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| | US Market |  | | NYSE | AMEX | Dow Jones | Nasdaq |  |  |  |  | | Please click on the images to view our interactive charts | | The major U.S. index futures are pointing to a higher opening on Friday following the pullback seen over the course of the two previous sessions. Early trading activity is likely to be somewhat subdued however, as traders keep a close eye on the Kansas City Federal Reserve's Economic Policy Symposium in Jackson Hole, Wyoming.
Fed Chair Janet Yellen is scheduled to speak at the symposium at 10 am ET, while European Central Bank Mario Draghi is due to speak at 3 pm ET.
Traders are likely to keep a close eye on the comments by the central bank chiefs for clues about the outlook for monetary policy. With Yellen scheduled to speak much earlier in the day, reaction to her remarks may drive trading for much of the session.
After failing to sustain an initial move to the upside, stocks showed a lack of direction over the course of the trading session on Thursday. The major averages spent much of the day bouncing back and forth across the unchanged line.
The major averages eventually ended the session modestly lower. The Dow slipped 28.69 points or 0.1 percent to 21,783.40, the Nasdaq edged down 7.08 points or 0.1 percent to 6,271.33 and the S&P 500 dipped 5.07 points or 0.2 percent to 2,438.97.
The choppy trading on Wall Street came as came as traders looked ahead to the Federal Reserve's Economic Policy Symposium in Jackson Hole, Wyoming, which gets underway later today.
Fed Chair Janet Yellen and European Central Bank President Mario Draghi are both scheduled to speak at the conference on Friday.
Speaking to CNBC from the symposium, Kansas City Fed President Esther George said the economy is strong enough to handle more interest rate hikes, despite recent weak inflation readings.
"I think we should continue with the gradual rate path," George said. "While we haven't hit 2 percent, I'm reminded that 2 percent is a target over the long term."
She added, "In the context of a growing economy, of jobs being added, I don't think it's an issue that we should be particularly concerned about unless we see something change."
On the U.S. economic front, the Labor Department released a report showing a modest uptick in initial jobless claims in the week ended August 19th.
The report said initial jobless claims inched up to 234,000, an increase of 2,000 from the previous week's unrevised level of 232,000. Economists had expected jobless claims to rise to 238,000.
Meanwhile, a separate report from the National Association of Realtors unexpectedly showed a continued decrease in existing home sales in the month of July.
NAR said existing home sales fell by 1.3 percent to an annual rate of 5.44 million in July after tumbling by 2 percent to a downwardly revised 5.51 million in June.
The continued decrease surprised economists, who had expected existing home sales to climb to an annual rate of 5.57 million in July from the 5.52 million originally reported for the previous month.
With the unexpected decrease, existing home sales dropped to their lowest annual rate since hitting 5.34 million last August.
The disappointing existing home sales data came on the heels of the release of a Commerce Department report on Wednesday showing an unexpected drop in new home sales in July.
Most of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.
Airline stocks saw notable weakness, however, extending a recent downward trend. The NYSE Arca Airline Index fell by 1 percent to its lowest closing level in nine months.
American Airlines (AAL), United Continental (UAL), and Delta Air Lines (DAL) turned in some of the sector's worst performances on the day.
On the other hand, biotechnology stocks showed a strong move to the upside, driving the NYSE Arca Biotechnology Index up by 1.4 percent. Arrowhead Pharmaceuticals (ARWR) led the way higher.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
After reporting a sharp jump in new orders for U.S. manufactured durable goods in the previous month, the Commerce Department released a report showing a sharp pullback in durable goods orders in the month of July.
The Commerce Department said durable goods orders plunged by 6.8 percent in July after surging up by 6.4 percent in June. Economists had expected durable goods orders to slump by 6.0 percent.
Excluding a steep drop in orders for transportation equipment, durable goods orders increased by 0.5 percent in July after inching up by 0.1 in June. Ex-transportation orders had been expected to rise by 0.4 percent.
At 10 am ET, Fed Chair Janet Yellen is scheduled to speak at the Kansas City Fed's Economic Policy Symposium in Jackson Hole, Wyoming.
European Central Bank President Mario Draghi is also scheduled to speak at symposium in Jackson Hole at 3 pm ET.
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| | Stocks In Focus |
Shares of Adamas Pharmaceuticals (ADMS) have spiked higher in pre-market trading after the drug maker received FDA approval for Gocovri for the treatment of dyskinesia in patients with Parkinson's disease.
Data analytics software company Splunk (SPLK) is also likely to see early strength after reporting better than expected second quarter adjusted earnings and revenues and providing upbeat guidance.
Shares of Autodesk (ADSK) may also move to the upside after design software maker reported a narrower than expected second quarter loss on revenues that exceeded estimates.
On the other hand, shares of Ulta Beauty (ULTA) may come under pressure after the cosmetics retailer reported better than expected second quarter earnings but provided disappointing guidance.
Video game retailer GameStop (GME) is also moving notably lower in pre-market trading after reporting second quarter earnings that came in below analyst estimates.
Shares of Twitter (TWTR) may also move to the downside after Jefferies downgraded its rating on the social media giant to Hold from Buy. |
| | Europe markets |
European stocks have moved modestly higher on Friday ahead of speeches by key central bankers at their annual meeting in Jackson Hole, Wyoming.
The Economic Policy Symposium meeting, hosted by the Kansas Federal Reserve, started late Thursday and will run through Saturday.
Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are both scheduled to speak at the conference later in the day. Traders will be watching the speeches for hints on the future monetary policy.
While the U.K.'s FTSE 100 has risen by 0.4 percent, the German DAX Index and the French CAC 40 Index are up by 0.2 percent and 0.1 percent, respectively.
In stock-specific action, shares of Provident Financial have surged higher after the company said it re-appointed Chris Gillespie as managing director of its troubled consumer credit unit.
Aviva Plc's shares have edged higher after the British life and health insurer said it is selling its 50 percent stake in its Italian joint venture to its partner Banco BPM SpA.
Meanwhile, Royal Ahold Delhaize NV and Tesco PLC have fallen after Amazon said it would cut prices at Whole Foods after the acquisition. The decision could escalate a price war among grocery stores.
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| | Asia markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks ended mostly higher on Friday and the U.S. dollar strengthened, as investors looked ahead to speeches from key central bankers at their annual meeting in Jackson Hole, Wyoming.
Chinese shares recovered from the previous session's losses. The benchmark Shanghai Composite Index jumped 60.15 points or 1.8 percent to close at 3,331.66. Hong Kong's Hang Seng Index surged up 329.56 points or 1.2 percent to 27,848.16, as investors cheered upbeat earnings results.
The Japanese market advanced after data showed that core consumer prices rose for the seventh straight month in July. The benchmark Nikkei 225 Index climbed 98.84 points or 0.5 percent to settle at 19,452.61.
Among the major exporters, Sony rose 0.7 percent and Canon added 0.3 percent, while Mitsubishi Electric declined 0.7 percent. Toyota advanced 0.8 percent and Honda added 0.6 percent. In the banking sector, Mitsubishi UFJ Financial rose 0.7 percent.
In economic news, the Ministry of Internal Affairs and Communications said that overall consumer prices in Japan advanced 0.4 percent year-over-year in July, in line with expectations and unchanged from the June reading. Core inflation advanced an annual 0.5 percent - again unchanged and matching forecasts.
Meanwhile, Australian stocks closed mixed, as investors remained cautious ahead of speeches from key central bankers later today. Investors also digested local corporate earnings results.
The benchmark S&P/ASX 200 Index edged down 1.61 points or less than a tenth of a percent to finish at 5,743.86, while the broader All Ordinaries Index inched up 1.7 points or less than a tenth of a percent to close at 5,803.40.
Oil stocks advanced despite the drop in crude oil prices overnight. Santos gained 5.5 percent, Oil Search rose 1.2 percent and Woodside Petroleum added 0.38 percent.
Among the big four banks, ANZ Banking, Westpac and National Australia Bank declined in a range of 0.4 to 1.1 percent, while Commonwealth Bank added 0.2 percent.
Select Harvests shares lost 1.6 percent after the almond grower's full-year profit fell 73 percent on lower-than-expected crop prices and higher costs. Shares of Bellamy's Australia fell 7.5 percent after the infant formula maker reported a loss for the full-year.
Meanwhile, Qantas Airways reported a 17 percent decline in full-year profit and announced a A$373 million share buyback. The airline's shares rose 3.8 percent.
Shares of Medibank Private jumped 6.7 percent after the health insurer reported a nearly 8 percent increase in its full-year profit.
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| | Currency and Commodities Markets |
Crude oil futures are rising $0.20 to $47.63 a barrel after tumbling $0.98 to $47.43 a barrel on Thursday. Meanwhile, after slipping $2.70 to $1,292 an ounce in the previous session, gold futures are edging down $1.10 to $1,290.90 an ounce.
On the currency front, the U.S. dollar is trading at 109.74 yen compared to the 109.56 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1805 compared to yesterday's $1.1799.
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