Nasdaq Composite Live: Markets Waiting on Powell’s Jackson Hole Speech

At the moment, Nasdaq futures are down about 37 points, as nervous markets wait to hear from Fed boss Jerome Powell at the Jackson Hole Symposium later this week.

In fact, markets are waiting for clues as to what could happen at the central bank’s remaining policy meetings for the year.

“We expect the Federal Reserve to use Jackson Hole as an opportunity to prepare the markets and signal towards a 25-basis point cut in September and a potentially accommodating stance through year-end,” said Richard Saperstein, chief investment officer at Treasury Partners, as quoted by CNBC. “Since this will be Powell’s last Jackson Hole conference as Fed Chair, he’ll likely reinforce the need for Fed independence from the Executive Branch.”

According to CME’s FedWatch, there’s an 83% chance of a quarter-point cut in September.

Earnings: Palo Alto Networks Jumped 6%, or $11.26 on a Beat

Shares of Palo Alto Networks are up 6%, or $11.26, after beating Wall Street earnings estimates.

For its most recent quarter, the company’s EPS of 95 cents beat by six cents. Revenue of $2.54 billion, up 15.5% year over year, beat by $40 million. Guidance was also impressive, with the company calling for EPS of between 88 cents and 90 cents, which would be above estimates for 86 cents. Revenue is forecast to range from $2.45 billion to $2.47 billion.

“For the full year, Palo Alto expects to earn between $3.75 and $3.85 per share on an adjusted basis, with the $3.80 midpoint above the $3.69 per share estimate. Sales are forecast to be between $10.48B and $10.53B, above the $10.44B estimate,” says Seeking Alpha.

Earnings: Home Depot Missed Earnings, But Maintained Full-Year Forecast

Home Depot’s EPS of $4.68 missed estimates by a penny. Revenue of $45.28 billion was in-line. Comparable sales of 1% missed estimates of 1.4%.

“Our second quarter results were in line with our expectations. The momentum that began in the back half of last year continued throughout the first half as customers engaged more broadly in smaller home improvement projects,” stated CEO Ted Decker. “Our teams are executing at a high level, and we continue to grow market share.”

Home Depot also reiterated that it expects full-year total sales to grow by 2.8% and comparable sales to jump about 1%. With that, the HD stock is up about $4.60 a share in premarket.