U.S. stock futures inched higher Friday as investors await news out of Jackson Hole, Wyoming, where Federal Reserve Chair Jerome Powell is set to speak later this morning.
S&P 500 futures were up 15 points, or 0.2%, as of 8:55 a.m. EST, while Dow Jones Industrial Average futures added 140 points, or 0.3%. Tech-heavy Nasdaq Composite futures were up 0.2%.
World shares were mixed, in response to a drop in Walmart stock Thursday and as investors eagerly hope for signs of a rate cut from the Fed.
Traders will be eyeing Fed Chair Powell’s speech at the Jackson Hole economic forum to see if he hints at a potential rate cut at the central bank’s next meeting, which is scheduled for Sept. 17. The central leader is expected to speak at 10 a.m. at the event hosted by the Federal Reserve Bank of Kansas City.
While Powell will likely touch on economic trends on Friday, he’s expected to keep the question of a Fed rate cut close to his chest.
So far this year, the 12-member Federal Open Market Committee (FOMC) which Powell serves as the chairman of, has held off on a rate cut, maintaining a cautious approach as it continues to assess the impact of the Trump administration’s tariffs. That’s despite pressure from President Trump, who has repeatedly urged the central bank leader to lower rates.
The Federal Reserve is tasked with keeping inflation in check while also maintaining maximum employment — a challenging mandate in light of the recent slowdown in job growth and signs that the president’s tariffs may be starting to drive up prices. The Consumer Price Index in July rose 2.7% on an annual basis, slightly cooler than economists’ forecasts, but still above the Fed’s 2% target.
“What is critical in Fed Chair Powell’s speech today is how confident he is that inflation is moving down toward the Fed’s 2% inflation target,” Apollo Chief Economist Torsten Slok said in a research note on Friday.
The Associated Press
contributed to this report.
Mary Cunningham is a reporter for CBS MoneyWatch. Before joining the business and finance vertical, she worked at “60 Minutes,” CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program.
The post Stock futures tilt up ahead of Fed chief Jerome Powell’s Jackson Hole speech appeared first on CBS News.
