STOCK MARKET NEWS: Powell speech, futures slide, oil rises
U.S. equity futures were trading lower ahead of Chairman Jerome Powell's speech at the Fed gathering in Jackson Hole.Oil is heading for a winning week. West Texas Intermediate futures traded around $93.00. Brent crude futures were around $100.00 a barrel.chairman's remarks to investors and economists will be the marque event at the Fed's annual symposium at Jackson Hole.
People will be looking for clues on where the Fed is heading on interest rates, mainly how big and for how long. With inflation around 9%, Powell will likely stress that the Fed is determined to bring it down to its 2% target, no matter what it takes. Shares of Gap and Dell were mixed in premarket trading following quarterly results.
In Asia, the Nikkei 225 in Tokyo rose 0.6%, the Hang Seng in Hong Kong gained 1.0% and China's Shanghai Composite Index shed 0.3%.The Dow Jones Industrial Average rose 1% to 33,291.78. The Nasdaq composite climbed 1.7% to 12,639.27.Also Thursday. The government reported the U.S. economy didn’t contract by as much as previously thought during the spring. It shrank 0.6% on an annualized basis, less than the previous 0.9% estimate.Fed Chairman Jerome Powell
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