Dow futures trade lower as traders brace for Powell's Jackson Hole remarks
U.S. stock futures slipped early Friday ahead of what could be a market driving speech by Federal Reserve Chairman Jerome Powell that may offer investors much needed clues on the pace of interest-rate increases.How are stock-index futures trading? It was the best session in two weeks for all three major indexes on Thursday. The S&P 500 SPX, +1.41% rose 1.4% to 4,199.12, the Dow industrials DJIA, +0.98% climbed 322.55 points, or 1%, to close at 33,291.78 and the Nasdaq Composite COMP, +1.
What’s driving the market? In the main event that markets have been looking forward to all week, if not longer, Powell will address the Kansas City Fed’s Jackson Hole Economic Symposium at 10 a.m. Eastern. Many expect he will back the central bank’s pledge to battle inflation. “The Fed will want to be sure that inflation is falling at a sustainable enough pace before it signals any sort of dovish shift or pivot, especially if inflation turns out to be stickier than expected,” said Michael Hewson, chief market analyst at CMC Markets UK.
“He therefore needs to put to bed any idea that somehow rates will start to come down much before 2024, and in so doing, in contrast to last year when the narrative was lower for longer, he’ll need to craft the message of higher for longer, without prompting a meltdown in bond markets.”Read: How stocks perform as central bankers gather each year at Jackson Hole
Ahead of that, PCE price index data for July are due for release at 8:30 a.m. The core PCE price index, closely watched by Fed policy makers, is forecast to decelerate slightly to a 4.7% year-over-year rate, from 4.8%. July data on disposable incomes, personal incomes and consumer spending are expected at the same time, as well as advance trade in goods for the same month.
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