U.S. Stock Futures Rise as Markets Eye Powell’s Jackson Hole Speech

U.S. stock index futures climbed on Friday, rebounding from the losses seen in the previous session, as investors await Federal Reserve Chair Jerome Powell’s address at the Jackson Hole Symposium for more insights into the Fed’s interest rate plans.

• Dow Jones Futures rose 145 points (0.4%) at 06:15 ET (10:15 GMT).
• S&P 500 Futures increased by 30 points (0.5%).
• Nasdaq 100 Futures gained 155 points (0.8%).

Thursday’s Market Performance
The major Wall Street indices experienced significant losses on Thursday:

• The S&P 500 fell by 0.9%.
• The NASDAQ Composite slumped by 1.6%.
• The Dow Jones Industrial Average slipped by 0.4%.

The downturn was largely driven by a selloff in technology stocks as traders shifted their focus to more rate-sensitive sectors.

Focus on Powell’s Jackson Hole Speech
Investors are keenly anticipating Powell’s speech at the Jackson Hole Symposium, hoping for clues about the Fed’s timeline for interest rate cuts. Although Powell is unlikely to explicitly announce a September rate cut, markets are almost certain that a reduction will occur next month, with traders divided between a 25 and 50 basis point cut, according to CME Fedwatch.

Recent data pointing to a cooling U.S. economy, particularly in the labor market, has fueled expectations of lower rates. A sharp downward revision in payrolls data for the year through March 2024 raised concerns that the labor market is weaker than initially thought, heightening fears of a potential recession.

Economic Data and Corporate News
The U.S. economic calendar includes the release of July’s building permits and new home sales data later in the day.

In corporate developments:

• Uber Technologies (NYSE:UBER) announced a multiyear partnership with Cruise, General Motors’ (NYSE:GM) self-driving unit, to integrate Cruise’s autonomous vehicles into Uber’s ride-hailing platform.
• Ross Stores (NASDAQ:ROST) stock surged in premarket trading after the retailer raised its fiscal 2024 profit forecast and reported better-than-expected second-quarter results, driven by strong demand for discounted apparel and reduced freight costs.
• Workday (NASDAQ:WDAY) shares also jumped premarket following the company’s strong second-quarter revenue beat and the announcement of a $1 billion stock buyback plan.