The Friday Market Minute

  • Dow Jones futures up 0.16%; S&P 500 futures gained 0.16%
  • European markets are higher
  • Asian markets mixed after lack of progress in U.S.-China trade talks 

Market Roundup

European markets and U.S. futures edged higher on Friday, Aug. 24, ahead of a Federal Reserve Chairman Jerome Powell's address at Jackson Hole and despite U.S.-China trade talks ending without progress.

U.S. stock markets were pointing to a positive open on Friday ahead of the Jackson Hole symposium. Dow Jones Industrial Average futures contracts tied to Sept. 21 were up 0.16%, and S&P 500 mini futures were up 0.16%.

Stocks ended modestly lower on Thursday, Aug. 23, as the U.S. and China applied tit-for-tat tariffs. The Dow Jones Industrial Average fell 77 points, or 0.3%, to 25,657, the S&P 500 fell 0.2%, and the Nasdaq lost 0.1%.

Gap Inc. (GPS) - Get Report shares tumbled 7.21% in premarket trading after the retailer posted second-quarter earnings and sales above analysts' forecasts but same-store sales at its namesake brand fell 5%.

Advanced Micro Devices (AMD) - Get Report  gained 1.62% in premarket trading, indicated to open at $22.70, after Rosenblatt Securities raised its target price for the share to $30, citing the company's manufacturing advantage over competitor Intel (INTC) - Get Report

The dollar slipped and Treasuries steadied as investors look to Powell's comments for dovish comments that could cast doubt of the Fed's rate-hike forecast, and to see if Powell responds to President Donald Trump's criticism about rate hikes.

The U.S. dollar index lost 0.15% to 95.519 and the yield on 10-year Treasuries climbed less than one basis point to 2.83%.

European markets were in positive territory on Friday. The Stoxx 600 was up 0.13%, Germany's Dax gained 0.07%, France's Cac 40 was up 0.21% while the FTSE 100 was 0.07% higher.

Shire plc (SHPG) - Get Report was the biggest mover on the FTSE 100 after the U.S. Food and Drug Administration approved a first of its kind drug to treat a rate hereditary disease that causes swelling. Shares gained 2.41% to 4,529 pence. 

Australia has its fifth leader in as many years after Scott Morrison was on Friday, Aug. 24, appointed Prime Minister and head of the ruling Liberal Party, replacing the deposed Malcolm Turnbull. The Australian dollar rose Friday on news of Morrison's victory, climbing 0.5% against the U.S. dollar to $0.728, after falling earlier in the day.

Asian markets ended the day mixed after two days of trade talks between the U.S. and China ended without progress. The lack of progress could lead to a further escalation in the trade war, which saw the two countries on Thursday impose fresh tariffs on $16 billion of each other's goods. The 25% duties included automobiles and metal scrap from the United States and Chinese-made factory machinery and electronic components.

Mainland China's SSE Composite Index was up 0.18%, while Hong Kong's Hang Seng lost 0.51%. Japan's Nikkei ended the day 0.85% up.