Dow Jones, Nasdaq, S&P 500 weekly preview: All eyes on Nvidia and Powell

investing.com:

S&P 500 (SPX) fell 2.1% last week to mark the third consecutive week of selling. The index now trades about 5% below the most recent high.

NASDAQ Composite (IXIC) lost 2.6% to hit important short-term support at 13200. The 100 daily moving average sits at 13071. Dow Jones Industrial Average (DJI) also experienced a selloff, falling 2.2%.

“A combination of technical and fundamental factors have been pressuring equities in August, a month that’s already a seasonally weak time of year. Technically, the multi-month rally led to a crescendo of pain in July, as the advance proved too much for many people, prompting an avalanche of chasing and towel throwing (some of the most prominent bears flipped bullish last month),” Vital Knowledge analysts wrote in a report to clients.

All eyes on Nvidia and Powell

This week is packed with important events that could help shape the near-term future of the U.S. market. The main macro event this week will be the Fed’s Jackson Hole conference, including Chair Jerome Powell’s speech at the event on Friday.

“The average J-Hole doesn’t generate more market volatility than any other trading day,” said Piper Sandler analysts.

“True, this econometric evidence far from precludes Powell from saying something provocative on August 25. We’re on watch. But we reckon like most times he’ll take a pass this year. Unlike, say, in 2010 or 2012, when Bernanke addressed newfangled unconventional policy measures, we cannot think of another such recent innovation or stance that Powell needs to elaborate on or clarify. The bar is high for front-running the Committee.”

Elsewhere, the flash PMIs for August and the U.S. jobs data revisions are both out on Wednesday. On the earnings front, Zoom Video Communications