Global Markets:
● Asian Stock Markets : Nikkei up 0.72%, Shanghai Composite up 0.08% Hang Seng up 0.33% ASX up 0.43%
● Commodities : Gold at $4,634.04 (-0.64%) Silver at $68.847 (-0.85%), Brent Oil at 88.35 (-0.19%), WTI Oil at 83.26 (-0.32%)
● Rates : US 10-year yield at 4.686, UK 10-year yield at 5.0326, Germany 10-year yield at 3.2493
News & Data:
● (USD) Unemployment Claims
203K to 208K expected
Markets Update:
U.S. stock futures were largely unchanged early Friday as investors digested corporate earnings and awaited Federal Reserve Chair Kevin Warsh’s closely watched speech at the central bank’s annual symposium in Jackson Hole, Wyoming.
S&P 500 futures were flat, while Nasdaq 100 futures slipped 0.08%. Dow Jones Industrial Average futures gained 71 points, or 0.13%.
Gap shares surged 15% despite a mixed quarterly report after the retailer announced a new chief executive for its struggling Old Navy brand. Marvell Technology fell about 6% after its current-quarter non-GAAP gross-margin guidance came in below Wall Street expectations.
Stocks rallied Thursday, led by Nvidia, which jumped nearly 9% following its latest earnings report. The technology sector, S&P 500 and Nasdaq Composite each posted their strongest session since Aug. 4.
Asian markets were mostly lower Friday. Japan’s Nikkei 225 gained 0.19%, while South Korea’s Kospi fell 1.16%. Australia’s S&P/ASX 200 rose 0.25%, while Hong Kong’s Hang Seng Index and mainland China’s CSI 300 declined 0.32% and 0.2%, respectively.
Investors are focused on Warsh’s speech for clues about the Fed’s interest-rate outlook. Fed funds futures currently imply a roughly 64% probability that rates will remain unchanged at next month’s meeting.
Following Thursday’s rally, all three major U.S. indexes are on track to finish the week higher, with the Dow potentially ending a two-week losing streak.
Upcoming Events:
● 2:00 PM GMT – USD Fed Chairman Warsh Speaks
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