CNBC Daily Open: Jackson Hole fears overshadow Nvidia

Even Nvidia’s blockbuster earnings couldn’t quell investor anxiety over Jackson Hole.

Last year, the S&P 500 lost 2% in the five trading days before Powell's Jackson Hole speech, and stumbled 5.5% in the five after, according to DataTrek Research.

This time, investors are"worried about what [Powell] might say around r-star and embracing, high new normal rates," said Krishna Guha, head of global policy and central bank strategy for Evercore ISI. R-star is the value at which interest rates neither stimulate nor restrict the economy. In other words, investors are concerned the Fed might not cut interest rates that much even after inflation subsides.

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