U.S. stock index futures edged higher on Friday ahead of a keenly awaited speech by Federal Reserve Chair Jerome Powell at the Jackson Hole summit that could offer some hints on the direction the central bank would take on interest rates.
A spate of strong economic data, including a fall in last week’s jobless claims, has signaled robust consumer demand and a tight labor market, dampening hopes that the Fed could be close to the end of its rate-hike cycle.
Boston Fed President Susan Collins said Thursday that the central bank might raise interest rates further and would likely need to keep rates elevated for a prolonged duration, even if it chooses not to implement another increase in the upcoming months. “We may need additional increments, and we may be very near a place where we can hold for a substantial amount of time,” Collins said. At the same time, Philadelphia Fed President Patrick Harker reiterated his stance that the Fed has “probably done enough” on tightening policy and should keep interest rates on hold for the rest of this year.
Shares of Nvidia were up 1% in premarket trading on Friday after nearly erasing all their gains in the previous session as some traders took profits following a blowout forecast from the chip-designer. Shares of Marvell Technology Inc fell 4.1% after the chipmaker posted a fall in second-quarter revenue, hit by a weak enterprise market.
WTI crude futures steadied above $79 per barrel. Gold was subdued below $1,920 an ounce while the yield on the 10-year US Treasury note retreated toward 4.25%.
Have a great day!
Share this article:
More in Platinum Swing Trading:
Good morning. Market futures are flat this morning this morning as Treasury yields found firmer footing, with investors’ focus now...
October 4, 2023
Good morning. Futures tracking Wall Street indexes inched up on Friday after concerns over interest rates battered stocks in the...
September 22, 2023
Good morning. U.S. stock index futures declined as growth stocks took a hit from a jump in Treasury yields after...
September 21, 2023
Good morning. Wall Street index futures were mixed on Friday as shares of Ford and General Motors as well as...
September 15, 2023