|08-21-2014, 04:03 PM||#1|
US stock futures point to an upturn; markets brace for Yellen
Wall Street prepares for the biggest event of the week beginning today; the Jackson Hole! But first lets take a quick look over today`s economic agenda and how the futures market is reacting before the US opening bill.
Yesterday, the Dow Jones Industrial Average moved off session highs in initial reaction to the FOMC`s minutes which brought the reality of the coming policy pivot a little closer to view: If the economy and employment continue to improve, monetary tightening will be incremental and predictable!
The Dow`s gain reflects the prospect of rising economic strength, rallied to new highs at the close, gaining 0.4% to 16,979.
Meanwhile, focus shifts quickly to the economic front, with market consensus forecast coming as follows:
Initial Jobless Claims (AUG 16) 300K vs. 311K
Philadelphia Fed Manufacturing Index (AUG) 20.0 vs. 23.9
Existing Home Sales (JUL) 5.00M vs. 5.04K
Existing Home Sales (MoM)(JUL) -0.8% vs. 2.6%
Leading Indicators (JUL) 0.6% vs. 0.3%
Wall Street is still looking for any hawkish remarks from the Federal Reserve Chair Janet Yellen at the annual gathering for economists and central bankers in Jackson Hole, Wyoming, this Friday, hoping it will help the stock market consensus gauge the strength of the world`s largest economy and the timing of the next interest rate hike.
As of 07:34 am ET, U.S. stock-index futures expiring in September looked as follows:
Dow index was up 0.19% around 16,983
S&P 500 index was up 0.15% around 1,986.40
Nasdaq 100 index was up 0.21% around 4,043.50
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