Dow Futures Slip as Powell’s Jackson Hole Speech Looms—and What Else Is Happening in the Stock Market Today

Fed Chairman Jerome Powell’s speech scheduled for Friday has hung over markets all week.


Drew Angerer/Getty Images

Stocks were heading for losses Friday as a major catalyst loomed, with Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole economic conference likely to swing market sentiment one way or the other.

Futures for the


Dow Jones Industrial Average

retreated 70 points, or 0.2%, after the index advanced 322 points Thursday to close at 33,291.


S&P 500

futures fell 0.3% with the tech stock-heavy


Nasdaq

poised to decline 0.5%. The S&P 500 and Nasdaq gained 1.4% and 1.7% on Thursday, respectively.

Overseas, the pan-European


Stoxx 600

rose 0.3% and Tokyo’s


Nikkei 225

moved 0.6% into the green.

Investors will be closely monitoring Powell’s speech at 10 a.m. Eastern for indications of the central bank’s monetary policy pathway, including whether the Fed is likely to continue aggressively tightening financial conditions or begin easing up in 2023.

“Our U.S. economists don’t expect that Powell will deliver explicit guidance for the September meeting given that we’ve still got another jobs report and CPI print beforehand,” said Henry Allen, an analyst at Deutsche Bank. “However, they do think he’ll likely to skew his remarks in a hawkish direction to ensure the Fed’s inflation-fighting credentials are unquestioned.”

Write to Jack Denton at jack.denton@dowjones.com

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