U.S. stock futures were trading mixed early Friday as markets eagerly awaited Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole symposium. This may be his last address before retiring later this year, and traders are hoping he will signal a strong push for interest rate cuts.
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Futures on the Nasdaq 100 (NDX) were down 0.10%, while those on the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) were up 0.04%, and 0.14%, respectively, at 4:10 a.m. EST on August 22.
During Thursday’s regular trading session, the S&P 500 fell 0.40%, marking its fifth straight day of losses. The Nasdaq Composite and the Dow Jones also ended in negative territory, both slipping 0.34%. As of Thursday’s close, all three major averages were on track to finish the week lower.
After markets closed yesterday, QuickBooks maker Intuit (INTU) stock fell 5.5% despite beating Q4FY25 estimates. On the other hand, shares of Zoom Communications (ZM) rose 5.7% after delivering a strong beat-and-raise quarterly performance.
On the economic front, Powell’s remarks on the future path of monetary policy will take center stage. Meanwhile, the Jackson Hole economic symposium continues into its third day tomorrow, August 23.
Turning to earnings, membership-only warehouse club chain BJ’s Wholesale Club (BJ) is set to release its report today. Yesterday, Walmart’s (WMT) stock fell 4.5% in regular trading after the big-box retailer missed second-quarter earnings expectations.
Meanwhile, the U.S. 10-year Treasury yield was up, floating near 4.33%. WTI crude oil futures were trending higher, hovering near $67.88 per barrel as of the last check. Additionally, the Gold Spot U.S. dollar price decreased to nearly $3,371 per ounce on Friday.
Elsewhere, European stocks opened in negative territory as traders reviewed the final details of the EU-U.S. trade deal.
Asia-Pacific Markets Traded Higher Today
Asia-Pacific markets traded mostly higher today as global investors awaited Powell’s speech for guidance on U.S. monetary policy.
Hong Kong’s Hang Seng index advanced 0.94%. In China, the Shanghai Composite gained 1.45%, while the Shenzhen Component rose 1.55%. Meanwhile, Japan’s Nikkei rose 0.05%, and the Topix increased by 0.58%.
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