A potential candidate to succeed Federal Reserve Chair Jerome Powell, David Zervos, said that it’s inaccurate to describe the US central bank as independent, and characterized the outgoing Fed chief as aligned with the political left.

Palo Alto Networks jumped 6.3% overnight after the cybersecurity company beat Wall Street’s sales and profit forecasts. The California company also announced the retirement of Nir Zuk, its founder, chief technology officer and board member.

Powell is slated to give his annual address in Jackson Hole, Wyoming, on Friday. Swaps are pricing in a high probability the Fed will cut borrowing costs by a quarter point next month. In the face of mounting pressure from President Donald Trump for hefty reductions,

By Howard Schneider WASHINGTON (Reuters) -Fed Chair Jerome Powell used the central bank's annual Wyoming research conference to promise inflation-fighting rigor when it was needed in 2022, then last year he came to the defense of the job market with promises of lower interest rates when the unemployment rate seemed on a steady rise.

A number of stocks fell in the afternoon session after the major indices continued to pull back, with technology stocks accounting for most of the market's largest decliners.

Wall Street will be listening closely to Federal Reserve Chair Jerome Powell's speech Friday at the Jackson Hole economic policy summit, where he could signal whether the central bank is ready to cut borrowing costs at its next meeting in September.

Phil Orlando, Chief Equity Market Strategist at Federated Hermes, joins Worldwide Exchange to discuss Fed policy, market risks, and why small caps could outperform as rates trend lower.

"This underscores the importance of immediate action to secure the future of the Colorado River," said Reclamation's acting commissioner David Palumbo.