US stock futures pushed higher on Friday as Wall Street counted down to Federal Reserve Chair Jerome Powell's highly anticipated speech at Jackson Hole.

Dow Jones Industrial Average futures (YM=F) rose 0.2% while S&P 500 futures (ES=F) inched up 0.1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) hovered above the flat line, on the heels of a downbeat day for stocks.

Powell's speech at the Fed's symposium later on Friday has investors on edge. His remarks are set to not only shake up rate-cut bets but also shape monetary policy for years to come.

Stocks swung last week as Fed policy predictions shifted. After July's Consumer Price Index (CPI) report showed inflation had increased at a pace that was in-line with analysts' expectations, rate-cut bets surged, sparking a two-day stock rally. However, a second check on inflation that week, July's Producer Price Index report, came in hotter-than-expected and abruptly threw cold water on rate-cut hopes and stocks' march higher.

This week, more signs that a rate cut may not be imminent piled up. Minutes from the Federal Reserve's last meeting showed that the two officials who dissented from the decision to hold rates steady in July were largely alone in their opinion. The minutes also indicated inflation was more of a concern for officials than labor market weakness. Finally, two policymakers, Jeffrey Schmid and Beth Hammack, expressed wariness over a September rate cut on Thursday.

Meanwhile, President Trump has continued a pressure campaign on the Federal Reserve, publicly bashing Powell and, more recently, calling for the resignation of Fed governor Lisa Cook for alleged mortgage fraud. His tariff policy also continues to evolve with its ultimate impact on inflation difficult to predict.

On the earnings front, Zoom (ZM) popped in premarket after reporting an AI boost, and Ross Stores (ROST) jumped as shoppers seek discounts amid tariffs. Intuit (INTU) and Workday (WDAY), meanwhile, slid.

Bloomberg reports:

Nvidia Corp. (NVDA) has instructed component suppliers including Samsung Electronics Co. and Amkor Technology Inc. to stop production related to the H20 AI chip, the Information reported, citing unidentified sources.

Nvidia issued those orders this week after Beijing urged local companies to avoid using the H20, the Information said, referring to a chip designed specifically for the Chinese market.

A production suspension would raise questions about fundamental demand for the H20, a less-powerful version of Nvidia’s cutting-edge AI accelerators that competes with capable chips from the likes of Huawei Technologies Co. and Cambricon Technologies Corp.

Nvidia and Advanced Micro Devices Inc. both recently secured Washington’s approval to resume lower-end AI chip sales to China, on the controversial and legally questionable condition that they give the US government a 15% cut of the related revenue.

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