Stock market today: Live updates- Genznews

Traders work on the floor of the New York Stock Exchange.


U.S. stock futures were mixed in early premarket trade on Friday as Wall Street looked toward Federal Reserve Chairman Jerome Powell’s Jackson Hole speech.

Futures tied to the Dow Jones Industrial Average ticked up 62 points, or 0.18%. S&P 500 futures were roughly flat while Nasdaq 100 futures were down 0.27%

The major averages initially rallied Thursday on the back of Nvidia’s strong quarterly results. However, the markets turned negative for the day as investors grew more cautious ahead of Powell’s remarks. 

The Dow had its worst day since March, while the broad market index and tech-heavy Nasdaq Composite logged their biggest one-day losses since Aug. 2. 

Despite Thursday’s declines, both the S&P 500 and Nasdaq are holding on to weekly gains of 0.2% and 1.3%, respectively. If the two averages manage end the week in the green, they would break a 3-week losing streak.

The Jackson Hole Economic Symposium in Wyoming brings together central bankers and key financial officials from across the world. During last year’s gathering, stocks fell following Powell’s hawkish speech. The chair used the forum to warn of “some pain” ahead in the battle against inflation.

This year, the event’s stated topic is a focus on “structural shifts in the global economy.” 

“As always, investors will be parsing comments from Powell and others about the likely road ahead —mainly whether interest rates may remain at relatively high levels for an extended period of time, even if inflation continues to decline from current levels,” said Zachary Hill, head of portfolio strategy at Horizon Investments.

The strategist believes any market volatility resulting from Powell’s comments, which begin Friday at 10:05 am. ET, will be short-lived.

“We expect volatility and position adjustments around events like Jackson Hole, but we broadly view the recent action across equities and fixed income as more of a healthy correction than a new trend,” Hill said. 

Wall Street will also be eyeing consumer sentiment data for August. There are no major companies reporting earnings on Friday.

Leave a Comment