August 28, 2026
Stocks give back gains ahead of a closely watched Fed speech at Jackson Hole.
What happened
The Dow and S&P 500 rose early before slipping. Roughly 500 billion dollars of market value has moved this week as traders wait for remarks from Fed Chair Powell. Futures on the Nasdaq 100 also fell while a few single names including Marvell, Affirm, and PayPal swung sharply.
Why it matters
Powell's speech is the main event because it will signal how long the central bank plans to keep rates high. Every word will be parsed for clues on when cuts might begin, which shifts the cost of borrowing for companies and resets the math on everything from tech stocks to bonds. The falling prices show real money is pulling back ahead of that promise or disappointment.
The case against
The trend is still up and market stress reads calm. This dip looks like routine profit taking before a headline. If Powell says nothing new, stocks could snap right back to recent highs.
What settles it
Whether Powell frames the next move as a hold or explicitly opens the door to a cut later this year.