Jackson Hole Symposium Looms as US Equity Futures Tread Water Pre-Bell

09:04 AM EDT, 08/20/2024 (MT Newswires) -- US equity futures were little changed ahead of Tuesday's opening bell as traders largely stayed on the sidelines ahead of Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium later in the week.

Dow Jones Industrial Average futures slipped 0.1%, S&P 500 futures were flat, and Nasdaq futures were down 0.02%.

Powell and other central bank officials will gather Thursday for their two-day annual economic symposium in Jackson Hole, Wyoming. The central bank chief is scheduled to deliver a speech at 10 am Friday, widely expected to suggest a discussion may be held at the next policy setting Federal Open Market Committee meeting Sept. 17-18 potentially leading to the first cut to the Federal Funds target rate band since rates started climbing from 0%-0.25% in 2022 to their current 5.25%-5.50% range.

Oil prices were edging lower, with front-month global benchmark North Sea Brent crude down 0.08% at $77.60 per barrel and US West Texas Intermediate crude down 0.1% at $73.58 per barrel.

In other world markets, Japan's Nikkei closed 1.8% higher, Hong Kong's Hang Seng ended 0.3% lower, and China's Shanghai Composite finished 0.9% lower. Meanwhile, UK's FTSE 100 fell 0.9%, and Germany's DAX 30 index slipped 0.2%, while France's CAC 40 fell 0.1% and Spain's IBEX 35 fell 0.3% in Europe's early afternoon session.

In equities, shares of Palo Alto Networks (PANW) were 1.7% higher pre-bell after the company reported fiscal Q4 results that topped analysts' estimates. Titan Pharmaceuticals (TTNP) shares soared 81% after the company agreed to merge with Malaysian company KE.

On the losing side, Mynaric (MYNA) shares slumped nearly 55% after the company lowered its 2024 financial guidance.