Stocks moved listlessly across the unchanged line on Thursday as traders digested mixed economic data points.
U.S. stock futures moved southward early Friday as the market stayed tuned in to Federal Reserve Chair Jerome Powell’s Jackson Hole address.
The schedule available on the Kansas City Fed, which hosts the symposium, shows that Powell is set to deliver the opening remarks at 10 a.m. ET on Friday (8 a.m. Mountain Time). Incidentally, President Donald Trump will make an announcement at the Oval Office at noon ET, according to his public schedule made available on Roll Call.
Tech stocks could come under pressure yet again as reports said that Nvidia (NVDA) has told its suppliers to stop making components related to its H20 China-specific artificial intelligence (AI) chips.
As of 3:40 a.m. ET, the Dow futures and the Russell 2000 futures edged up 0.05% and 0.18%, respectively but the Nasdaq Composite and the S&P 500 Index slipped 0.17% and 0.03%, respectively.
Stocks moved listlessly across the unchanged line on Thursday as traders digested mixed economic data points. While jobless claims rose more than expected and the Philadelphia Fed’s regional manufacturing activity unexpectedly contracted, the S&P flash private sector activity readings for August came in stronger than expected, with the manufacturing activity expanding at the fastest pace since May 2022.
Some traders stayed on the sidelines ahead of Powell’s speech.
The Invesco QQQ Trust (QQQ), an exchange-traded fund (ETF) that tracks the Nasdaq 100 Index, fell 0.46%, extending its losing streak to a sixth session. The SPDR S&P 500 ETF (SPY) slipped 0.40% and SPDR Dow Jones Industrial Average ETF Trust (DIA) moved down 0.46%.
On the other hand, the iShares Russell 2000 ETF (IWM) edged up 0.25%, pointing to continued rotation out of large-caps and into their smaller peers.
Retailers BJ’s Wholesale (BJRI) and Buckle (BKE) are due to announce their quarterly results on Friday.
Crude oil futures extended their climb early Friday, while gold futures fell modestly. The 10-year U.S. Treasury note yield was nearly flat, above the 4.3% mark, after it spiked on Thursday following the strong private sector activity data.
The U.S. dollar was firmer against most major currencies ahead of Powell’s speech.
The major Asian markets traded mixed, although Chinese stocks advanced strongly, with the rally underpinned by tech stocks amid AI optimism.
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