Wall Street Futures rise ahead of Powell's Jackson Hole speech

Wall Street Futures rise ahead of Powell's Jackson Hole speech.

Wall Street futures edged higher on Friday as investors awaited US Federal Reserve Chair Jerome Powell’s address at the Jackson Hole Economic Symposium, expected to provide clarity on the interest rate path. The speech is scheduled at 7:30 pm India time.

The annual conference began on Thursday, with traders closely tracking Powell’s remarks for indications of a possible rate cut in September.

According to the CME FedWatch Tool, the probability of a 25-basis-point cut next month now stands at 71.3 percent, compared with 85.4 percent a week ago, Reuters reported.

At around 5 pm IST, futures linked to the S&P 500 were up 0.20 percent, Nasdaq 100 futures gained 0.14 percent, and Dow Jones Industrial Average futures advanced 0.28 percent, pointing to a firm start for Wall Street.

European markets also rose, with the pan-European STOXX 600 up 0.27 percent, France’s CAC 40 rising 0.21 percent, while Germany’s DAX advanced 0.079 percent.

In Asia, South Korea’s Kospi, Japan’s Nikkei 225, Shanghai’s SSE Composite and Hong Kong’s Hang Seng ended in positive territory.

Back home, equity benchmarks snapped their six-day winning streak and closed sharply lower, ahead of Powell’s speech. Sensex dropped 693.86 points or 0.85 percent to end at 81,306.85. During the session, it fell 708.94 points to 81,291.77. The broader Nifty declined 213.65 points or 0.85 percent to settle at 24,870.10.

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