Futures firm as Powell set to take center stage at Jackson Hole
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Futures: Dow up 0.27%, S&P 500 up 0.40%, Nasdaq up 0.64%
Aug 23 (Reuters) -U.S. stock index futures edged higher on Friday with investors awaiting Federal Reserve Chair Jerome Powell's comments at the Jackson Hole Economic Symposium for clues on interest-rate cuts in the world's biggest economy.
Whileminutes from the Fed's July meeting this week showed a number of policymakers wereready to consider rate cuts come September, Powell's speech couldoffer insights on the pace of easing and how the central bank will respond as the economy evolves.
Powell is scheduled to speak at 10 a.m. ET (1400 GMT) at the annual global gathering of central bank officials at Jackson Hole, Wyoming.
"The question is whether he will go as far as opening the door to a 50 bps move – if not in September, at a later point this year," said ING strategist Francesco Pesole.
Traders have fully priced in a scenario where the Fedbegins easing interest rates at its Sept. 17-18 meeting, with a74% chance of a 25-basis-point rate cut, according toCME Group's FedWatch tool.
Recent data including weekly jobless claims and payrolls revisions signaled the U.S. economy was slowing, albeit gradually, assuaging fears over a sharp downturn.
That has helped WallStreet's three main indexes recover from a plunge earlier this month triggered by a dour July employment report and yen carry trade. The S&P 500 .SPX is now about 1.8% away from a record high touched in mid-July, after falling as much as 9.7% from that level.
At 05:07 a.m. ET, Dow E-minis 1YMcv1 were up 109 points, or 0.27%, while S&P 500 E-minis were up 0.4% to 5,616.25. The Nasdaq 100 E-minis NQcv1 were up 126 points, or 0.64%.
Workday WDAY.O shares jumped 11% in premarket trading after the human resource software provider beat marketexpectations for second-quarter revenue and announced a $1 billion stock buyback plan.
Ross Stores ROST.O shares gained 5.7% after the discount retailer raised its fiscal 2024 profit forecast.
Later in the day, data from the U.S.Commerce Department's Census Bureau is expected to show new home sales steadied in July after hitting a seven-month low in June.
Reporting by Medha Singh in Bengaluru; Editing by Devika Syamnath
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