Nvidia Earnings 'More Important' Than Jerome Powell's Jackson Hole Speech For Wall Street, Says Expert: 'Not Even Going To Tell You What He's Going To Do After That…'

Peter Boockvar, a renowned market analyst, recently shared his expectations for Federal Reserve Chair Jerome Powell’s upcoming commentary and its potential market implications.

What Happened: Boockvar shared during CNBC’s “Fast Money,” on Thursday that while Powell will acknowledge a September rate cut based on the employment data rather than the inflation rate, “he is not going to tell you 25 or 50 [basis points], and he’s not even going to tell you what he’s going to do after that, because they don’t know.”

“Nvidia is going to be more important than what Powell says. The economic data actually mattered more for the markets directly, not in terms of its implications for the Fed, and the earnings from the big names had much more of an impact on the markets than the Fed.”

Boockvar also highlighted that Nvidia Corp (NASDAQ:NVDA) is going to cap the whole AI trade next week when it announces its latest quarterly results on Wednesday.

See Also: 30-Year Mortgage Rates Hit 15-Month Low, But Applications Pull Back After Recent Spikes: Real Estate Stocks React Wednesday (CORRECTED)

Why It Matters: The market is historically sensitive to Powell’s short-term monetary policy guidance. In 2022, Powell’s suggestion of a 75 basis point hike led to a spike in Treasury yields and a downturn in equities.

Investors are currently awaiting Powell’s speech at the Jackson Hole Economic Symposium, with U.S. stocks settling lower on Thursday. The market sentiment, as indicated by the CNN Money Fear and Greed index, remains in the “Neutral” zone.

Meanwhile, Federal Reserve members have hinted at a potential shift towards lowering interest rates. Boston Fed President Susan Collins and Philadelphia Fed President Patrick Harker indicated that the central bank might begin easing rates as soon as September.

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Image via Midjourney

This story was generated using Benzinga Neuro and edited by Pooja Rajkumari