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Traders apparently are baking in expectations that Federal Reserve Chairman Jerome Powell will confirm at Jackson Hole that a rate cut is forthcoming. After Thursday’s hiccup, stocks appear on track to open higher, with the index futures modestly higher early Friday. While delving into Powell’s speech, fund manager Louis Navellier said, “I suspect he’s going to say that the inflation has been in the Fed’s target range in the last three months, and he has to address the labor market as well.”
Analysts at Macquarie expect Powell to go with a neutral tone. “We wouldn’t be surprised by a moderate tone from Powell, which could have implications for currency markets and investor sentiment,” the analysts at the firm said, Investing.com reported. “Yet, we doubt that Powell will be so bold as to sound so ‘dovish,” they reportedly said.
| Futures | Performance (+/-) |
| Nasdaq 100 | +0.71% |
| S&P 500 | +0.45% |
| Dow | +0.30% |
| R2K | +0.50% |
In premarket trading on Friday, the SPDR S&P 500 ETF Trust (NYSE:SPY) climbed 0.50% to $559.01, and the Invesco QQQ ETF (NASDAQ:QQQ) gained 0.78% to $478.55, according to Benzinga Pro data.
Cues From Last Session:
Selling resumed on Thursday as a modest increase in jobless claims and a faster-than-expected expansion seen in the service sector sapped the risk appetite of traders. The major averages opened slightly higher and saw some volatility in early trading. They began to move steadily lower thereafter before ending notably lower for the session amid caution ahead of Powell’s speech on Friday.
IT stocks fell by the most, and consumer discretionary and communications services stocks also fell sharply, while energy, financial and real-estate stocks bucked the downtrend.
| Index | Performance (+/) | Value |
| Nasdaq Composite | -1.67% | 17,619.35 |
| S&P 500 Index | -0.89% | 5,570.64 |
| Dow Industrials | -0.43% | 40,712.78 |
| Russell 2000 | -0.95% | 2,150.03 |
Insights From Analysts:
The market has shown a lot of resilience as they fought back after the Aug. 5 sell-off, said Fund Strat’s Tom Lee in a CNBC interview on Thursday. “The fact we snapped back so sharply is showing you how strong the market is,” he said. The July jobs data and the sharp downward adjustment made to non-farm payrolls during the annual revision gives more ammunition for the Fed to start a cutting cycle, he added.
This, the strategist, said will give more life to the economy and the markets, especially to cyclical and small-cap stocks. The techs are still in a good place due to the artificial intelligence technology, he said, adding that Nvidia Corp. (NASDAQ:NVDA) will reinforce that. The multiple at which tech stocks are trading is not a demanding multiple, he said.
“If tech is in a good place and then we get Fed cuts, I think it allows the overall market to expand.”
Lee suggested the Fed should get off its data-dependence stance, as it is the reason why the central bank missed the inflation turn and is now missing the soft-landing.
Upcoming Economic Data
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Stocks In Focus:
Commodities, Bonds And Global Equity Markets:
Crude oil futures are higher following back-to-back gains in the past two sessions and gold futures also advanced, with the yellow metal trading past the $2,530-an-ounce level. Bitcoin (CRYPTO: BTC) gained modest ground and traded above the $61K level. The yield on the 10-year Treasury note edged down slightly to 3.852%.
The Asian markets had a lackluster outing, as traders reacted to the pullback by Wall Street stocks overnight and chose to remain on the sidelines ahead of Powell’s speech. European stocks were higher in early trading.
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