US pre-open: Futures in the red ahead of Jackson Hole symposium
US stock futures veered south on Friday, as investors remained jittery after a volatile week and ahead of a weekend gathering of the world´s central bankers.
Amgen Inc.
$269.38
13:09 25/04/24
Dow Jones I.A.
38,085.80
04:30 15/10/20
Freeport-McMoRan Copper & Gold Inc.
$49.40
11:10 25/04/24
Nasdaq 100
17,430.50
12:15 25/04/24
S&P 500
5,048.42
23:07 25/04/24
The Dow Jones Industrial Average is expected to open down approximately 161 points, while the S&P 500 and the Nasdaq are set to begin the final session of the week 20 and 39 points lower respectively.
Friday data
In terms of economic data, a reading on personal income, consumer spending and core inflation for July is released at 1330 BST, while a report on consumer sentiment for August is on tap at 1500 BST.
The Jackson Hole Economic Symposium, which gets underway in Wyoming on Saturday, will also be weighing on investors’ minds, as they look for clues over the timing of a first rate hike by the Federal Reserve.
Fed Vice Chairman Stanley Fischer, Atlanta Fed President Dennis Lockhart and St. Louis Fed President James Bullard are all scheduled to appear at the meeting.
“With the current volatility levels, it seems the FOMC might be a little wary but the scramble to achieve ‘normalisation’ may well trump common sense,” said Brenda Kelly, analyst at London Capital Group.
“Conflicting rhetoric from New York Chief Dudley and Kansas President George continue to keep the markets guessing.
“If anything this Fed policy of ‘forward guidance’ only helps stoke volatility when the aim should be quite the opposite.”
Asian stocks rebound after difficult week
Elsewhere, most key Asian stocks closed in the green after a turbulent week where China became the centre of a global selloff, with the Shanghai Composite climbing 5.4%, while Japan’s Nikkei gained 3.02%.
European stocks, meanwhile, wavered and looked set to end the week in the red.
The dollar was down 0.15% and 0.27% against the yen and the euro respectively but climbed 0.18% against the pound, while gold futures rose 0.34% to $1,126.40.
Oil prices, which soared to their biggest one-day gain since 2009 on Thursday, edged lower, as West Texas Intermediate fell 0.52% to $42.34 a barrel, while Brent shed 0.93% to $47.12 a barrel.
In company news, mining group Freeport-McMoRan surged 14% in pre-market trading, after gaining 18% late in the previous session, as billionaire investor Carl Icahn disclosed a stake in the group and saying its shares are undervalued, according to a filing.
Biochem group Amgen climbed 0.48% after the Food and Drug Administration gave the 'green light' to the company’s cholesterol treatment.