U.S. stock market update on August 22

U.S. stock market update on Thursday

The stock markets in the U.S. and around the world are waiting for the U.S. Federal Reserve symposium, which starts on Thursday. It means that several hours left before the annual symposium in Jackson Hole. The Federal Reserve Bank of Kansas City first organized this symposium in 1982. Since then every symposium takes place in the U.S. Stare of Wyoming.

Investors, traders, and journalists are monitoring this event, as they are looking for clues regarding the Fed meeting, which will take place in September. Moreover, it means that Federal Reserve Chairperson Jerome Powell should try to do his best to stabilize the situation. Powell will address the attendees of the symposium on the second day of the event.

U.S. stocks on Thursday

The stock futures increased on Thursday ahead of the Federal Reserve Symposium. For example, the futures of the Dow Jones Industrial Average rose by 46 points or 0.2% and reached 26,270. Stock futures of S&P 500 increased by 4.8 points or 0.2% to 2,934.

At the same time, Nasdaq-100 futures rose by 10.5 points to 7,761 as its futures increased by 0.1%.

For example, on Wednesday Dow Jones Industrial Average rose by 240.29 points or 0.9% to 26,202. The S&P 500 index increased by 0.8% or 23.92 points to 2,924. The Nasdaq Composite Index rose by 0.9% to 8,020.

Apart from the above-mentioned indexes, the stocks U.S. companies also increased as well. For instance, the stocks of Hormel Foods Corp increased by 2.9%. This happened after the meat producer released the results of the third quarter.

The stocks of Nordstrom Inc. Increased by 7.4%. The company released the financial results of the second quarter. Hopefully, for the company, the results exceeded the expectations for sales and earnings.

The Federal Reserve symposium is an important event. Chairperson Powell will address 120 attendees on August 23. This will be his first speech after he announced that Federal Reserve decided to lower the interest rate.