Federal Reserve Chair Jerome Powell's Jackson Hole Address to Impact Market Sentiment, Nvidia Stops Production of H20 AI Chip, Google Strikes $10 Billion Deal with Meta

US stock futures pause losses ahead of Jerome Powell's Jackson Hole speech, Nvidia stops H20 AI chip production for China, and Google announces a $10 billion cloud computing deal with Meta.

US stock futures edged higher on Friday, pausing losses as investors awaited Federal Reserve Chair Jerome Powell's address at the Jackson Hole Symposium. Powell's speech, scheduled for 10 a.m. ET, is expected to provide insights into the Fed's interest-rate path and could influence market expectations for a rate cut in September [1].

The Dow Jones Industrial Average (DJIA) and S&P 500 (SPX) futures rose by 0.33% and 0.26%, respectively, while the Nasdaq 100 (IXIC) futures gained 0.23% [1]. The recovery in futures prices comes after a week of losses, driven by concerns over the broader health of the American consumer and ongoing tariff pressures. Retail bellwethers like Walmart (WMT) and Target (TGT) have been affected by increasing tariff costs, while other retailers like Home Depot (HD) have also been in focus [1].

Among notable corporate developments, Google-parent Alphabet (GOOG) saw its shares rise by 1.1% after reports of a six-year cloud computing deal with Meta Platforms (META) worth over $10 billion [1]. This deal underscores the intensifying competition in artificial intelligence (AI) development among tech giants and highlights the growing importance of cloud infrastructure in supporting AI initiatives [3].

Meanwhile, Nvidia (NVDA) stock fell by 2% after reports that the company has halted orders of its H20 AI chip, produced specifically for the Chinese market, in compliance with U.S. export controls [2]. The chipmaker has asked its component suppliers to pause production related to the H20 chip, following restrictions imposed by Chinese authorities [2]. This development comes amidst uncertainty around U.S. China restrictions and rising fears concerning an AI bubble burst.

Intuit (INTU) and Workday (WDAY) also saw their shares fall by 5.7% and 5.3%, respectively, following their earnings reports. Intuit forecasted Q1 revenue growth below analysts' estimates, while Workday provided an in-line outlook for the current quarter [1].

In summary, US stock futures paused their losses ahead of Powell's Jackson Hole speech, while notable corporate developments included Google's $10 billion cloud computing deal with Meta and Nvidia's halt on H20 AI chip production for China.

References:
[1] https://www.tradingview.com/news/reuters.com,2025:newsml_L4N3UE0N6:0-us-stock-futures-rise-ahead-of-powell-s-jackson-hole-speech/
[2] https://stocktwits.com/news-articles/markets/equity/nvidia-on-track-to-extend-drop-on-h20-china-ai-chip-order-halt/chsmnkSRdiv
[3] https://theoutpost.ai/news-story/meta-signs-10-billion-cloud-computing-deal-with-google-amid-ai-race-19414/