The Market Brief
US equity futures edged lower after a run of selling in big tech, as traders remain cautious ahead of the Federal Reserve’s gathering at Jackson Hole.
Impact Snapshot
🟥 Unemployment Claims - 8:30am
🟧 Manufacturing/Services PMI - 9:45am
Macro Viewpoint
This week has seen pressure on U.S. tech stocks amid worries that the sharp rally since April advanced too quickly.
Traders are staying cautious as the Jackson Hole symposium kicks off later today, with investors awaiting Fed Chair Jerome Powell’s speech on Friday for guidance on the path for interest rates.
Chair Powell is set to deliver the findings from the first stage of the policy framework review, with the first focus being modifications to the Statement on Longer-Run Goals and Monetary Policy Strategy.
Tech Seasonality is NOT Your Friend
As great as July seasonality has proven to be (NDX up 17 of 18 years in the month of July), September has proven to be a trickier month for markets: NDX seasonality over the last 10 years below.
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