Stock futures increased on Friday as the market is waiting for the Federal Reserve’s annual Jackson Hole symposium. Notably, investors are looking for more details about the central bank’s plans to taper monetary stimulus.
Dow Jones Industrial Average futures increased by 0.2% or 86. Meanwhile, S&P 500 futures surged 0.3%, and Nasdaq 100 futures gained 0.3%.
The even is usually takes place in Jackson Hole, Wyoming. However, the Federal Reserve summit will be held virtually this year due to the COVID-19 pandemic. Fed Chairman Jerome Powell’s speech will take center stage Friday morning at 10:00 a.m. ET.
Remarkably, the central bank is preparing markets for when it cuts back its $120 billion in monthly bond purchases, which is likely in 2021.
Gap’s shares increased 8% in premarket trading after the company’s quarterly earnings report beat on top and bottom lines. Meanwhile, Peloton shares sank after the exercise equipment firm’s fourth-quarter financial results missed Wall Street estimates. Peloton declined by 7%.
The three major U.S. indexes closed Thursday’s regular trading session lower. The DJIA snapped a four-day win streak. Meanwhile, the S&P 500 and the Nasdaq Composite both broke five-day win streaks.
The Dow Jones Industrial Average declined by 192.38 points or 0.5%. Additionally, the S&P 500 slipped 0.6%, and the Nasdaq Composite slumped 0.6%. Remarkably, U.S. stock futures surged 0.3%.
Market participants also watched new developments in Afghanistan, which reduced investor sentiment. Remarkably, investors are waiting for a consumer sentiment reading to be published Friday morning.
Meanwhile, the yield on benchmark 10-year Treasury notes held 1.3441%, declining from a two-week peak of 1.375% hit in the previous session.
The DJIA, S&P 500 and the Nasdaq gained during the week
The three major stock averages witnessed gains during the week. The Dow Jones Industrial Average is up 0.3% week-to-date. Meanwhile, the S&P 500 gained 0.6% to settle at 4,470. The Nasdaq Composite surged 1.6% to hit 14,945.81.
Furthermore, the indexes are on track to end the month higher. The Dow Jones Industrial Average boosted by 0.8% in August. The S&P 500 gained 1.7%, and the Nasdaq Composite is up 1.9% this month.
Europe’s STOXX 600 index was flat after MSCI’s broadest index of Asia-Pacific shares, excluding Japan, advanced 0.17%. It saw its best week since February.
Chinese blue chips soared 0.45%. Meanwhile, Hong Kong’s benchmark gained 0.15%.
Moreover, U.S. crude surged 1.7% to $68.58 a barrel, Brent crude soared 1.5% to $72.12 per barrel.
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