Stock market today: Wall Street points toward gains ahead of US Fed chair’s speech
Aug 21, 2024, 9:20 PM
The New York Stock Exchange is shown on Wednesday, Aug. 21, 2024, in New York. (AP Photo/Peter Morgan)
Credit: ASSOCIATED PRESS
(AP Photo/Peter Morgan)
Wall Street headed toward small gains before the bell Thursday with more corporate earnings roll in and a much-anticipated speech from the Federal Reserve chair pending.
Futures for the Dow Jones Industrial Average ticked up 0.1%, while futures for the S&P 500 gained 0.2%.
Trading is expected to be relatively muted ahead of the annual conference of central bankers at Jackson Hole, Wyoming, where Federal Reserve Chair Jerome Powell will give a speech on Friday. The hope is he’ll offer clues about how deeply and quickly the Fed will begin cutting interest rates in September after it jacked them to a two-decade high to beat inflation.
Paramount Global rose more than 2% in premarket after the company said it was extending its “go shop” period to consider a bid from Edgar Bronfman, Jr. The new offer could upend Paramount’s proposed merger with production company Skydance, announced in early July.
In other equities trading early Thursday, Advance Auto Parts tumbled about 12% after it came up short of Wall Street’s profit expectations and gave disappointing guidance.
Urban Outfitters slid 13.1% after the clothing retailer beat analyst forecasts but warned of increasingly cautious consumers pulling back on discretionary spending.
The internet-connected exercise company Peloton climbed 9.5% after it hit sales targets and lost less money in the quarter than analysts were expecting.
Elsehwere, in Europe at midday, France’s CAC 40 rose 0.2%, while Germany’s DAX added 0.3%. Britain’s FTSE 100 was unchanged.
Japan’s benchmark Nikkei 225 added 0.7% to finish at 38,211.01. Australia’s S&P/ASX 200 rose 0.2% to 8,027.00.
South Korea’s Kospi rose 0.2% to 2,707.67 after the Bank of Korea decided at its monetary policy meeting to keep rates unchanged. The vote to keep the base rate the same at 3.50% was unanimous, according to the bank’s statement.
Hong Kong’s Hang Seng edged up 1.4% to 17,641.00, while the Shanghai Composite fell 0.3% to 2,848.77.
In energy trading, benchmark U.S. crude rose 34 cents to $72.27 a barrel. Brent crude, the international standard, gained 45 cents to $76.50 a barrel.
In currency trading, the U.S. dollar rose to 146.04 yen from 145.14 yen. The euro cost $1.1137, down from $1.1153.
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