Wall Street futures slip
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Jackson Hole, Fed and Powell
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U.S. stocks closed mostly lower, though off earlier lows, despite Federal Reserve minutes showing a united front on inflation and a tech stock rout.
Stock futures are pointing to a slightly lower open for major indexes on Wednesday as investors respond to a slew of earnings reports from retailers and brace for a big speech later in the week by Federal Reserve Chair Jerome Powell.
Dow futures slipped slightly on Wednesday as investors adopted a cautious stance ahead of Federal Reserve Chair Jerome Powell’s upcoming remarks at the Jackson Hole Symposium.
Gold rose nearly 1% on Wednesday as the U.S. dollar eased, while market participants braced for the minutes of the U.S. central bank's last policy meeting and upcoming Jackson Hole symposium for clues on future interest rate moves.
Federal Reserve Vice Chair for Supervision Michelle Bowman stuck to her guns about cutting interest rates Tuesday, saying she hadn’t changed her opinion after dissenting from the rest of the Fed
Fed-funds futures traders were shifting toward a greater likelihood of a 50-basis-point rate cut from the Federal Reserve by October, following Treasury Secretary Scott Bessent's calls for easing. The chance of such a reduction rose to 70.
Stocks in Asia were flat and oil slid on Tuesday before a key meeting of central bankers and as traders evaluated promising diplomatic signals toward ending hostilities between Russia and Ukraine.
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