Stock futures were steady higher on Thursday as central bankers around the world meet for the much-anticipated Federal Reserve’s economic symposium in Jackson Hole.
S&P 500 contracts jumped 0.5% after the index snapped a three-day streak in the previous session. Dow Jones Industrial futures added 80 points, or 0.3%, while futures linked to the tech-heavy Nasdaq Composite rose 0.6%.
Investors will tune into the central bank’s meeting in Wyoming for indications from Fed officials about the pace and size of their plans to raise interest rates for the rest of this year, as activity appears to be slowing in some aspects of the U.S. economy. USA. The most closely watched part of the meeting is set for Friday, with Chairman Jerome Powell scheduled to make remarks that may indicate whether the central bank’s next policy announcement in September will lead to another 75 basis point rate hike or a slight increase of 0.50%.
“The broad expectation is that Jerome Powell will continue his inflation-fighting narrative, preventing markets from perceiving that the Fed has taken a gamble,” David Norris, partner and head of U.S. credit at the Fed, said in a note. TwentyFour Asset Management. “Markets expect more hawkish statement from Powell under ‘higher duration’ narrative on interest rates.”
However, Fed policy is expected to be dictated by economic data on a meeting-by-meeting basis. A busy series of releases is in store for traders on Thursday, with a second estimate of second-quarter US GDP on deck and the latest jobless claims data expected.
On the earnings front, shares of Nvidia ( NVDA ) fell more than 4% in premarket after the chipmaker reported quarterly results late Wednesday that missed estimates and cut its guidance for the next period.
Shares of Salesforce ( CRM ) fell nearly 7% in extended trading after the software giant cut its full-year revenue and profit outlook against a stronger dollar and tighter spending by its customers.
Meanwhile, Tesla ( TSLA ) stock rose about 1.4% before the open after the electric vehicle giant executed a 3-for-1 stock split approved by shareholders earlier this month after the bell on Wednesday . The move comes exactly two years after a 5-for-1 stock split and is aimed at attracting more private investors.
Crude oil futures held close to $95 a barrel. Earlier this week, Saudi Arabia suggested that the OPEC+ alliance may make possible production cuts.
Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
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