Check back for updates throughout the trading day
U.S. equity futures edged modestly higher in early Wednesday trading, while Treasury bond yields extended their recent retreat, as investors looked to a key series of labor market data and Federal Reserve updates heading into Chairman Jerome Powell’s speech at Jackson Hole to close out the week.
Stocks have been focused on Powell’s address to the central bank’s annual symposium for much the past week as investors look for clarity on the Fed’s autumn rate path amid a resilient economy and easing inflation pressures.
Wall Street ended its eight-day win streak last night, however, as late-afternoon selling pulled the S&P 500 11 points lower on the session in thin August trading volumes, a move that snapped the longest run of gains for the benchmark since November of last year.
Markets will have more to focus on over the coming days, however, with a big release from the Bureau of Labor Statistics later in the session that will revamp its monthly estimates of job creation between April 2023 and March 2024.
The Bureau of Labor Statistics will release its annual overhaul of job market data later in the session, with estimates that nearly 1 million could be pared from its total.
Spencer Platt/Getty Images
Economists think the BLS could pare its 12-month total by as much as 1 million, a move that would add further fuel to bets that the Fed will begin the first of its rate cuts at its September meeting in Washington.
Minutes of the Fed’s July policy meeting, when rates were held steady at between 5.25% and 5.5% for the twelfth consecutive month, will be published at 2:00 pm Eastern time.
Benchmark 10-year Treasury bond yields were marked around 3 basis points lower heading into today’s session and trading at 3.814% while 2-year notes slipped to 3.996%.
Heading into the start of the trading day on Wall Street, futures contracts tied to the S&P 500, which is now up 1.35% for the month, are priced for a modest 6 point gain.
The Dow Jones Industrial Average, meanwhile, is called 52 points higher while the tech-heavy Nasdaq is slated for a 15 point bump.
Stocks on the move include JD.com (JD) , which is down nearly 7% in premarket trading after Walmart (WMT) confirmed its divestment in the China-based online retailer.
Toll Brothers (TOL) jumped 1.1% after the homebuilder topped Street forecasts for its third quarter earnings and boosted its full-year profit forecast.
Related: Target earnings in focus as Walmart tightens grip
Target Corp (TGT) , meanwhile, surged nearly 9% after the retailer posted stronger-than-expected second quarter earnings that included solid same-store sales gains and an improved full-year profit forecast.
More Wall Street Analysts:
Analysts reboot Amazon stock price targets after earningsAnalyst reboots Rivian stock price target on updated plansAnalysts reboot Arm Holdings stock price target following earnings
In Europe, markets were modestly firmer heading into the mid-week, with eyes on U.S. jobs data, with the Stoxx 600 rising 0.25% in Frankfurt and Britain’s FTSE 100 gaining 0.18% in London.
Overnight in Asia, the regional MSCI ex-Japan benchmark fell 0.46% into the close of trading, while the Nikkei 225 in Tokyo was marked 0.29% lower by the end of the session.
Related: Veteran fund manager sees world of pain coming for stocks
