Futures Pointing To Higher Open Ahead Of Powell Speech

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Friday, 25 August 2023 09:02:20 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( Breaking: Price of Gold & Silver set to EXPLODE in 2023! Read Now... Attention investors and retirement savers...Investment experts and even mainstream news publications are predicting a windfall for gold and silver prices in 2023! This could be the year we see the value of precious metals like gold and silver EXPLODE! You won't want to miss out! [Reserve Your FREE Gold & Silver Kit Today!]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a higher open on Friday, although stocks may show a lack of direction as they await remarks by Federal Reserve Chair Jerome Powell. Powell is due to speak on the economic outlook before the 2023 Jackson Hole Economic Symposium hosted by the Federal Reserve Bank of Kansas City shortly after the start of trading. After failing to sustain an initial move to the upside, stocks moved sharply lower over the course of the trading session on Thursday. The major averages all showed significant moves to the downside, with the tech-heavy Nasdaq leading the pullback. The major averages finished the day just off their lows of the session. The Nasdaq plunged 257.06 points or 1.9 percent to 13,463.97, the S&P 500 tumbled 59.70 points or 1.4 percent to 4,376.31 and the Dow clumped 373.56 points or 1.1 percent to 34,099.42. The initial strength on Wall Street partly reflected a positive reaction to earnings news from chipmaker Nvidia (NVDA). Nvidia reported fiscal second quarter results that far exceeded analyst estimates and provided upbeat guidance amid optimism about demand for AI chips. Buying interest waned shortly after the start of trading, however, with concerns about the outlook for interest rates continuing to weigh on the markets ahead of the economic symposium in Jackson Hole, Wyoming. The symposium will feature meetings by global central bank leaders as well as a speech by Federal Reserve Chair Jerome Powell on Friday that could impact the outlook for interest rates. "The tech sector often demands confidence without really having anything to foster it, but AI does indeed seem to have heralded a new and exciting era of computing, particularly now people can actually see those advances first hand and understand how they could further infiltrate our lives," said Danni Hewson, head of financial analysis at AJ Bell. She added, "But there's always something that comes along to cut that confidence off at the knees and no one will be surprised the knife used today was wielded by the now familiar spectre of rate hike worries, with a touch of profit taking on the side. On the U.S. economic front, the Commerce Department released a report showing new orders for U.S. manufactured durable goods tumbled by more than expected in the month of July. The Commerce Department said durable goods orders plunged by 5.2 percent in July after surging by a revised 4.4 percent in June. Economists had expected durable goods orders to slump by 4.0 percent compared to the 4.6 percent jump that had been reported for the previous month. Excluding a pullback in orders for transportation equipment, durable goods orders rose by 0.5 percent in July after inching up by 0.2 percent in June. Ex-transportation orders were expected to edge up by 0.2 percent. Meanwhile, the Labor Department released a report unexpectedly showing a modest decrease in first-time claims for U.S. unemployment benefits in the week ended August 19th. The report said initial jobless claims slipped to 230,000, a decrease of 10,000 from the previous week's revised level of 240,000. Economists had expected jobless claims to inch up to 240,000 from the 239,000 originally reported for the previous week. Semiconductor stocks pulled back sharply despite the upbeat earnings news from Nvidia, dragging the Philadelphia Semiconductor Index down by 3.4 percent. Substantial weakness also emerged among airline stocks, as reflected by the 2.9 percent nosedive by the NYSE Arca Airline Index. Networking, computer hardware and software stocks also came under considerable selling pressure, weighing on the tech-heavy Nasdaq. Most of the other major sectors also moved to the downside, giving back ground after moving mostly higher during Wednesday's session. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It's a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( The University of Michigan is scheduled to release its revised reading on consumer sentiment in the month of August at 10 am ET. The consumer sentiment index for August is expected to be unrevised from the preliminary reading of 71.2, which was down from 71.6 in July. At 10:05 am ET, Federal Reserve Chair Jerome Powell is due to speak on the economic outlook before the 2023 Jackson Hole Economic Symposium hosted by the Federal Reserve Bank of Kansas City. --------------------------------------------------------------- [3 Tiny Stocks Primed to Explode]( The world's greatest investor ? Warren Buffett ? has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential. We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns. [Click here for full details and to join for free.]( --------------------------------------------------------------- Europe European stocks traded higher on Friday after the release of some encouraging regional data. Destatis reported that the German economy stabilized in spring after slight declines in the previous two quarters. Gross domestic product posted nil growth in the second quarter after a 0.1 percent fall in the first quarter and a 0.4 percent decline in the fourth quarter of 2022. With the latest flat growth, the biggest euro area economy ended a short period of recession. Elsewhere, a survey revealed Britons are now less downbeat about the outlook for their personal finances. The GfK consumer sentiment indicator rose to -25 in August from a three-month low of -30 in July, marking its biggest rise since April. The pan European STOXX 600 was up 0.3 percent at 452.74 after declining 0.4 percent on Thursday. The German DAX edged up 0.2 percent, France's CAC 40 added half a percent and the U.K.'s FTSE 100 gained 0.3 percent. The euro fell to its lowest level since mid-June on expectations that the European Central Bank could soon pause rate hikes to support weakening growth. Euro zone bond yields edged up after longer-dated U.S. Treasury yields soared to a 16-year high. Higher metal prices helped lift miners, with Anglo American and Antofagasta climbing 1-2 percent. Oil & gas giant BP Plc rose over 1 percent and Shell added 0.8 percent as crude prices advanced ahead of Fed Chair Jerome Powell's upcoming speech in Jackson Hole. CMC Markets, a provider of online retail and institutional platform technology, plunged more than 10 percent after the company said that it sees lower net revenue trends for the fiscal 2024, on continued subdued market conditions. Swedish telecom gear maker Ericsson was marginally lower after an announcement that it has renewed a multi-year global patent cross-licensing deal with Chinese electronic company, Huawei Technologies Co., Ltd. --------------------------------------------------------------- [Sell every Stock except ONE]( Markets are down... But Jeff Clark couldn't care less because he ignores almost every stock in the market except ONE. He lives financially free trading this One Stock Once per month... [Ticker Revealed.]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks fell on Friday, with profit booking in tech stocks and hawkish signals from some Federal Reserve officials weighing on regional markets. Investors also awaited more clarity on monetary policy from the Jackson Hole Symposium, where Fed Chair Jerome Powell is set to speak later in the day. He is expected to outline whether interest rates should continue to rise to combat high inflation. Treasury yields were unchanged, and gold ticked lower on dollar strength while oil prices climbed but were on track for a second weekly decline on fuel demand concerns. Chinese share ended lower despite policymakers urging top financial institutions to help stabilize a struggling market. The benchmark Shanghai Composite index settled 0.59 percent lower at 3,064.07. Hong Kong Hang Seng index fell 1.40 percent to 17,956.38, dragged down by technology stocks. Baidu, Alibaba Group and Tencent Holdings all fell around 2 percent. Chinese food delivery giant Meituan slumped 5.6 percent after its CEO Wang Xing warned of a slowdown in food delivery volume in the third quarter. Japanese stocks tumbled on concerns over worsening trade ties with China after Japan began releasing contaminated water from the Fukushima plant into the Pacific Ocean. The Nikkei average fell 2.05 percent to 31,624.28 while the broader Topix index closed down 0.88 percent at 2,266.40. Advantest led losses to close 10 percent lower, Tokyo Electron gave up 5.9 percent and Screen Holdings shed 3.4 percent. Data showed earlier in the day that consumer inflation in Tokyo grew at a slower-than-expected pace in August but still remained well above the Bank of Japan's target range. Seoul stocks fell notably as investors booked profits in tech stocks in the aftermath of the Nvidia's stellar results. Samsung Electronics dropped 1.6 percent and SK Hynix tumbled 3.6 percent. The Kospi average ended 0.73 percent lower at 2,519.14. Australian markets ended lower, with mining and technology stocks pacing the declines ahead of Powell's speech at Jackson Hole, Wyoming later in the day. The benchmark S&P ASX 200 slipped 0.93 percent to 7,115.20 while the broader All Ordinaries index dropped 0.92 percent to 7,332.60. Conglomerate Wesfarmers climbed 3.2 percent after annual profit topped forecasts. Across the Tasman, New Zealand's benchmark S&P NZX-50 index slid 0.30 percent to 11,467.66. --------------------------------------------------------------- Do you have a full view of the market? Level 2 lets you see all of the orders to buy and sell shares, allowing you to see what is really going on in the market. If you don?t have this in your trading toolkit, you?re at a serious disadvantage. [Learn More / Upgrade]( --------------------------------------------------------------- Commodities Crude oil futures are jumping $1.10 to $80.15 a barrel after rising $0.16 to $79.05 a barrel on Thursday. Meanwhile, after slipping $1 to $1,947.10 an ounce in the previous session, gold futures are edging down $0.30 to $1,946.80 an ounce. On the currency front, the U.S. dollar is trading at 145.92 yen versus the 145.83 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0809 compared to yesterday?s $1.0810. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. 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