Business & Finance
Stock futures stable ahead of Federal Reserve chair speech
Wall Street monitors developments including a called-off merger, executive changes, and new FDA approvals
The short version
- Stock futures remained stable on Friday, August 28, 2026, ahead of Federal Reserve Chairman Kevin Warsh's scheduled address at the Jackson Hole symposium.
- Corporate movements included a terminated $14.5 billion merger between Solstice and Element Solutions, alongside major executive appointments at Gap Inc.
- Eli Lilly secured expanded FDA approval for Mounjaro to help reduce cardiovascular risks in diabetic adults.
Key facts
- Federal Reserve Chairman Kevin Warsh is scheduled to deliver his first Jackson Hole address at 10 a.m. ET on Friday, August 28, 2026.[CNBC]
- Solstice and Element Solutions terminated their proposed $14.5 billion merger, leading Solstice to announce a $500 million share buyback.[CNBC]
- Gap Inc. shares rose 16% in premarket trading after appointing Michael Francis to run Old Navy and reporting better-than-expected quarterly results for Gap and Banana Republic.[CNBC]
- Eli Lilly received FDA approval to expand Mounjaro's label to include reducing cardiovascular risk in adults with type 2 diabetes.[CNBC]
- Affirm shares climbed 13% premarket following positive fourth-quarter performance and strong fiscal 2027 guidance.[CNBC]
- PayPal shares dropped 15% after Stripe and Advent halted their pursuit of the company.[CNBC]
What remains uncertain
- Workday CEO Aneel Bhusri declined to comment on reports regarding potential plans to take the company private.[CNBC]