Investors Await Fed Chair Powell's Jackson Hole Speech as US Futures Rise in Friday's Premarket

08:10 AM EDT, 08/23/2024 (MT Newswires) -- US stock futures are trending moderately higher in Friday's premarket session as investors eagerly await Federal Reserve Chairman Jerome Powell's speech later in the morning at an economic symposium in Jackson Hole, Wyoming.

Investors are also looking ahead to new home sales data for July. According to Bloomberg, forecasters expect new home sales to rise to 624,000 for the month from 617,000 in July.

Dow Jones Industrial Average futures were up 0.38%, S&P 500 futures were rising 0.53%, and Nasdaq futures were moving 0.80% higher.

Oil prices were sharply higher, with front-month global benchmarks Brent crude and West Texas Intermediate crude rising 1.48% and 1.63% respectively.

In equities, shares of French semiconductor company Sequans Communications (SQNS) soared 145% in the premarket session after Qualcomm (QCOM) said Friday that its Qualcomm Technologies subsidiary has agreed to acquire Sequans' 4G Internet of Things technologies for $200 million. Momentus (MNTS) shares jumped 107%, following a nearly 2% gain on Thursday, and shares of Portage Biotech (PRTG) surged 74% after also rising 2% the previous session.

On the losing side, shares of U-BX Technology (UBXG) plummeted 77%, adding to a 7% loss from the previous session. Red Robin Gourmet Burgers (RRGB) shares tumbled 17% after reporting Friday that its adjusted loss nearly doubled in Q2. Shares of GD Culture Group (GDC) fell 16%, following a 98% gain on Thursday.