IXIC: Nasdaq Futures Wobble After Trump-Putin Summit; Next Up — Powell’s Speech at Jackson Hole

Tech-heavy index was slow to start the week after booking back-to-back weekly wins. Now it’s off to Powell to assuage investors’ fears on Friday.

📢 Futures Wobble into New Week

• Nasdaq Composite IXIC futures were hugging the flatline early Monday, signaling a cautious start to the week after tech stocks booked back-to-back weekly gains.
• The tech-heavy index rose 0.8% last week, alongside a 1.7% climb for the Dow and a 0.9% rise for the much broader S&P 500. Investors are weighing geopolitical risks after President Donald Trump met with Vladimir Putin in Alaska over the weekend. The summit ended without a deal on Ukraine.
• “Great progress” was made, Trump said on Truth Social, but ceasefires “often times do not hold up.” He added that further talks could happen if discussions with Ukrainian President Volodymyr Zelensky “work out.”
• Zelensky, who’s heading to Washington to meet with Trump Monday (accompanied by European leaders), reaffirmed that only a “real, lasting peace” would suffice — not a temporary truce. The lack of resolution kept investors from piling into risk assets.

🏛️ Fed in the Spotlight at Jackson Hole

• Later into the week, markets’ focus will shift to the Federal Reserve’s annual symposium in Jackson Hole, Wyoming. Fed boss Jay Powell will be speaking on Friday. And that speech could set the tone for traders as the summer is entering its final lap and autumn is just around the corner.
• Futures markets are pricing in an 85% chance of a rate cut in September, per CME’s FedWatch tool. Traders will be listening for signals on whether fresh cuts could follow into the year-end.
• The risk? Powell strikes a hawkish note on inflation, pushing back against Wall Street’s dovish bets and sizzling stocks that are pricing in easier money.

👋 Earnings Season Cushioning Sentiment

• Despite global uncertainty, corporate America continues to deliver. Of over 90% of S&P 500 companies that have reported second-quarter earnings, roughly 80% have topped Wall Street’s estimates.
• That strong earnings backdrop has cushioned equities against geopolitical shocks and policy uncertainty. Still, the Nasdaq’s premarket wobble may mean that traders want clarity from Trump and Powell before pushing indexes to fresh records (which are not too far behind).
• Tech, with its lofty valuations and dependence on cheap capital, will be first in line to react if Powell hints at a slower pace of cuts.