Markets today: the Fed chair takes the Jackson Hole stage

Wall Street opens Friday looking to Jackson Hole. Fed Chair Warsh addresses the Kansas City Fed’s annual symposium at 10:00 a.m. ET, and his remarks are the session’s main event, landing the same morning as a preliminary revision to the government’s count of the nation’s jobs. Futures held steady overnight after a higher close Thursday. The calendar thickens next week, with job openings and factory-sentiment data Tuesday and Broadcom’s earnings Wednesday. Friday belongs to the Fed chair.

On the calendar today

The marquee event is Warsh’s speech at the Jackson Hole symposium, scheduled for 10:00 a.m. ET; the symposium itself runs across the day. A preliminary benchmark revision to nonfarm payrolls arrives at the same hour. The prior year’s preliminary revision subtracted 911,000 jobs from the count. The annual benchmark realigns the monthly payroll survey with more complete tax records, and the preliminary figure previews the final revision published early next year. Two medium-importance readings round out the morning. Chicago PMI is due at 9:45 a.m. ET, with a forecast of 57.0 against a prior 57.6. The Chicago gauge tracks business activity across the Midwest and often lands just ahead of the national manufacturing survey. The final reading of the University of Michigan consumer sentiment index follows at 10:00 a.m. ET, carrying a forecast of 51.0 versus a prior 55.2. No company in Bellwize’s coverage reports today.

Where Thursday left off

Stocks closed higher Thursday. The S&P 500 ended at 7,730.99, up 0.72 percent. The Nasdaq Composite led the major averages, climbing 1.57 percent to 26,541.35, while the Dow added 0.20 percent to 53,569.44. Technology carried the advance while the blue chips lagged. Volatility stayed subdued. The VIX finished at 14.49, and the 10-year Treasury yield settled at 4.66 percent.

The week ahead

• Tuesday: Two high-importance releases land at 10:00 a.m. ET, JOLTS job openings (a prior 7.36 million) and the ISM manufacturing PMI (forecast 55.3, prior 55.6). Palo Alto Networks and Dell Technologies report.
• Wednesday: Broadcom and Snowflake report.

What to watch

The overlap of a Fed chair’s speech and a payrolls revision at the same hour makes 10:00 a.m. ET the morning’s pivot. Both hit at ten. A speech carries no printed figure, so tone does the work, and Warsh’s read on the path of interest rates is the piece markets will listen for first. The benchmark revision restates how many jobs the economy actually added over the past year. It is a backward-looking adjustment, but one that can still reshape how economists gauge the labor market’s strength. The two medium-tier reports fill in the picture: Chicago PMI on factory conditions in the Midwest, and the final Michigan number on how consumers feel heading into the fall.

This is a general-market summary for information only — not investment advice, and not a recommendation regarding any security.