This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Stock Market Today: Futures Rise as Markets Anticipate a Dovish Yellen

Stocks in this article: ^DJI ^GSPC ^IXIC SHLD HTZ BAC UPS

NEW YORK (TheStreet) -- U.S. stock futures rose Thursday as investors awaited Federal Reserve Chair Janet Yellen's speech on Friday at the annual gathering of central bankers in Jackson Hole, Wyo. The event kicks off on Thursday and ends on Saturday.

The markets were brushing off the Federal Reserve's release of what was thought by many to be a more hawkish-than-expected set of July meeting minutes, rising as they sustained the momentum of the past six days and on expectations that Yellen will emphasize the importance of sticking to an accommodative interest rate policy. Economists expect that she'll say it's not necessary right now to expedite the reversal of monetary policy as inflation appears to be easing and wage growth remains muted.

Read More: Aug. 21 Premarket Briefing: 10 Things You Should Know

"The S&P 500 appears to be on a mission to eclipse the 2,000 level before considering the consequences of an uncontrolled advance," said S&P Capital IQ's managing director of U.S. equity strategy, Sam Stovall.

Dow Jones Industrial Average
futures rose 36 points, or 33.87 points above fair value, to 16,986, S&P 500 futures advanced 3.25 points, or 2.94 points above fair value, to 1,986.5. After the Fed minutes, the index rose to settled near its July 24 closing high. Nasdaq futures on Thursday gained 4.3 points, or 4.1 points above fair value, to 4,043.8.

For a closer look at what's lifting U.S. Markets this morning, click the video below:

WATCH: More market update videos on TheStreet TV A number of economic releases on Thursday morning could provide more color heading into Yellen's speech. The government reported ahead of the open that initial jobless claims for last week arrived below expectations at 298,000 vs. the 300,000 consensus estimate.

Data Thursday will also include the August Markit PMI "Flash" Manufacturing Index scheduled for 9:45 a.m. EDT, and July existing home sales, results from the August Philadelphia Fed Business Outlook Survey, and the Conference Board's Index of Leading Indicators for July all at 10 a.m.

Read More: Exxon vs Chevron: Battle of the Oil Dividend Behemoths

In top corporate news Thursday, Bank of America's (BAC) much-anticipated settlement with the U.S. Justice Department over fraudulent mortgage securities the bank sold to investors is less punitive than the $17 billion price tag suggests and doesn't address the wrongs it purports to remedy. Shares were up 0.84% to $15.65.

Sears (SHLD) was down 5.42% to $34 after announcing its ninth straight quarterly loss as it continues to battle weak sales.

Activist investor Carl Icahn has taken a stake of more than 8% in Hertz Global Holdings (HTZ) and may seek representation on the rental car company's board, as it works to resolve accounting restatements, missed earnings and a delayed spinoff of its equipment rental business. Hertz added on 0.89% to $30.60.

United Parcel Service (UPS) said some customers of The UPS Store may have had their credit and debit card information exposed by a computer virus found on systems at 51 stores in 24 states.

Read More: Stock Market Today: Stocks Regain Momentum, Shrug Off Hawkish Fed Minutes

--By Andrea Tse in New York

Follow @AndreaTTse

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs