Stock market today: Dow rises slightly as investors await Powell’s speech in Jackson Hole later this week
How to trade stock index futures:
S&P 500 futures fell 0.02%.
Dow Jones Industrial Average futures fell 0.03%.
Nasdaq 100 futures fell 0.1%.
On FridayThe Dow Jones Industrial Average rose 97 points, or 0.24%, to 40,659, the S&P 500 gained 11 points, or 0.2%, to 5,554 and the Nasdaq Composite gained 37 points, or 0.21%, to 17,632.
Futures prices suggested that markets will open the week with a slight decline. The S&P 500’s seven-session gain of 6.8% is the best since October 2022.
This week, investors will be closely watching Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole Economic Symposium in Wyoming, where he is expected to provide signals on the timing and pace of interest rate cuts.
Deutsche Bank said its U.S. economists expected Powell’s speech “to be a sign that the Fed has gained sufficient confidence that it will soon be appropriate to begin easing monetary policy, with rate cuts justified by both sides of the Fed’s dual mandate.”
On Monday, cosmetics giant Estee Lauder and cybersecurity firm Palo Alto Networks will release their earnings. Also later in the week, Zoom’s earnings will be released on Wednesday and Baidu’s earnings will be released on Thursday.
In terms of economic data, this week also includes preliminary August PMI data for the US, eurozone, UK and Japan on Thursday, the release of the quarterly employment and payrolls count on Wednesday and the minutes of the July Fed meeting.
The Democratic Party convention also begins in Chicago on Monday, with tens of thousands of activists expected to attend, preparing a major protest against the Biden administration’s stance on the war in the Gaza Strip.
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