U.S. stock futures were steady Friday after a rough session, ahead of an eagerly awaited speech from Federal Reserve Chair Jerome Powell.
What’s happening On Thursday, the Dow Jones Industrial Average DJIA fell 374 points, or 1.08%, to 34099, the S&P 500 SPX declined 60 points, or 1.35%, to 4376, and the Nasdaq Composite COMP dropped 257 points, or 1.87%, to 13464.
According to Bespoke Investment Group, the Nasdaq Composite has now failed to get back above its 50-day moving average four times since breaking that level two weeks ago. Now comes the big event, Federal Reserve Chair Jerome Powell’s speech at Jackson Hole, Wyo., at 10:05 a.m. Eastern. Last year Powell clobbered markets with talk of the need to raise interest rates further, but now he’s expected to be more balanced in his remarks.
She said she would need to see some slowing of the economy to be convinced that inflation is on the path back to its long-term 2% target. She had expected to see more of a slowdown in the economy, she conceded.
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