Stock futures fall ahead of Fed speech, GDP report

0
59


US equity futures are trading lower ahead of Thursday’s session on Wall Street.

The main forward indices suggest a drop of 0.5%.

GET FOX BUSINESS ON THE ROAD BY CLICKING HERE

Investors watch the speech by Fed Chairman Jerome Powell at the U.S. central bank’s annual symposium in Jackson Hole. In the past, officials have used the meeting, which is being held online this year, to make market-shaking announcements.

This year, forecasters expect Powell to speak about inflation and the importance for Congress to provide more economic aid after its latest round of stimulus expires. Partisan disagreements prevented a deal.

POWELL EDGES TOWARDS RELAXING EDF POSITION ON INFLATION

As the Fed keeps interest rates close to zero, Powell has previously said Congress needs to take action.

A full base of economic data is also planned.

The Commerce Department is expected to say that the second reading of second quarter gross domestic product fell at an annualized rate of 32.5% in the last quarter, a slight improvement from the first (anticipated) estimate of -32.9% published last month, which was the worst annualized. recorded decline,.

At the same time, the Labor Department is expected to say the number of unemployment benefit claims fell to 1 million, down slightly from the previous week’s total of 1.106 million. Since the lockdowns began, some 57.4 million people have applied for unemployment benefits.

NEW HOUSE SALES IN JULY, HIGHER SINCE 2006

Finally, the National Association of Real Estate Agents will publish its index of pending home sales for July. Economists are looking for a 3% increase from 116.1 in June, the highest reading in 14 and a half years.

Discount retailers Dollar General and Dollar Tree will lead a string of retail-related profits Thursday morning, which include clothing retailers Burlington Stores and Abercrombie & Fitch.

Gap reports in the afternoon with PC makers Dell Technologies and HP.

In Europe, London’s FTSE is down 0.4%, Germany’s DAX is 0.5% and France’s CAC is down 0.7%.

In Asia, the Tokyo Nikkei index fell 0.4%, the Hong Kong Hang Seng lost 0.8% and the Shanghai Composite of China gained 0.6%.

The Wall Street S&P 500 benchmark hit another high, closing 1% on Wednesday with solid gains for tech stocks, although most of the other companies in the index fell.

Teleprinter security Latest Change Change%
IS: DJI MEDIUM DOW JONES 28331,92 +83,48 + 0,30%
SP500 S&P 500 3478,73 +35,11 + 1,02%
I: COMP INDEX COMPOSITE NASDAQ 11665,060312 +198,59 + 1,73%

The Dow Jones Industrial Average rose 0.3% to 28,331.92. The Nasdaq composite, which is heavily weighted by technology stocks, climbed 1.7% to 11,665.06, its third consecutive record.

CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS

Benchmark US crude oil fell 17 cents to $ 43.21 per barrel on electronic trading on the New York Mercantile Exchange. The contract gained 4 cents on Wednesday to $ 43.39. Brent, which is used for the price of international oils, was little changed at $ 45.63 per barrel in London. It fell 22 cents the previous session to $ 45.64.

The Associated Press contributed to this article.

LEAVE A REPLY

Please enter your comment!
Please enter your name here