US stock futures steady with Jackson Hole, DNC in focus By Investing.com
Investing.com– U.S. stock index futures steadied in evening deals on Monday following a positive session on Wall Street, with focus turning to the Jackson Hole Symposium and the Democratic National Congress this week for more cues.
Wall Street pushed higher amid easing concerns over a U.S. recession, while traders bought into heavyweight technology stocks after a severe rout earlier this month.
rose slightly to 5,630.50 points, while rose 0.1% to 19,869.25 points by 19:10 ET (23:10 GMT). steadied at 41,015.0 points.
Jackson Hole awaited for rate cut cues
The Jackson Hole Symposium- a meeting of major central bank leaders and finance ministers- begins later this week, with an address from due on Friday.
Powell’s address will be closely watched amid growing conviction that the central bank is preparing to cut interest rates by 25 basis points in September, as recent economic readings showed some cooling in inflation.
Powell could potentially flag the possibility of a 50 bps cut, Evercore analysts said, although they do not expect the Fed chairman to explicitly mention just by how much the Fed plans to begin trimming rates.
Any comments on a potential recession will also be in focus, especially whether Powell still sees a soft landing for the U.S. economy.
DNC in focus as 2024 presidential race heats up
Focus this week is also on the Democratic National Convention, with President Joe Biden set to speak at the event later on Monday.
Vice President Kamala Harris was officially nominated as the party’s presidential candidate earlier in August, and picked Minnesota governor Tim Walz as her running mate.
Harris was endorsed by Biden in July, and was seen swiftly catching up with Republican frontrunner Donald Trump in recent polls, presenting a tight 2024 presidential race.
Wall St at 1-mth high as recession fears ease
Wall Street indexes hit one-month highs on Monday, buoyed by increasing optimism that the U.S. economy remained resilient.
The rose 1% to 5,608.25 points, while the rose 1.4% to 17,873.38 points, with both indexes hitting one-month highs. The rose 0.6% to 40,896.53 points and hit a three-week high.
