Stock Futures on Edge as Fed Chair Warsh Takes Centerstage

AI optimism from earlier this week looks to be fading this morning

Stock futures are scattered to end the week, as investors shift focus from Nvidia (NVDA) earnings and look ahead to Federal Reserve rhetoric at the Jackson Hole symposium. Dow Jones Industrial Average (DJI) futures are cautiously higher, while Nasdaq-100 Index (NDX) futures off by nearly triple digits, with Wall Street eager to hear Kevin Warsh’s first remarks as Fed Chair on the volatile bond market and interest rates. At last look, the 10-year Treasury yield sits at 4.68%. Elsewhere, a post-earnings selloff from Marvell Technology (MRVL) is wearing out the AI trade optimism from Nvidia yesterday. 

Continue reading for more on today’s market, including:

• What could be next for Nvidia stock? 
• Outperforming computer hardware stock gearing up for earnings next week. 
• Plus, two fintech stocks in focus; and more on Marvell’s post-earnings move. 

5 Things You Need to Know Today

1. The Cboe Option Exchange saw roughly 3.1 million call contracts and 1.2 million put contracts traded on Thursday. The single-session equity put/call ratio fell to 0.39, while the 21-day moving average remained at 0.59. 
2. PayPal Holdings Inc (NASDAQ:PYPL) stock is down 14.8% ahead of the bell, after Bloomberg reported Advent and Stripe had abandoned their acquisition talks with the fintech. PayPal stock is down 10.3% in 2026, heading into today.
3. Affirm Holdings Inc (NASDAQ:AFRM) stock is 13.2% higher before the open, after the fellow fintech reported a triple play for the fiscal fourth quarter. Nine analysts responded with price-target hikes, the highest coming from TD Cowen to $124. AFRM is set to put some distance from its year-to-date breakeven level today.
4. Marvell Technology (NASDAQ:MRVL) stock is down 8% in electronic trading. Although the semiconductor supplier reported a top-line beat for the fiscal second quarter, investors had been expecting better due to the timing of Marvell’s deal with Alphabet (GOOGL). MRVL is up 184% in 2026.
5. What to know for the filled week ahead.

Europe Eyeing Fed Chair Warsh Comments

Asian stocks were mostly muted in Friday’s session. Japan’s Nikkei rose 0.4%, and Hong Kong’s Hang Seng gained 0.07%, while South Korea’s Kospi shed 1.8%. Elsewhere, China’s Shanghai lost 0.1%, as the region’s five largest banks each reported strong profit growth between 3% and 5%.

European markets are higher on rising utility and auto stocks Friday, with all eyes also on the long-awaited Jackson Hole address from Warsh. London FTSE 100 is up 0.2%, France’s CAC is 1% higher,  and Germany’s DAX is rising 0.5%.