Investor attention will be focused on Federal Reserve Chairman Jerome Powell's speech on Friday morning, as well as other statements from the Federal Reserve due throughout the day. With no significant economic announcements scheduled, these speeches take center stage.
Early indicators from the U.S. Futures Index imply that Wall Street may open in the negative. Markets in Asia closed with losses in most sectors, while European shares are also trading predominantly in the red.
As of 7:50 am ET, Dow futures were down by 32.00 points, S&P 500 futures were descending by 7.50 points, and the Nasdaq 100 futures experienced a decrease of 52.00 points.
Major U.S. averages ended positively on Thursday. The Dow saw a boost of 269.24 points or 0.7 percent to reach 39,781.37, the S&P 500 increased by 16.91 points or 0.3 percent to hit 5,241.53, and the Nasdaq gained 32.43 points or 0.2 percent, ending at 16,401.84.
In regards to economic events, Chairman Powell will deliver kick-off remarks at a 'Fed Listens' event at 9:00 am ET. The focus of the event is to deliberate on the current state of the economy, how the pandemic has restructured the economy, and its impact on the workforce.
At 10:00 am ET, Fed Vice Chair Philip Jefferson will chair Panel 2: Industry Perspectives at another 'Fed Listens' event. Similarly, at 12:15 pm ET, Fed Vice Chair for Supervision Michael Barr will partake in an International Economic and Monetary Design discussion virtually.
Raphael Bostic, President of Atlanta Fed, is slated to take part in a moderated discussion on 'Household Finance' at the 2024 Household Finance Conference at 4:00 pm ET.
The Baker Hughes Rig Count is scheduled at 1:00 pm ET. Last week, the North American rig count was 836, the U.S. rig count was 629, and Canada reported 207 rigs.
Asian markets recorded mixed performances on Friday. The Hang Seng Index of the Hong Kong Stock Exchange lost 363 points or 2.16 percent to close at 16,499.47, while China's Shanghai Composite Index fell 0.95 percent to close at 3,048.03. The Japanese Nikkei 225, however, gained 73 points or 0.18 percent, closing at 40,888.43. Australia's S&P/ASX200 ended its trading day at 7,770.60, shedding 11 points or 0.15 percent.
European shares are trading primarily in the negative. France's CAC 40 is down 37.23 points or 0.46 percent, while Germany's DAX is up 2.19 points or 0.01 percent. England's FTSE 100 is gaining 33.61 points or 0.43 percent, but the Swiss Market Index is down 36.96 points or 0.32 percent. The Euro Stoxx 50, which represents blue-chip leaders in the Eurozone, is down by 0.67 percent.
