"Wall Street Anticipates Powell's Game-Changing Speech at Jackson Hole"

US stocks opened higher as investors awaited a key speech from Federal Reserve Chair Jerome Powell at the annual Jackson Hole economic symposium. Wall Street is expecting a more nuanced stance from Powell, with a 20% chance of a rate hike in September. The market remains uneasy about the potential impact of the speech, as evidenced by the Dow's 350-point drop at the end of Thursday's trading. In corporate news, Hawaiian Electric shares fell nearly 20% following a lawsuit from the government of Maui, while Affirm shares rose over 18% after beating earnings estimates. Jackson Hole, the location of the symposium, is the most economically unequal place in the US, highlighting the impact of inflation and high interest rates on lower-earning households. Analysts do not expect Powell's speech to have the same market impact as last year, given the improved inflation situation and the Fed's likely more balanced assessment.