Futures Drift Lower Ahead Of Action Jackson Hawk-nado Futures Drift Lower Ahead Of Action Jackson Hawk-nado The day we''ve all been waiting for has finally arrived as Jerome Powell prepares for his keynote hawknado speech at the "Action Jackson" Hole. After yesterday''s unexpected last hour rally, US stock futures dropped and interest rates rose as jittery investor nerves took hold before Federal Reserve Chair Jerome Powell’s much-anticipated (hawkish) speech at the Jackson Hole symposium. SP futures dropped 0.4% in a subdued session, while Nasdaq 100 futures fell 0.5% as of 7:15 a.m. ET. Both underlying indexes jumped Thursday, paring losses from earlier in the week, as bond yields dropped. Still, the benchmark SP 500 is set for its second straight weekly decline as Fed policy makers sounded more hawkish about their outlook on rate hikes, even amid growing fears of a recession. Among notable movers in premarket trading, Affirm Holdings Inc. slumped after the payments company gave a revenue forecast for 2023 that missed the average analyst estimate.