Stock Market Live August 22: S&P 500 (VOO) Edges Higher as Investors Await Powell Comments
On August 22, the S&P 500 ETF (VOO) rose 0.3% as investors await comments from Federal Reserve Chairman Jerome Powell at the Jackson Hole conference. Despite mixed economic signals reducing the likelihood of a September interest rate cut, Alphabet secured a $10 billion contract with Meta, boosting both stocks. Nvidia seeks U.S. approval to sell a new AI chip to China. In earnings, Intuit beat expectations but forecasted lower revenue, causing its stock to drop over 6%. BJ’s Wholesale Club also reported mixed results, with its stock down nearly 6%.
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Federal Reserve Chairman Jerome Powell is scheduled to give a speech at the Fed’s Jackson Hole conference later Friday. Investors are all ears, and cautiously optimistic Powell might say something positive, and the Vanguard S&P 500 ETF (NYSEMKT: VOO) is edging up 0.3% premarket in anticipation of that.
Even so, mixed economic news have reduced the chances of the Fed lowering interest rates in September, with pundits now giving that eventuality a 75% chance.
In other news, Alphabet (Nasdaq: GOOG) (Nasdaq: GOOGL) has reportedly inked a six-year, $10 billion contract to lend its server farms to Meta (Nasdaq: META) and the latter’s artificial intelligence efforts. Word of cooperation between the two internet giants and S&P 500 components has both stocks moving higher premarket.
And speaking of artificial intelligence, Nvidia (Nasdaq: NVDA) is said to be seeking permission from the U.S. government to sell a more advanced AI chip, dubbed B30A, to China. More powerful than the H20 chip China currently favors, Nvidia will be hoping that the prospect of taking 15% of revenue from B30A sales to China may entice the Administration to give it the nod of approval.
Earnings
In earnings news, S&P 500 component company and tax software-maker Intuit (Nasdaq: INTU) beat earnings by nine cents last night, reporting $2.75 per share in fiscal Q4 2025 profit. Revenue for the quarter was $60 million more than expected at $3.8 billion, and Intuit forecast strong earnings — $22.96 per share or better — in fiscal 2026.
Revenue, however, could be less than expected — perhaps as little as $20 billion — and investors are punishing Intuit for that part of its forecast. The stock is down more than 6% premarket.
Warehouse store BJ’s Wholesale Club (NYSE: BJ), which is not an S&P 500 component, reported $1.14 per share in Q2 profits this morning, four cents better than expected. Revenue, however, was $110 million below estimates at $5.38 billion, and BJ’s stock, too, is down premarket — nearly 6%.
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