US pre-open: Futures trade higher ahead of Jackson Hole

23rd Aug 2024 11:25

(Sharecast News) - Wall Street futures were in the green ahead of the bell on Friday as market participants strapped in for a day packed full of speeches from Federal Reserve bankers.

As of 1230 BST, Dow Jones futures were up 0.35%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.51% and 0.77% firmer, respectively.

The Dow closed 177.71 points lower on Thursday as surging Treasury yields weighed on stocks.

Friday's primary focus will be Federal Reserve chairman Jerome Powell's speech at the central bank's economic symposium in Jackson Hole, Wyoming, with investors hoping to gain further insight into the future of interest rate policy.

Federal Reserve Bank of Atlanta president Raphael Bostic will also deliver a speech on Friday, as will Philadelphia and Chicago presidents Patrick Harker and Austan Goolsbee.

Elsewhere on the macro front, July new home sales will be out at 1500 BST.

In the corporate space, Uber shares were in the red in pre-market trading after the rideshare giant announced a multiyear partnership with General Motors, while retailer Ross Stores rallied before the bell after posting a quarterly earnings beat.

Reporting by Iain Gilbert at Sharecast.com