US pre-open: Futures little changed ahead of Jackson Hole summit
By Iain Gilbert
Date: Thursday 26 Aug 2021
(Sharecast News) - Wall Street futures were trading mostly lower ahead of the bell on Thursday ahead of the Federal Reserve's summit in Wyoming.
As of 1230 BST, Dow Jones futures were up 0.06%, while S&P 500 and Nasdaq-100 futures were 0.06% and 0.14% lower, respectively.
The Dow closed 39.24 points higher on Wednesday, while the S&P 500 rallied about 4,500 for the first time.
Thursday's primary focus will be the Federal Reserve's highly anticipated Jackson Hole symposium, with central bankers set to make remarks to the media beginning. Investors will be holding out hope that Fed heads potentially provide some sort of update on their plans regarding tapering monetary stimulus.
AvaTrade's Naeem Aslam said: "Futures in the United States and Europe are lower today as investors await the conclusion of the Jackson Hole Symposium. Comments yet to be made by central bank officials and global financial experts are critical for investors because they may provide clues as to how and when the Fed may begin to taper its massive stimulus. Any unexpected remarks could spark volatility in the stock market.
"Despite the fact that many are anticipating remarks by Federal Reserve chair Jerome Powell on the subject, it is very unlikely that he will make any market-moving declarations at this meeting. Because of the recent softening in economic growth, the Fed has already indicated that it may begin tapering before the end of 2021. Having said that, investors should anticipate a cautious tone from policymakers at this meeting."
On the macro front, second-quarter GDP growth rate estimates will be published at 1330 BST, along with this week's jobless claims data, while the Kansas Fed's August manufacturing index will be released at 1600 BST.
In the corporate space, Dollar General posted second-quarter earnings and revenues that beat expectations, while Dell Technologies and HP will report after the close.
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