Fed Chair Jerome Powell is slated to talk at 10 a.m. ET
It comes with little surprise that today's focus is on Federal Reserve Chair Jerome Powell's speech, slated for 10 a.m. ET at the Jackson Hole Economic Symposium. Economists expect further insight on September's rate hike potential, as well as a backtrack to Wednesday's July meeting minutes. Futures on the S&P 500 Index (SPX), Dow Jones Industrial Average (DJIA) and Nasdaq-100 Index (NDX) sport healthy pre-market gains. All three indexes are on track to log modest weekly wins.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 1.3 million call contracts and 961,372 put contracts exchanged on Thursday. The single-session equity put/call ratio rose to 0.74 and the 21-day moving average remained at 0.66.
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Shares of
Cava Group Inc (NYSE:CAVA) are up 9% before the bell, after the restaurant parent hiked its full-year outlook and reported a quarterly earnings and revenue beat. CAVA has been
trending higher on the charts, now sporting an impressive 137% gain for 2024.
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Trump Media & Technology Group Corp (NASDAQ:DJT) is 0.7% higher in pre-market trading, after V.P. Kamala Harris accepted the Democratic Party's presidential nomination at the Democratic National Convention last night. Shares of DJT have struggled of late on the charts, off 30% for the quarter already.
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Software giant
Workday Inc (NASDAQ:WDAY) is surging 12,8% ahead of the open, reaping the benefits of its impressive margin outlook and second-quarter beat. Should these gain hold, WDAY is slated to open at $260 --
breaking out of the recent overhead resistance of the 320-day moving average.
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Asian Stocks Mixed on Japan Inflation Data
Asian markets closed mixed on Friday on the heels of Japan’s core inflation data, which was in line with analysts’ expectations. In other news, Alibaba (BABA) announced it will convert its secondary listing in Hong Kong to a primary listing. Japan’s Nikkei paced the gainers with a 0.4% pop, and China’s Shanghai Composite added 0.2%. Meanwhile, South Korea’s Kospi and Hong Kong’s Hang Seng each shed 0.2%.
European markets are higher ahead of Powell’s speech at the Jackson Hole Symposium, where Bank of England Governor (BoE) Andrew Bailey will also deliver remarks. Consumer confidence data out of the U.K., which was unchanged in August, is in focus as well. The German DAX was last seen 0.5% higher, France’s CAC 40 sports a 0.4% lead, and London’s FTSE is up 0.3%.