Stocks edge higher ahead of Powell’s Jackson Hole speech

FAN Editor

U.S. stock futures were moderately higher as investors awaited Federal Reserve Chairman Jerome Powell’s keynote speech at the virtual Jackson Hole symposium.

Dow Jones Industrial Average futures rose 86 points, or 0.24%, while S&P 500 futures and Nasdaq 100 futures rose 0.3% and 0.34%, respectively. 

All three of the major averages slid Thursday after U.S. troops suffered their deadliest day in a decade after two suicide bombings occurred near Kabul’s airport.  

Powell’s Jackson Hole speech will surely be a market mover as investors are eagerly anticipating hints about when the central bank will begin to taper its asset purchases and raise interest rates. Ahead of the speech, which will begin at 10 a.m. ET, the benchmark 10-year yield was unchanged at 1.35%. 


Economic data due out Friday morning includes personal income and spending and personal consumption expenditures prices excluding food and energy which are all due out at 8:30 a.m. ET. 

Ticker Security Last Change Change %
JPM JPMORGAN CHASE & CO. 161.75 +0.83 +0.52%
WFC WELLS FARGO & CO. 49.05 -0.24 -0.49%
GS THE GOLDMAN SACHS GROUP, INC. 412.41 -0.71 -0.17%

In stocks, financials were in focus due to their sensitivity changes in interest rates. 

Ticker Security Last Change Change %
PTON PELOTON INTERACTIVE, INC. 114.09 -2.16 -1.86%

Elsewhere, Peloton Interactive Inc. reported a wider-than-expected quarterly loss as the growth experienced during the heart of the pandemic slowed. The company slashed the price of its less expensive bike by about 20%. 

In other news, Peloton was subpoenaed by the U.S. Department of Justice and Department of Homeland Security over injuries caused by its products.  

Ticker Security Last Change Change %
GPS GAP, INC. 26.35 -1.13 -4.11%
HP HELMERICH & PAYNE, INC. 25.29 -0.51 -1.98%

Meanwhile, Gap Inc. beat on earnings and revenue and raised its full-year outlook amid strong demand from its Old Navy and Athleta brands. The improved outlook includes expected headwinds from supply-chain disruptions and inflationary pressures. 

HP Inc.’s quarterly revenue fell short of estimates as the PC maker struggled to meet demand due to the ongoing chip shortage. 

In commodities, West Texas Intermediate crude oil spiked $1.06 to $68.48 a barrel and gold ticked up 40 cents to $1,795.60 an ounce.

Overseas markets were mixed. 


European bourses were little changed with France’s CAC 40 and Britain’s FTSE 100 slipping 0.1% and 0.06%, respectively, and Germany’s DAX 30 flat. 

 In Asia, Japan’s Nikkei 225 lost 0.36%, Hong Kong’s Hang Seng edged down 0.03% and China’s Shanghai Composite rallied 0.59%. 

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