Stock Market News Live Updates: August 26, 2022

Stock Market News Live Updates: August 26, 2022

Stock futures tumbled on Friday morning as Wall Street awaited a highly anticipated speech by Federal Reserve Chairman Jerome Powell at the US central bank’s economic symposium in Jackson Hole.

Futures pegged to the S&P 500 were down 0.4%, while the Dow Jones Industrial Average futures were down about 100 points, or 0.3%. Nasdaq futures fell 0.6%. The moves come after the top three averages rallied in the previous session to post gains of more than 1%.

Powell is scheduled to make comments at 10 am ET in Jackson Hole, Wyoming, where central bankers from around the world gathered this week to discuss economic policy. Investors are bracing for aggressive messages from the US central bank governor about his commitment to tightening monetary conditions and moderating inflation.

“At the Jackson Hole Symposium, Fed Chair Powell will be tasked with delivering a key message: ‘stand up and hold,'” EY Parthenon chief economist Greg Daco said in a note Friday after a second GDP estimate that showed the US economy. contracted at a slightly slower pace than estimated last quarter.

Federal Reserve officials have said impending policy decisions will be guided by meeting-to-meeting economic data — and so far, many readings on economic activity have said the central bank is likely to proceed with a further tightening of monetary conditions.

Federal Reserve Chairman Jerome Powell and his wife Elissa Leonard attend a dinner program at Grand Teton National Park, where financial leaders from around the world are gathering for the Jackson Hole Economic Symposium outside Jackson, Wyoming, USA, on August 25, 2022. REUTERS/Jim Urquhart

Federal Reserve Chairman Jerome Powell and his wife Elissa Leonard attend a dinner program at Grand Teton National Park, where financial leaders from around the world are gathering for the Jackson Hole Economic Symposium outside Jackson, Wyoming, USA, on August 25, 2022. REUTERS/Jim Urquhart

On Wednesday, Kansas City Federal Reserve Chair Esther George told Yahoo Finance in an interview that policymakers have “more work to do” on interest rate hikes, and the sharper impacts of its recent movements have not yet been felt.

“We’re trying to get back to 2% inflation as quickly as possible without damaging the economy,” George said in Jackson Hole.

“So in July it looked like there was some relief from those price pressures, but certainly not enough so you could say we’re heading in the right direction,” she added. “So I think we have more data to look at. And I think we have more work to do to start seeing that trend go down.”

On Friday, traders will receive readings from the Personal Consumption Spending Price Index, or PCE — the Federal Reserve’s preferred measure of inflation — and the University of Michigan Consumer Opinion Survey.

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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