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A trader works as a screen broadcasts a news conference by U.S. Federal Reserve Chairman Jerome Powell following the announcement of the federal funds rate, on the floor of the New York Stock Exchange in New York City on June 12, 2024.
Brendan McDiarmid | Reuters
Stock futures rose Wednesday morning as traders awaited the minutes of the Federal Reserve's latest policy meeting for more insight into the potential for interest rate cuts.
Futures are linked to Dow Jones Industrial Average It added 67 points or 0.17%. S&P 500 Futures Futures linked to the Nasdaq 100 It rose by 0.2%.
Stocks are coming off a losing session, with both S&P 500 IndexSecond abbreviation Nasdaq Composite The broad-market S&P 500 ended its longest winning streak since late 2023. The technology-heavy Nasdaq fell 0.33%. Dow Jones Industrial Average It decreased by 0.15%.
Tuesday's moves follow a tough period for stocks after a weak U.S. jobs report and a rate hike by the Bank of Japan sparked a global sell-off on Aug. 5. CBOE Volatility Index Stocks rose to their highest level since the pandemic-era market crash of 2020. Equity markets have also rebounded since the market turmoil, as strong retail sales and a weaker-than-expected inflation report helped ease recession fears last week.
In addition to the minutes from the Federal Reserve’s July meeting, Wall Street is eagerly awaiting comments from central bank Chairman Jerome Powell. The Fed chief is expected to deliver remarks on Friday at Jackson Hole Economic SymposiumIt could provide further clues about the Fed's next interest rate decision at its September meeting.
“For us, the key will be the tone of Fed Chair Powell, which we expect to be dovish,” said Jack Janacewicz, chief portfolio strategist at Natixis Investment Managers Solutions. “Put simply, inflation continues to trend toward the 2% target at a rate that appears to be above consensus. Combine that with signs that the labor market is softening, and we feel there is little need to maintain a hawkish stance.”
On the earnings front on Wednesday, traders will be watching quarterly reports from TJX Companies, goal and Analog Devices.
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