US Open: Shares start higher with all eyes on Powell speech

by | Aug 25, 2023

(Sharecast News) – US stocks rose at the open on Friday as Wall Street investors awaited Federal Reserve Chairman Jerome Powell’s Jackson Hole speech.
The Dow Jones Industrial Average was up 112 points at 34,211, the S&P 500 added 19 points to 4,395, while the Nasdaq Composite advanced 095 points to 13,559. All eyes are on Powell for any signs of future interest rate moves as the world’s largest economy continues to battle inflation.

“Chair Powell is unlikely to declare victory in his Jackson Hole speech today, and he won’t say the Fed is done raising rates. The FOMC’s official position is that further rate hikes ‘may’ be necessary, but that it is now data-dependent and it will make decisions on a meeting-by-meeting basis,” said Pantheon Macoreconomics enconomists.

“We see no reason to think that Mr. Powell is ready now to give up that clear optionality, given the tendency of the inflation numbers in the past couple years to disappoint after appearing to improve.”

Reporting by Frank Prenesti for Sharecast.com

Related articles

US open: Stocks open flat as bond yields continue to rise

US open: Stocks open flat as bond yields continue to rise

(Sharecast News) - US stocks were swinging between gains and losses early on with little newsflow to drive the direction either way, with the S&P 500 taking a breather after hitting a three-month low last week. By 1000 in New York, the Dow Jones Industrial Average was...

US open: Wall Street stages slight bounce going into the weekend

US open: Wall Street stages slight bounce going into the weekend

(Sharecast News) - US stocks were rebounding slightly on Friday, as investors looked for buying opportunities after the S&P 500 and Nasdaq both hit three-month lows during the previous session. As of 1647 BST, the Dow Jones Industrials was up by 0.19% at 34,131.11,...

US open: Stocks on the back foot as Treasury yields grind higher

US open: Stocks on the back foot as Treasury yields grind higher

(Sharecast News) - US stocks were trading on the back foot on Thursday as the central bank's 'hawkish pause' the night before percolated through financial markets. Economic projections submitted by the Federal Reserve's top official on Wednesday pointed to up two more...

Latest Articles

US open: Stocks open flat as bond yields continue to rise

US open: Stocks open flat as bond yields continue to rise

(Sharecast News) - US stocks were swinging between gains and losses early on with little newsflow to drive the direction either way, with the S&P 500 taking a breather after hitting a three-month low last week. By 1000 in New York, the Dow Jones Industrial Average was...

UP Global Sourcing opens new Paris showroom

UP Global Sourcing opens new Paris showroom

(Sharecast News) - UP Global Sourcing announced the opening of a new showroom in Paris on Monday as part of its drive into the continental European market. The London-listed company, which trades as Ultimate Products and oversees a brand portfolio including Salter and...

Japan’s long-term value is getting unlocked 

Japan’s long-term value is getting unlocked 

Written by Junichi Takayama, Japan Equity Investment Director, Nikko Asset Management  Japan has experienced quite a year so far. One of the highlights occurred in April, with a visit by Warren Buffett of Berkshire Hathaway. The timing of this visit, ahead of Japan’s...

Join our mailing list

Subscribe to our mailing list to receive regular updates!

No Fields Found.
x