U.S. stock futures rose on Monday in what’s expected to be a week dominated by central bank chatter as a key conference of Federal Reserve policymakers convenes.
- Futures on the Dow Jones Industrial Average YM00, +0.38% rose 102 points;
- Futures on the S&P 500 ES00, +0.31% rose 0.3%;
- Futures on the Nasdaq 100 NQ00, +0.29% rose 0.3%.
What’s driving markets
The Kansas City Fed’s annual Jackson Hole retreat kicks off on Thursday, with Fed Chair Jerome Powell addressing the event — now online instead of inperson — on Friday. Economists expect him to discuss the progress toward reducing the rate of bond purchases, but not formally end the program.
“Seems like an odd time to pull back accommodation. While the FOMC has yet to concede that the delta variant is putting a real dent in the economy’s trajectory, our economic activity index has flatlined for about eight weeks,” said analysts at Jefferies.
Powell’s position at the Fed seems to be in good standing. According to a Bloomberg News article, Powell’s re-appointment is supported by Treasury Sec. Janet Yellen, and that Biden will make his decision around Labor Day.
Uber Technologies UBER, +0.23% and Lyft LYFT, -1.92% both retreated by about 4% in premarket trade after a judge ruled a California proposition treating drivers as contractors instead of employees was unconstitutional.