US Pre-Market 28 August 2026: Futures Flat Into Warsh's Jackson Hole Debut

Sentiment: mixed S&P 500 futures: +0.09%

S&P 500 futures sat at 7,749.75, up 0.09%, and Nasdaq 100 futures at 29,658.25, down 0.13% as of 08:36 ET, holding Thursday's gains but adding nothing ahead of Kevin Warsh's first Jackson Hole keynote as Fed Chair at 10:00 ET. PYPL.US fell 13.96% to $52.89 pre-market after Stripe and Advent walked away from a pursuit that valued PayPal above $50 billion. The 10-year Treasury sits at 4.69% and futures price roughly 41% odds of a hike at the 16 September FOMC.

Overnight drivers

• Warsh keynote, 10:00 ET: ES=F +0.09%, NQ=F -0.13%, VIX 14.42. This is the first extended account of how the new Fed Chair reads the economy, 19 days before the 16 September FOMC that also carries updated projections and a revised dot plot.
• MRVL.US -7.82% to $222.58: Marvell posted record Q2 revenue of $2.739 billion, up 37% year on year, guided Q3 to about $3.15 billion and raised its fiscal 2027 and 2028 revenue forecasts. The stock sold anyway, having rebounded 49% from its lows into the print.
• ESTC.US +24.18% to $103.99: Elastic reported revenue of $478.1 million, up 15.1%, with non-GAAP EPS of $0.70 landing 19.9% above consensus. Full-year revenue guidance moved to $2.00 billion at the midpoint.
• PYPL.US -13.96% to $52.89: Stripe and Advent dropped a bid worth more than $50 billion. PayPal's board had rejected $60.50 a share as insufficient, citing regulatory and financing hurdles.
• Tokyo core CPI +1.8% year on year: A third straight month of acceleration, up from 1.7% in July. MUFG.US +2.11%, MFG.US +2.25% and SMFG.US +1.69% pre-market, with the Nikkei 225 closing 0.41% higher at 66,405.56.

Thursday's close

• S&P 500: 7,730.99 (+0.72%)
• Nasdaq Composite: 26,541.35 (+1.57%)
• Dow: 53,569.44 (+0.20%, +105.56 points)
• Russell 2000: 3,014.34 (+0.28%)
• VIX: 14.42

NVDA.US rose 8.74% after forecasting fiscal 2028 revenue growth near 70% against the 44% analysts expected, and CRM.US gained 22.58% on guidance above estimates plus a $2.6 billion gain on strategic investments. Technology was the only S&P 500 sector to finish higher. The equal-weight S&P 500 fell 0.16% while the cap-weighted index rose 0.72%, so a handful of names carried the index.

Pre-market movers

Memory and storage names lower

SNDK.US -2.22%, INTC.US -2.12%, SKHY.US -1.86%, MU.US -1.69%, STX.US -1.49% and WDC.US -1.32% pre-market. INTC.US had gained 4.36% and SKHY.US 2.27% in Thursday's session, so the group is handing back Thursday's move. South Korea's KOSPI closed 1.79% lower at 6,788.88.

Overnight Asia and Europe

• Nikkei 225: 66,405.56 (+0.41%)
• Hang Seng: 25,584.79 (+0.07%)
• KOSPI: 6,788.88 (-1.79%)
• STOXX 600: 654.84 (+0.46%)
• DAX: 26,516.13 (+0.56%)
• FTSE 100: 10,808.06 (+0.14%)

Rates, dollar and commodities

• US 10-year Treasury: 4.69% (up 2 basis points from Thursday's 4.67% settle)
• Dollar index: 99.20 (+0.05%)
• Gold: US$4,655.50/oz (-0.18%)
• WTI crude: US$82.79 (-0.89%)

July PCE, released 26 August, put headline inflation at 3.7% year on year against a 3.6% forecast, with core at 3.3% and both headline and core up 0.2% on the month. Inflation-adjusted consumer spending was flat after a 0.4% June gain.

US economic calendar today (ET)

• 09:45 Chicago PMI, August
• 10:00 Fed Chair Kevin Warsh, Jackson Hole keynote
• 10:00 University of Michigan consumer sentiment, final August reading. The preliminary print was 51.0, down from 55.2 in July, with year-ahead inflation expectations at 4.3% and the five-year measure at 3.3%
• 13:00 Baker Hughes rig count

What to watch

• Thursday delivered a 0.72% cap-weighted gain and a 0.16% equal-weight decline in the same session.
• Yields have risen for a second consecutive session, with the 10-year 2 basis points above Thursday's 4.67% settle.
• Warsh speaks at 10:00 ET, the same minute the final Michigan sentiment reading lands.

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