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Stock futures were mostly falling early Friday ahead of Federal Reserve Chair Jerome Powell’s keynote speech at the symposium in Jackson Hole, Wyoming.
Investors are growing slightly less confident about interest-rate cuts–the odds of getting more than two quarter-point moves by the end of the year have dropped to 27% from 37% yesterday, according to the CME FedWatch tool. Cleveland Fed President Beth Hammack said yesterday that she doesn’t see the case for a cut next month.
The focus of Powell’s speech is expected to be adjustments to the Fed’s strategy framework, rather than any specifics about upcoming decisions, according to The Wall Street Journal. But he may still give clues as to his current thinking on rates.
Beyond that, the pullback in Big Tech stocks that’s been going on for about a week now continued on Thursday. Also, big box retailer Walmart reported earnings yesterday that disappointed investors, sending shares lower.
Dow Jones Industrial Average futures added 18 points, or less than 0.1%. S&P 500 futures fell less than 0.1%, while the Nasdaq 100 futures retreated 0.2%. All three indexes fell yesterday.
The yield on the 10-year Treasury was slightly higher at 4.335%. The two-year yield was at 3.7976%.
