were not sufficient at the time of the source material to reverse the STOXX 600’s decline for the week.

UK stocks moved higher on Friday, with the FTSE 100 gaining 0.4% as investors awaited a speech from Federal Reserve Chair Kevin Warsh at the Jackson Hole Economic Policy Symposium later in the day.

Despite the advance, the benchmark was on course to finish a volatile week broadly unchanged. Friday’s move followed a 0.8% decline in the previous session.

Gains among industrial mining companies and domestically focused mid-cap stocks provided support, while energy majors Shell and BP remained relatively subdued.

Investors await Federal Reserve signals

Trading remained relatively restrained ahead of Warsh’s address, with investors looking for further indications on the outlook for U.S. monetary policy.

The upcoming speech limited significant positioning across sectors as markets awaited the Federal Reserve chair’s comments.

Meanwhile, UK economic data provided a more positive domestic signal. A Lloyds Bank survey released on Friday showed business confidence increased four percentage points in August to +53%, its highest level since March.

The reading was above the 12-month average of 47%, with the survey pointing to stronger consumer spending power, improved trading prospects and a more favourable assessment of the UK economic outlook.

Shell ends talks over German refinery stake

Shell PLC (LSE:SHEL) has ended negotiations to sell its 37.5% interest in Germany’s PCK Schwedt refinery to Polish energy company Unimot, according to Bloomberg News.

The refinery has links to Russia, and the source material does not provide further details on why the negotiations ended or Shell’s plans for the stake.

Shell shares were around 0.4% higher during Friday’s session.

BP seeks mediation in Whiting refinery labour dispute

BP PLC (LSE:BP.) called on the leadership of United Steelworkers Local 7-1 to agree to federal mediation and resume formal contract negotiations concerning a months-long labour dispute at its Whiting refinery in Indiana.

The facility has a processing capacity of 440,000 barrels per day.

BP shares were also around 0.4% higher on Friday.

Brent crude heads for weekly decline

Global crude oil prices declined on Friday, leaving Brent crude on course to end a two-week run of weekly gains.

The decline followed a higher settlement on Thursday after reports that the U.S. administration remained unwilling to return to previous agreement terms with Iran.

Movements in oil prices continued to provide a backdrop for trading in the FTSE 100’s major energy companies.

U.S. equity futures moved higher on Thursday, putting Wall Street on course for a positive start as investors welcomed another strong set of results from Nvidia (NASDAQ:NVDA) and renewed their enthusiasm for artificial intelligence-related stocks.

Technology shares were positioned to lead the advance, with Nasdaq 100 futures gaining around 1%. Nvidia jumped 6.5% in pre-market trading after second-quarter results surpassed expectations and the company issued an upbeat revenue forecast for the current quarter.

The performance offered fresh evidence that spending on artificial intelligence infrastructure remains robust and helped lift sentiment across the wider technology sector.

“Nvidia once again delivered stronger-than-expected results, providing some reassurance that the AI investment cycle remains intact,” said Daniela Hathorn, Senior Market Analyst at Capital.com.

Nvidia results put technology stocks back in focus

Nvidia’s latest numbers have taken on particular importance for the wider market because of the company’s position at the centre of the AI infrastructure boom. Strong demand for its technology is being closely watched as an indicator of whether heavy investment in artificial intelligence continues to translate into growth.

The earnings release also arrived after a subdued Wall Street session in which investors appeared reluctant to take significant positions before seeing Nvidia’s numbers.

“Assuming there is no major movement in either a positive or negative direction in geopolitical terms, tonight’s second quarter results from Nvidia are likely to set the tone for markets through the remainder of the week,” said AJ Bell investment director Russ Mould.

Federal Reserve outlook remains another key catalyst

Nvidia may dominate the immediate market narrative, but monetary policy remains firmly on investors’ radar ahead of Federal Reserve Chairman Kevin Warsh’s appearance at the Jackson Hole economic symposium on Friday.

Warsh has generally avoided offering extensive forward guidance, although markets will be looking for any indications about whether interest rates are likely to remain unchanged or move higher.

CME Group’s FedWatch Tool currently assigns a 66.1% probability to the Federal Reserve keeping rates unchanged next month, while the probability of a quarter-point increase stands at 33.9%.

PCE inflation remains sticky

The latest U.S. inflation figures reinforced the uncertainty surrounding the rate outlook. The headline personal consumption expenditures price index increased 0.2% in July after falling 0.1% in June. Economists had expected a smaller 0.1% increase.

Annual PCE inflation remained at 3.7%, rather than easing to the expected 3.6%.

Core PCE inflation, which excludes food and energy, increased 0.2% month over month, matching expectations. The annual core rate remained unchanged at 3.3%, also in line with forecasts.

The figures suggest inflationary pressures remain persistent, giving the Federal Reserve another reason to maintain a careful approach to future policy decisions.

Major indices look to recover from modest losses

Wall Street finished the previous session slightly lower following a day of narrow and indecisive trading. The Dow fell 113.52 points, or 0.2%, to 53,463.88, while the Nasdaq declined 21.10 points, or 0.1%, to 26,130.20. The S&P 500 slipped 1.58 points, or less than 0.1%, to 7,675.70.

There were nevertheless areas of strength beneath the surface. Computer hardware stocks advanced, pushing the NYSE Arca Computer Hardware Index up 1.9%, while the NYSE Arca Networking Index gained 1.6%. Natural gas shares also performed well, with the NYSE Arca Natural Gas Index rising 1.5%.

Gold stocks were among the weaker performers as precious metal prices declined, sending the NYSE Arca Gold Bugs Index down 2.9%. Pharmaceutical stocks also struggled, with the NYSE Arca Pharmaceutical Index falling 2%.

With Nvidia providing a fresh catalyst for AI and technology shares, U.S. markets appear positioned to regain momentum at the opening bell. Investors will now be watching whether the technology-led advance can broaden while awaiting Friday’s Jackson Hole speech for the next major signal on monetary policy.

European equities moved mostly lower on Thursday as investors balanced lingering geopolitical tensions and uncertainty over the Federal Reserve’s interest-rate outlook against encouraging earnings and guidance from Nvidia.

Stronger-than-anticipated U.S. inflation figures have kept expectations of another Federal Reserve rate increase before the end of the year in focus. Markets are now looking towards Fed Chair Kevin Warsh’s speech at Jackson Hole for further clues on the direction of monetary policy.

DAX advances as German consumer confidence improves

France’s CAC 40 fell 1.1%, while the UK’s FTSE 100 declined 0.4%. Germany’s DAX bucked the wider trend, rising 0.3% after fresh data pointed to an improvement in German consumer sentiment heading into September.

The forward-looking GfK consumer sentiment index increased to -26.6 for September from -29.4 in August, supported by improving income expectations and changes in consumers’ willingness to save.

The stronger German reading provided a positive domestic signal at a time when European markets continue to navigate global political and monetary-policy uncertainty.

Corporate earnings drive individual share moves

Pernod Ricard (EU:RI) shares moved sharply lower after the French wine and spirits group reported a 3.9% decline in annual sales for fiscal 2026, reflecting weaker demand in China and the United States.

Swedish medical technology company Elekta (TG:EJXB) also declined after first-quarter sales came in below expectations.

Prudential (LSE:PRU) moved lower after the insurer reported slower growth in new business profit, while Belgian insurer Ageas (EU:AGS) also lost ground. Ageas’ combined ratio increased to 95.2% in the first half of 2026 from 92.1% a year earlier, reflecting weather-related claims across Europe.

Halfords and Plus500 outperform

Elsewhere, Halfords Group (LSE:HFD) provided a notable bright spot for the London market. Shares in the British cycling and automotive products retailer surged after the company forecast 2027 profit above market expectations.

Plus500 (LSE:PLUS) also posted a strong advance after the trading and betting firm announced a new $100 million share buyback programme.

While major European indices traded cautiously overall, encouraging German consumer confidence and strong company-specific performances provided areas of optimism. Investors will now turn their attention to Jackson Hole for further indications of how the Federal Reserve could approach interest rates during the remainder of the year.

US stock futures advanced on Thursday as strong results from Nvidia (NASDAQ:NVDA) gave fresh momentum to the artificial intelligence trade, while Salesforce (NYSE:CRM) added to the positive tone by lifting its annual outlook and expanding its partnership with Anthropic.

Oil prices moved in the opposite direction, extending their decline as investors monitored signs of diplomatic progress in the Middle East and the possibility of improved commercial transit through the Strait of Hormuz.

Wall Street futures move higher

At 02:49 ET, Dow futures were up 124 points, or 0.2%, while S&P 500 futures gained 26 points, or 0.3%. Nasdaq 100 futures rose 195 points, or 0.7%, reflecting renewed strength across technology-related assets.

The move followed a weaker close on Wednesday, when investors were balancing expectations for Nvidia’s results against fresh US inflation data.

The headline personal consumption expenditures price index for July came in slightly above forecasts, while the core reading matched expectations.

Markets continued to expect the Federal Reserve to keep interest rates unchanged at its September meeting. However, expectations for possible rate increases later in the year strengthened following a series of resilient economic indicators.

Deutsche Bank analysts pointed to a “solid slate of data,” including stronger-than-expected durable goods orders and an upward revision to second-quarter consumer spending. They said the figures were “hard to square with a view that Fed policy is restrictive.”

Investors are now looking ahead to Federal Reserve Chair Kevin Warsh’s speech at the Jackson Hole symposium on Friday. Vital Knowledge analysts said they expect Warsh to maintain his focus on controlling inflation.

Nvidia delivers stronger-than-expected growth outlook

Nvidia shares rose in extended trading after the company reported second-quarter revenue above Wall Street forecasts and issued an upbeat outlook for the current quarter.

The semiconductor group expects quarterly revenue of $108 billion, ahead of market expectations.

The longer-term guidance attracted particular attention. Chief financial officer Colette Kress said Nvidia expects fiscal 2028 revenue growth of 70%, compared with the 45% forecast indicated by FactSet data, according to the Wall Street Journal.

The update helped strengthen confidence that spending on artificial intelligence infrastructure can remain elevated, despite recent concerns about the financial burden of large-scale data-centre investment on major technology groups.

Nvidia has also been deploying capital to support customers building the infrastructure needed for AI workloads. Kress said large frontier AI laboratories could ultimately become “the largest technology companies in history.”

“Management delivered a compelling vision of how strategic investments help Nvidia secure its dominance in this once-in-a-generation AI buildout,” BofA analysts said.

BofA nevertheless highlighted memory chip inflation as a possible risk to profitability. Nvidia expects gross margin to decline to 74% in the third quarter from 75%, before falling to between 71% and 72% in the fourth quarter.

Salesforce raises full-year outlook

Salesforce added to the positive market backdrop after posting second-quarter revenue and earnings above expectations.

The enterprise software group increased its full-year sales and profit guidance, while chief executive Marc Benioff said “AI is delivering value across every layer of our platform.”

Shares climbed more than 13% in after-hours trading.

Raymond James analysts said Salesforce continues to expect growth metrics to accelerate during the second half of fiscal 2027.

“The news comes in stark contrast to other front-office software vendors that referenced extended sales cycles through 2026, and points to potential advantages for Salesforce,” the analysts said.

Salesforce also announced a deeper partnership with Anthropic to develop “Claudeforce,” which will combine Anthropic’s advanced plug-ins with Salesforce’s business software tools.

Selected pilot customers already have access to the platform, with a beta release expected next month.

Marvell Technology prepares to report

Marvell Technology (NASDAQ:MRVL) is another major technology name in focus, with the company scheduled to report earnings after Thursday’s closing bell.

Its shares have surged more than 174% so far this year, taking the company’s market capitalisation to just under $215 billion.

Marvell, which has received financial backing from Nvidia, develops custom AI chips and high-speed interconnect technologies used in data centres.

The company previously forecast that custom chip revenue could exceed $10 billion by 2029 as cloud providers increase spending on specialised AI hardware.

Oil prices fall on improving diplomatic expectations

Oil prices declined for a fourth consecutive session as markets became more optimistic that diplomatic progress could improve supply conditions in the Middle East.

Reports suggested that Iran and Oman had reached an agreement covering commercial shipping through the Strait of Hormuz, although Tehran cautioned that this would not necessarily mean an immediate reopening.

Brent crude and US West Texas Intermediate futures have both lost more than 6% this week as hopes for improved shipping flows have outweighed continuing tensions between the US and Iran.

Washington introduced tighter economic sanctions on Tehran earlier in the week and warned other countries against trading with Iran.

At the same time, reports of potential progress in US-Iran relations have helped improve sentiment. Russian state media said the two sides had reached a new ceasefire deal that could be announced in the coming days, although the claim had not been independently verified.

FTSE 100 opens flat as Prudential reports profit growth, Halfords lifts its outlook and Brent crude falls on easing supply concerns.

Market Overview

The FTSE 100 opened broadly unchanged at 10,788.16, edging up less than 0.01 per cent from its previous close as easing concerns around Middle East oil supplies weighed on energy shares. Across Europe, the Euronext 100 gained 0.02 per cent and Germany’s DAX rose 0.05 per cent as investors assessed the outlook for artificial intelligence demand following Nvidia’s results. In the US, the Nasdaq closed lower at 26,130.20 and the S&P 500 slipped to 7,675.70.

Commodity markets were mixed, with copper, gold and natural gas moving higher while Brent crude declined as expectations for talks to ease Middle East supply disruption reduced some of the recent risk premium. Against sterling, the US dollar, Swiss franc, Japanese yen and Australian dollar weakened marginally, while the euro strengthened slightly. Bitcoin also moved lower against sterling.

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Market Numbers

FTSE 100: Up (0.001%), 10,788.16
Euronext 100: Up (0.02%), 1,937.45
DAX: Up (0.05%), 26,299.84
NASDAQ: Down, 26,130.20
S&P 500: Down, 7,675.70

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In the Headlines

Profit growth – Prudential (LSE:PRU)
Prudential reported stronger first-half profit alongside increased shareholder returns. The improvement highlights continued earnings momentum at the insurance group and its capacity to return more capital to shareholders.

Outlook upgrade – Halfords (LSE:HFD)
Halfords raised its FY27 profit outlook following strong summer trading. The upgrade points to stronger-than-expected momentum across the motoring and cycling products and services group as it enters the remainder of the financial year.

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Currencies (vs GBP)

USD: Down (0.00%), $1.3597
CHF: Down (0.01%), Fr.1.0946
EUR: Up (0.01%), €1.1665
JPY: Down (0.00%), ¥216.5145
AUD: Down (0.00%), $1.8934
Bitcoin (BTC/GBP): Unchanged, £58,210.00

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Commodities

Copper: Up
Gold: Up
Brent Crude: Down
Natural Gas: Up

European equities traded close to the flatline on Thursday, holding near one-week highs as investors welcomed strong results and an upbeat artificial intelligence outlook from Nvidia Corp. (NASDAQ:NVDA) while maintaining a measured stance towards other parts of the market.

The pan-European Stoxx Europe 600 Index edged 0.1% lower. Germany’s DAX was broadly unchanged, while France’s CAC 40 slipped 0.2% and London’s FTSE 100 declined 0.4%.

The relatively subdued index moves contrasted with strong gains across European semiconductor stocks, where Nvidia’s latest guidance reinforced expectations that investment in AI infrastructure will remain a major growth driver.

Nvidia outlook strengthens confidence in AI growth

Nvidia reported quarterly revenue that more than doubled from the previous year, driven by continued strong demand for artificial intelligence computing hardware.

Chief executive Jensen Huang also reinforced expectations for further expansion, with the company providing current-quarter revenue guidance comfortably above Wall Street forecasts.

During its earnings call, Nvidia said it expects fiscal 2028 revenue growth of approximately 70%, substantially ahead of the consensus forecast of 44%.

Nvidia shares climbed as much as 5.6% in after-hours trading, delivering the company’s first positive immediate post-earnings share-price reaction in several quarters.

The results provided a significant boost to European companies exposed to semiconductor manufacturing and AI infrastructure investment.

ASML Holding NV (EU:ASML) gained 2.5%, while STMicroelectronics NV (BIT:STMMI), Infineon Technologies AG (TG:IFX) and BE Semiconductors (EU:BESI) advanced between 2% and 4%.

These companies are positioned to benefit as global technology hyperscalers continue increasing capital expenditure to secure the semiconductor equipment, components and computing infrastructure required for expanding AI workloads.

German consumer confidence shows improvement

Germany’s consumer sentiment indicator, produced jointly by the Nuremberg Institute for Market Decisions and market research group GfK, improved to -26.6 points heading into September.

The survey showed stronger economic and income expectations, which helped offset continued caution among households towards discretionary spending.

The improvement provides an encouraging signal for Europe’s largest economy, suggesting that private consumption could gradually strengthen as improvements in real wages help households recover purchasing power lost during the earlier period of elevated inflation.

Oil extends decline as Middle East diplomacy progresses

Brent crude declined 0.5% to $87.40 per barrel, putting the international benchmark on course for a fourth consecutive daily fall.

Oil prices came under further pressure following reports that Qatar’s prime minister is travelling to Tehran in an effort to restart diplomatic peace talks between the US and Iran.

At the same time, discussions between Iran and Oman regarding commercial transit through the Strait of Hormuz have helped ease immediate concerns about disruption to one of the world’s most important energy shipping routes.

The renewed diplomatic activity has reduced some of the geopolitical risk premium previously supporting crude prices, offering markets greater optimism that commercial shipping conditions could improve while negotiations continue.

London equities moved lower on Thursday as declining crude oil prices put pressure on heavyweight energy stocks, prompting the FTSE 100 to retreat from recent multi-week highs following a strong run for the index.

The FTSE 100 fell 0.5%, extending the pause that began on Wednesday after six consecutive sessions of gains. Lower commodity prices weighed on major constituents Shell PLC (LSE:SHEL) and BP PLC (LSE:BP.), offsetting positive corporate developments elsewhere in the market and a supportive backdrop from overnight US mega-cap earnings.

Investors were assessing a busy combination of company results, industrial production figures and ex-dividend adjustments as attention gradually shifted towards upcoming signals from global central banks.

Prudential PLC (LSE:PRU) was among the companies reporting results, with shares slipping 1.2% despite the insurer delivering an 8% increase in first-half new business profit to $1.38 billion.

UK automotive manufacturing figures provided a more cautious signal for the domestic economy. Vehicle production fell 11.6% year on year in July to 63,655 units, according to the Society of Motor Manufacturers and Traders.

The SMMT attributed the decline partly to exports falling 15.9%, alongside earlier-than-usual summer maintenance shutdowns at several major vehicle assembly facilities.

Energy shares faced pressure as Brent crude declined 0.5% towards $87.40 per barrel, continuing its recent retreat. The move followed diplomatic discussions between Qatari and Iranian officials in Tehran, which raised expectations that an agreement could eventually allow commercial traffic through the Strait of Hormuz to resume.

The prospect of improving transit conditions helped ease some of the concerns surrounding oil supplies that had previously supported crude prices, putting pressure on London’s integrated energy producers.

Mining stocks found a more supportive backdrop, however, as zinc prices advanced for a seventh consecutive session and copper markets strengthened, helping provide some balance to weakness elsewhere in the resources sector.

Investors turn attention to Jackson Hole

With the latest UK industrial figures absorbed and oil markets showing signs of stabilisation, attention in the City is increasingly turning towards the outlook for global monetary policy.

Investors are awaiting Federal Reserve Chair Kevin Warsh’s inaugural keynote address at the Jackson Hole Economic Policy Symposium on Friday, with markets looking for further guidance on the direction of interest rates, borrowing costs and liquidity conditions heading into the autumn.

The upcoming speech represents a key potential catalyst for global markets, with clearer signals on the Federal Reserve’s policy outlook likely to help shape investor positioning after the recent period of strength in UK equities.

U.S. stock futures were little changed on Wednesday as investors avoided making major bets ahead of Nvidia’s (NASDAQ:NVDA) second-quarter results, which are scheduled for release after the closing bell.

The AI chipmaker’s numbers and outlook are expected to play an important role in determining sentiment across the technology sector, particularly amid growing questions over the sustainability of heavy spending on artificial intelligence infrastructure.

“Assuming there is no major movement in either a positive or negative direction in geopolitical terms, tonight’s second quarter results from Nvidia are likely to set the tone for markets through the remainder of the week,” said AJ Bell investment director Russ Mould.

He added, “Investors typically assume Nvidia will always beat expectations, so the AI chip giant will have to produce or say something very special to truly impress the market.”

U.S. PCE inflation slightly exceeds forecasts

Investors also digested fresh inflation figures from the Commerce Department, although the data generated little immediate movement in futures.

The headline personal consumption expenditures price index increased 0.2% in July following a 0.1% decline in June. Economists had forecast a 0.1% monthly increase.

Annual PCE inflation remained unchanged at 3.7%, slightly above expectations for a moderation to 3.6%.

Core PCE, excluding food and energy, increased 0.2% from June, matching forecasts after a 0.1% rise in the previous month. On a yearly basis, core inflation held at 3.3%, in line with expectations.

The PCE measures form part of the Commerce Department’s personal income and spending report and are closely watched by the Federal Reserve when assessing inflationary pressures.

Falling oil prices support Wall Street

Tuesday’s session ended positively for the major U.S. indices, although stocks surrendered some of their stronger early gains.

The Nasdaq rose 171.11 points, or 0.7%, to 26,151.80, while the S&P 500 advanced 24.42 points, or 0.3%, to 7,677.28. The Dow Jones Industrial Average gained 160.24 points, or 0.3%, to finish at 53,577.40.

A continued slide in crude oil prices helped underpin sentiment. U.S. crude futures dropped more than 3% on Tuesday after already falling by more than 2% during Monday’s session.

Oil extended its decline following the Treasury Department’s announcement of “Operation Economic Outcast,” which it described as an unprecedented government-wide economic campaign targeting Iran and its “enablers.”

Washington imposed sanctions on almost 60 entities, individuals and vessels that it said “enable the Iranian regime’s recklessness.” However, traders appeared encouraged that the measures did not immediately include secondary sanctions against countries continuing to facilitate Iranian trade.

Markets also interpreted the Trump administration’s emphasis on economic pressure as potentially reducing the likelihood of an imminent return to a full-scale military campaign.

Lower crude prices helped Treasury yields continue their retreat, providing another supportive factor for equities.

U.S. consumer confidence deteriorates

Separate economic figures showed that consumer confidence weakened during August.

The Conference Board’s consumer confidence index declined to 89.4 from a downwardly revised 90.2 in July.

Economists had expected a reading of 90.1, compared with the previously reported July level of 90.8.

The softer reading reflected deteriorating consumer expectations and added another sign of caution surrounding the outlook for the U.S. economy.

Hardware and gold shares outperform

Computer hardware stocks were among Tuesday’s strongest areas of the market, with the NYSE Arca Computer Hardware Index climbing 3% after several sessions of pronounced weakness.

Gold-related equities also performed strongly, sending the NYSE Arca Gold Bugs Index 2.3% higher.

Airlines, brokerage firms and semiconductor stocks recorded notable gains, while oil producers came under pressure as crude prices continued to retreat.

With Nvidia’s (NASDAQ:NVDA) results approaching, however, investors appear reluctant to push the broader market decisively in either direction. Attention is also turning toward the Jackson Hole Economic Policy Symposium for further clues about the Federal Reserve’s policy outlook.