Traders on the floor of the New York Stock Exchange.
Source: NYSE
Stock futures rose Thursday ahead of the Federal Reserve’s annual Jackson Hole Symposium negotiation with investors looking for more details on the central bank’s plans to cut monetary stimulus.
Dow Jones industrial average futures gained 36 points, 0.1%. S&P 500 futures rose 0.11% and Nasdaq 100 futures added 0.09%.
Gap shares gained in expanded operations after the clothing retailer’s quarterly earnings report topped the top and bottom lines, while Peloton shares fell after the company’s fourth-quarter financial results exercise teams missed Wall Street estimates.
The top three U.S. indices closed the regular trading session Thursday down. The Dow hit a four-day streak of victories, while the S&P 500 and Nasdaq Composite broke five-day streaks.
The Dow lost 192.38 points, or 0.5%. The S&P 500 fell 0.6% and the Nasdaq Composite fell 0.6%.
Market participants oversaw new developments in Afghanistan, which appeared to affect investor sentiment. The Pentagon confirmed on Thursday that the explosions near Hamid Karzai International Airport in Afghanistan killed 12 members of the US service and injured 15.
“Markets don’t like uncertainty and uncertainty in Afghanistan is high and seems to be increasing,” said Bob Doll, investment director at Crossmark Global Investments.
The Fed’s annual Jackson Hole Symposium will be held virtually this year, and President Jerome Powell’s speech will take center stage Friday morning. Market participants are waiting for information on the central bank’s plan to curb monthly bond purchases.
Investors also expect a reading of consumer sentiment to be released on Friday morning.
The top three stock averages are set to close the week in the green. The Dow is up 0.3% on the week, while the S&P 500 is up 0.6% and the Nasdaq Composite is up 1.6%.
The indices are also on track to end the month higher. The Dow rose 0.8% in August. The S&P 500 is 1.7% higher and the Nasdaq Composite is up 1.9% this month.