Wall Street is poised for modest gains as the market awaits further corporate earnings reports and a highly anticipated speech from Federal Reserve Chair Jerome Powell. Futures for the Dow Jones Industrial Average are up 0.1%, while futures for the S&P 500 have gained 0.2%.
Trading activity is expected to be subdued as investors look ahead to the annual central bankers' conference in Jackson Hole, Wyoming, where Powell is scheduled to deliver a speech on Friday. Market participants are eager for insights into the Fed's plans regarding interest rate cuts in September following recent increases aimed at curbing inflation.
Paramount Global saw a premarket surge of over 2% after announcing an extension of its 'go shop' period to consider a bid from Edgar Bronfman, Jr., potentially disrupting its proposed merger with Skydance. Conversely, Advance Auto Parts shares plummeted approximately 12% due to lower-than-expected profits and disappointing guidance.
Urban Outfitters experienced a 13.1% decline despite surpassing analyst expectations, citing cautious consumer spending habits. On a positive note, Peloton shares rose by 9.5% following strong sales performance and better-than-anticipated financial results.
Over in Europe, France's CAC 40 and Germany's DAX both posted gains of 0.2% and 0.3%, respectively, while the UK's FTSE 100 remained stable. In Asia, Japan's Nikkei 225 climbed 0.7%, Australia's S&P/ASX 200 rose by 0.2%, and South Korea's Kospi increased by 0.2% after the Bank of Korea opted to maintain its base rate at 3.50%.
Hong Kong's Hang Seng index advanced by 1.4%, while China's Shanghai Composite dipped by 0.3%. In the energy market, U.S. crude oil prices rose by 34 cents to $72.27 per barrel, and Brent crude, the global benchmark, increased by 45 cents to $76.50 per barrel.
Regarding currency exchange rates, the U.S. dollar strengthened against the yen to 146.04 from 145.14, while the euro weakened to $1.1137 from $1.1153.
