Outlook 08/23: Stock futures rise Friday as traders await an all-important policy speech from Fed Chair Jerome Powell for any guidance on future rate cuts. The Fed chairman, set to speak at 10am ET from the central bank’s annual conclave in Jackson Hole, Wyoming, is expected to signal it’s appropriate for central bank to begin lowering interest rates soon, with limited clues about the magnitude and frequency of the reductions. Markets are unanimous in betting on a rate cut at the Sept. meeting, but there’s less consensus over how big that decrease will be. Minutes from the July session showed a “vast majority” of members in favor of a September cut. Stocks were pressured on Thursday by a surge in Treasury yields in the run-up to the Jackson Hole speech.
ESU24 (SEP2024): YVAH 5634 YPOC 5598 YVAL 5583 GAP 5598
/ES Plan: Yesterday market closed bearish (PBT 5541), but overnight looks bullish, moving within previous value, so these're the opening and initial balance options for today:
