U.S. equities are headed lower once again in premarket trading, as stretched Tech stock valuations and Jerome Powell’s looming Friday speech in Jackson Hole weigh on risk managers. Investors will try to glean any insight for Powell to either combat or validate current market expectations of easing in financial conditions with at least a 0.25% cut to the Federal Funds rate next month – futures markets are currently pricing in an 85% probability that occurs. Elsewhere, fresh initial and continuing jobless claims data will be released tomorrow.
Michael Oravetz Managing Director, Investment Management Group
Date Event Survey Actual Prior Revised 8/20/2025 MBA Mortgage Applications — -1.40% 10.90% — 8/20/2025 FOMC Meeting Minutes — — — — 8/21/2025 Initial Jobless Claims 225k — 224k — 8/21/2025 Initial Claims 4-Wk Moving Avg — — 221.75k — 8/21/2025 Continuing Claims 1960k — 1953k — 8/21/2025 Philadelphia Fed Business Outlook 6.7 — 15.9 — 8/21/2025 S&P Global US Manufacturing PMI 49.7 — 49.8 — 8/21/2025 S&P Global US Services PMI 54.2 — 55.7 — 8/21/2025 S&P Global US Composite PMI 53.5 — 55.1 — 8/21/2025 Leading Index -0.10% — -0.30% — 8/21/2025 Existing Home Sales 3.92m — 3.93m — 8/21/2025 Existing Home Sales MoM -0.30% — -2.70% —
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