The start of the US trading session has been positive for traders of Tesla and Microsoft.
American futures edge up, as technology equities ascend
On Thursday, American futures soared, with equities of technology as well as internet-related companies assisting to deliver a lift to the financial markets. Wall Street also followed a meeting of major bankers in Jackson Hole, with Fed Chair expected to deliver a speech on Friday.
The Dow Jones Industrial Average DJIA managed to ascend by 0.2% hitting 25,754. The S&P 500 index SPX tacked on by 0.2% too coming up with an outcome of 2,868. The Nasdaq Composite Index COMP added by nearly 0.4% reaching 7,922.
The Dow has added 0.3% for the week.
The key US financial institution demonstrated broad-based support for another interest-rate lift in September. Many Fed policymakers stated that as long as economic data is firm, it would be a good thing to take another step in terminating policy accommodation. Nevertheless, they added that any tightening will be paused if the US trade tensions with its trade partners keep worsening.
Market participants will get another prompt into the key financial institution’s thinking on policy when Fed Chair Jerome Powell delivers a speech at the Fed’s annual gathering in Jackson Hole. Although the speech won’t probably deviate considerably in tone the minutes in general, it could give more clarity into what Fed Chair considers to be the biggest potential trouble spots facing the American economy going forward.
There was a buzz about Trump’s possible impeachment. By the way, on Thursday US leader told that the stock market would inevitably crash in this case. However, it didn’t impact the stock market a lot.
Alibaba Group Holding Ltd BABA managed to rally up to 3.6% having posted its first-quarter revenue surge of 61%, which is below estimates.
L Brands Inc. LB slumped by nearly 11% due to the fact that the parent of Victoria’s Secret, Bath & Body Works as well as other brands posted second-quarter profits above expectations, although reduced its revenue outlook for 2018.
During today's Turkish central bank meeting, the market anticipated a rate cut between 200-300 pips.
More tariffs were introduced
During the Asian trading session, the White House economic adviser Larry Kudlow announced the positive progress in phase one trade deal with China.
The Bank of Mexico is expected to cut its interest rate from 7.75% to 7.5% today at 21:00 MT time
Today, the oil prices may move on the release of crude oil inventories at 18:00 MT time.