Dow Futures Surge as Jackson Hole Begins, Chinese Stocks Jump After Stimulus—and What Else Is Happening in the Stock Market Today

Fed Chairman Jerome Powell’s speech at Jackson Hole Friday will be a highlight of the week.


Mandel Ngan/AFP via Getty Images

Stocks were gaining Thursday as sentiment was buoyed by an injection of fiscal stimulus in China, while investors awaited the Jackson Hole economic conference which kicks off in the day ahead.

Futures for the


Dow Jones Industrial Average

gained 230 points, or 0.7%, after the index advanced 59 points on Wednesday to close at 32,969.


S&P 500

futures rose 0.9% and the tech stock-heavy


Nasdaq

was poised to gain 1%.

Overseas, the pan-European


Stoxx 600

climbed 0.8% and Hong Kong’s


Hang Seng Index

surged 3.5%, leading Asian stocks higher after economic news out of China.

Stocks snapped a three-day losing streak Wednesday and were heading higher again on Thursday.

“Equities are broadly trading higher,” said Henry Allen, an analyst at Deutsche Bank. “One supportive factor has been a further package of measures from China’s State Council that includes 1 trillion yuan focused largely on infrastructure spending.” 

Beyond fiscal news out of Asia, the Jackson Hole economic conference begins Thursday, with Federal Reserve Chairman Jerome Powell’s hotly anticipated speech set for Friday. Investors will closely watch Powell’s speech for indications about the central bank’s monetary policy path amid shifting expectations on whether the Fed will continue tightening financial conditions or move toward easing in 2023.

“Markets have become increasingly nervous about [Powell’s speech] over the past few days, and which has seen bond yields move sharply higher in the expectation he will deliver a hawkish message,” said Michael Hewson, an analyst at broker



CMC Markets
.

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

Leave a Reply

Your email address will not be published. Required fields are marked *