Context:

Jackson Hole, Wyoming, is bustling this week as key figures in economic policy gather for the Kansas City Federal Reserve's annual symposium, where Federal Reserve Chair Jerome Powell's upcoming speech is highly anticipated amid speculation about his successor. Target announced Michael Fiddelke as its next CEO, succeeding Brian Cornell, amidst a market reaction that saw a drop in Target's shares despite positive earnings. In the tech sector, the Nasdaq Composite experienced a significant decline, with major tech stocks and cryptocurrencies like bitcoin showing losses. The U.S. expanded tariffs on additional goods, which is part of a larger trade agenda, yet S&P Global maintained the country's credit rating. Furthermore, Robinhood is diversifying into sports-based prediction markets, allowing users to trade on outcomes of professional and college football games, as part of its broader strategy to enhance its prediction market offerings.

Dive Deeper:

• Jackson Hole is a focal point this week as the Kansas City Federal Reserve's annual policy symposium draws key economic figures, with Federal Reserve Chair Jerome Powell's speech being a major highlight. The symposium is crucial as it also coincides with discussions about Powell's potential successor, with interviews slated to begin after Labor Day.

• Target announced Michael Fiddelke as its new CEO, prompting a 10% drop in premarket trading despite better-than-expected financial results for the second quarter. The current COO will take over from Brian Cornell, while the company maintains its full-year outlook despite a sales decline.

• The technology sector faced a downturn with the Nasdaq Composite falling nearly 1.5%, affecting major tech stocks known as the 'Magnificent Seven'. Cryptocurrencies, including bitcoin and ether, also saw significant pullbacks following bitcoin's recent all-time high.

• The White House has broadened its 50% tariffs to cover an additional 407 product categories, impacting items from car parts to specialty chemicals. This move is an extension of President Donald Trump's trade agenda, yet S&P Global reports that tariff revenue will offset financial impacts, keeping the U.S. credit rating stable.

• Robinhood is expanding into sports prediction markets, allowing users to trade on outcomes of NFL and college football games. This initiative represents the online broker's efforts to broaden its market offerings, integrating sports wagering into its platform to attract a wider user base.