Jim Cramer: Jackson Hole Is ‘Nonevent,’ Here’s What to Watch From Powell

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Federal Reserve Chair Jerome Powell will be making a speech at the all-virtual Jackson Hole retreat this year.

The retreat was forced to become a virtual event due to concerns around COVID-19.

Powell’s speech has taken on a new level of significance for financial markets.

And the speech comes as the S&P 500 and the Nasdaq rose Wednesday and set all-time intraday highs for a fourth consecutive session.

Stocks have been trading near all-time highs, thanks in part to moves from the Federal Reserve and Congress, but the fate of the next round of government-led stimulus remains uncertain heading into the final months of the year.

And investors have been digesting mixed signals on the strength of the economy as the U.S. reopens amid fresh outbreaks of the coronavirus. For instance, U.S. consumer confidence in August fell to the lowest since 2014, while new home sales in July surged 13.9%, greater than expected.

On Wednesday, U.S. durable goods orders in July jumped 11.2% on strong demand for new cars and trucks. Excluding transportation, orders rose a smaller 2.4%.

While Jim Cramer thinks Jackson Hole is a non-event, he did break down what investors should be watching when Powell takes the virtual stage.

More: What Jim Cramer Is Watching at Jackson Hole

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