Stock prices stood at a mostly lower open as markets wait for Federal Reserve Chairman Jerome Powell to speak at the Jackson Hole meeting of the Kansas City Fed Friday.
stocks were on the move.
Dow Jones Industrial Average
futures gained 38 points, or 0.1%, while
futures fell 0.1% and
futures were down 0.3%. On Wednesday, the S&P 500 and Nasdaq both hit new records.
“Pre-Powell speech positioning is likely to dominate the markets today (Powell’s speech is tomorrow) and given the stocks hitting new highs this week, don’t be surprised if there is some slight gains ahead of Powell’s speech tomorrow,” Tom writes. Essaye, founder of Sevens reports research.
The market will listen to what Fed Chair Jerome Powell has to say about the future of the central bank’s asset purchase program. As the economy picked up, the Fed has indicated that the process could begin soon, although the spread of the Delta variant has complicated things.
“What investors want to hear is that, in response to an impressive improvement in the economy, the Federal Reserve plans to phase out their extraordinary measures as they are no longer needed, but will do so incrementally,” said David Donabedian , chief investment officer of CIBC Private Wealth, USA.
Elsewhere, 353,000 Americans filed for unemployment benefits for the first time, slightly worse than estimates of 350,000, but not enough to move markets.
Here are six stocks making moves in Thursday’s premarket action:
(WSM) shares rose 14% after reporting earnings of $3.24 per share, better than estimates of $2.60 per share, on revenue of $1.95 billion, above expectations of $1 .81 billion.
Dollar General (DG) stock fell 4% after earnings of $2.69 per share, surpassing estimates of $2.59 per share, on revenue of $8.7 billion, above expectations of $8 .6 billion.
(DLTR) shares fell 6% after reporting earnings of $1.23 per share, better than estimates for $1 per share, on revenue of $6.3 billion, below expectations of $6. 4 billion.
Zoom Video Communications (ZM) stock rose 3.6% after Morgan Stanley’s upgrade to Overweight from Equal Weight.
(YUM) shares fell 1.4% after being downgraded to Perform from Outperform at Oppenheimer.
Nordstrom (JWN) fell 3% after the Morgan Stanley department store operator was downgraded to Underweight from Equal Weight. Nordstrom stock fell 18% on Wednesday after reporting gains.
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