Inventory futures are flat forward of the Fed’s Jackson Gap Symposium
Traders on the floor of the New York Stock Exchange.
Stock futures are flat in overnight trading Thursday ahead of the Federal Reserve’s annual Jackson Hole Symposium, where investors are looking for more details on the central bank’s plans to curb monetary stimulus.
Futures on the Dow Jones Industrial Average gained 19 points, or 0.05%. S&P 500 futures rose 0.04% and Nasdaq 100 futures rose 0.06%.
Gap shares rose in expanded trading after the apparel retailer’s quarterly earnings report beat sales and earnings numbers, while Peloton shares fell after the sports equipment maker’s fourth quarter financial results missed Wall Street estimates.
The three major US indices closed the regular trading session lower on Thursday. The Dow had a four-day winning streak while the S&P 500 and Nasdaq Composite both broke a five-day winning streak.
The Dow lost 192.38 points, or 0.5%. The S&P 500 lost 0.6% and the Nasdaq Composite lost 0.6%.
Market participants observed new developments in Afghanistan that appeared to weigh on investor sentiment. The Pentagon confirmed Thursday that explosions near Hamid Karzai International Airport in Afghanistan killed 12 US soldiers and injured 15.
“The markets don’t like uncertainty and uncertainty in Afghanistan is high and feels like it is rising,” said Bob Doll, chief investment officer of Crossmark Global Investments.
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The Fed’s annual Jackson Hole Symposium will be virtual this year, with Chairman Jerome Powell’s speech on Friday morning as the focus. Market participants expect insights into the central bank’s plan to slow their monthly bond purchases.
Investors also expect a measurement of consumer sentiment to be released on Friday morning.
The three most important stock averages will all close the week in the green. The Dow is up 0.3% since the weekday, 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 was up 0.8% in August. The S&P 500 is up 1.7% this month and the Nasdaq Composite is up 1.9%.