U.S. stock futures are slightly higher as investors await Federal Reserve Chair Jerome Powell’s speech today, which could lay out expectations for interest-rate cuts; Nvidia (NVDA) reportedly has told suppliers to halt production on its H20 AI chip as China raises security concerns; Meta Platforms (META) reportedly inks a $10 billion-plus contract with Alphabet’s (GOOGL) Google for cloud services as it continues to build out AI infrastructure; and shares of TurboTax parent Intuit (INTU) are dropping on soft profit and revenue projections. Here’s what investors need to know today.
1. US Stock Futures Point Higher Ahead of Key Federal Reserve Speech
U.S. stock futures are pointing higher as investors await remarks this morning from Federal Reserve Chair Jerome Powell that could set expectations on future interest-rate cuts. Dow Jones Industrial Average futures are higher by 0.3% in early trading after declining by a similar percentage Thursday. S&P 500 and Nasdaq futures also are slightly higher after the indexes posted losses yesterday, with the S&P falling for a fifth straight session. Bitcoin (BTCUSD) is ticking higher. The yield on the 10-year Treasury note is little changed. Oil futures are moving higher. Gold futures are declining.
2. Fed Chair Powell Set to Give Highly Anticipated Speech Today
Fed Chair Jerome Powell’s highly anticipated speech at 10 a.m. ET is expected to provide insight into the central bank’s interest-rate plans, which could create a markets reaction. Powell’s speech at the annual Jackson Hole Economic Symposium comes as the Fed faces elevated inflation rates and signals of labor market weakening. President Donald Trump is putting pressure on the Fed to cut interest rates, while Powell has expressed caution as the central bank monitors tariffs impacts.
3. Nvidia Halts China Chip Production as Beijing Warns Over Security, Reports Say
Nvidia (NVDA) reportedly has told suppliers to suspend production of its H20 semiconductor, after Beijing asked local firms to avoid using the chip intended for the Chinese market due to security concerns. The Information reported that Nvidia instructed Samsung Electronics and Amkor Technology to halt production of the H20 chip, while Reuters said that the firm asked Foxconn to suspend work on them. The H20 was recently approved for sale to China by the Trump administration on the condition that 15% of the chip’s Chinese revenue be paid to the U.S. government. Nvidia shares are 1% lower in premarket trading.
4. Meta Inks Google Cloud Services Deal Worth at Least $10B, Report Says
Meta Platforms (META) will spend $10 billion on cloud services from its Google parent Alphabet (GOOGL), according to a report in The Information. Meta also has contracted with Microsoft Azure and Amazon Web Services for cloud infrastructure, while Google recently inked a similar deal with OpenAI. Shares of Alphabet are up more than 1%, while Meta shares are ticking higher.
5. Intuit Stock Drops on Weak Revenue, Profit Outlook
Intuit (INTU) shares are sinking 6.5% in premarket trading after the tax software maker issued softer-than-expected profit and revenue projections. Intuit reported fiscal 2025 fourth-quarter adjusted earnings per share of $2.75 on revenue that jumped 20% to $3.83 billion, with both beating consensus estimates of analysts polled by Visible Alpha. However, the TurboTax parent also projected current-quarter revenue growth of 14% to 15%, lower than the 16.2% expected by analysts, and its EPS projections for fiscal 2026 first quarter and full year came in weaker than expected.
