US stock futures were positive on Friday, indicating that the major indexes would end the week on the front foot. Futures contracts tied to the Dow Jones Industrial Average (DJIA) gained 90 points. S&P 500 futures, as well as Nasdaq 100 futures, were also up by 12 and 43 points respectively.
US Market Concerns
The major indexes ended Thursday’s trading session in the red after disappointing GDP and jobless claims. According to data by the Bureau of Economic Analysis, the second estimate for the US real GDP increased at an annual rate of 6.6% in the second quarter. This was weaker than the estimated 6.7% increase.
The US weekly initial jobless claims for the week ending August 21, came in higher than expected. The jobless claims came in at 353,000, up from 349,000 in the previous week. It was also weaker than the estimated 350,000.
US Treasury yields were in the red earlier on Friday ahead of Jerome Powell’s speech. The yield on the benchmark 10-year Treasury note declined to 1.342%. The yield on the 30-year Treasury bond slightly fell to 1.939%.
Oil prices edged higher on Friday offsetting Thursday’s losses. US West Texas Intermediate (WTI) crude futures advanced 1.33% to $68.32 per barrel. Brent crude futures climbed 1.15% to $71.85 per barrel.
Fed Chairman Jerome Powell is expected to brief the press later today after the Jackson Hole symposium. Investors have shifted their focus to the event, hoping to get hints on the future of the monetary policy.
Dow Jones Movers
The most active stock in the Dow Jones index was Salesforce.com Inc. The software company has been in the green since the publishing of its second-quarter earnings. The company’s earnings were up $1.48 per share. Its revenue jumped to $6.34 billion in the same quarter.
Chevron Corp was up in the premarket trade. Being the third-largest oil company in America, the rise in oil prices may have pushed its stock earnings higher.
Boeing Co ended Thursday’s trading session 2.05% lower. However, the aerospace company inched higher in the premarket trade. India recently lifted its ban on the Boeing 737 Max jet ban boosting the company.
Johnson and Johnson was also among the active stocks in the Dow Jones index. The company recently announced that its extra covid-19 shot gives an immune boost.