{"id":105045,"date":"2024-08-23T14:51:13","date_gmt":"2024-08-23T10:51:13","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=105045"},"modified":"2024-08-23T14:51:15","modified_gmt":"2024-08-23T10:51:15","slug":"u-s-stock-futures-rise-as-markets-eye-powells-jackson-hole-speech","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/u-s-stock-futures-rise-as-markets-eye-powells-jackson-hole-speech\/08\/23\/market-updates\/","title":{"rendered":"U.S. Stock Futures Rise as Markets Eye Powell&#8217;s Jackson Hole Speech"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>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&#8217;s address at the Jackson Hole Symposium for more insights into the Fed&#8217;s interest rate plans.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Dow Jones Futures<\/strong> rose 145 points (0.4%) at 06:15 ET (10:15 GMT).<\/li><li><strong>S&amp;P 500 Futures<\/strong> increased by 30 points (0.5%).<\/li><li><strong>Nasdaq 100 Futures<\/strong> gained 155 points (0.8%).<\/li><\/ul>\n\n\n\n<p><strong>Thursday&#8217;s Market Performance<\/strong><br>The major Wall Street indices experienced significant losses on Thursday:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The <strong>S&amp;P 500<\/strong> fell by 0.9%.<\/li><li>The <strong>NASDAQ Composite<\/strong> slumped by 1.6%.<\/li><li>The <strong>Dow Jones Industrial Average<\/strong> slipped by 0.4%.<\/li><\/ul>\n\n\n\n<p>The downturn was largely driven by a selloff in technology stocks as traders shifted their focus to more rate-sensitive sectors.<\/p>\n\n\n\n<p><strong>Focus on Powell&#8217;s Jackson Hole Speech<\/strong><br>Investors are keenly anticipating Powell&#8217;s speech at the Jackson Hole Symposium, hoping for clues about the Fed&#8217;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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p><strong>Economic Data and Corporate News<\/strong><br>The U.S. economic calendar includes the release of July&#8217;s building permits and new home sales data later in the day.<\/p>\n\n\n\n<p>In corporate developments:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Uber Technologies<\/strong> (NYSE:UBER) announced a multiyear partnership with <strong>Cruise<\/strong>, General Motors&#8217; (NYSE:GM) self-driving unit, to integrate Cruise&#8217;s autonomous vehicles into Uber&#8217;s ride-hailing platform.<\/li><li><strong>Ross Stores<\/strong> (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.<\/li><li><strong>Workday<\/strong> (NASDAQ:WDAY) shares also jumped premarket following the company&#8217;s strong second-quarter revenue beat and the announcement of a $1 billion stock buyback plan.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217;s address at the Jackson Hole Symposium for more insights into the Fed&#8217;s interest rate plans. Dow Jones Futures rose 145 points (0.4%) at 06:15 ET (10:15 GMT).S&amp;P 500 Futures increased by &hellip;<\/p>\n","protected":false},"author":9,"featured_media":31849,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[39,36],"tags":[6842],"class_list":["post-105045","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-global-stock-markets","category-market-updates","tag-us"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/105045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=105045"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/105045\/revisions"}],"predecessor-version":[{"id":105046,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/105045\/revisions\/105046"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/31849"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=105045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=105045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=105045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}