Shares rose at market open on Friday as investors awaited a key speech from Fed Chair Jay Powell this morning.
The S&P 500 (^GSPC) rose 0.4%, while the Dow Jones Industrial Average (^DJI) gained 0.4%. The tech-heavy Nasdaq Composite (^IXIC) rose 0.4%, setting the key moving averages for a win after Thursday’s plunge.
Powell is scheduled to speak at 10:05 am ET Friday, although Fed comment from Wyoming’s annual Jackson Hole Economic Symposium has already stirred markets.
On Thursday, stocks across the board closed lower as the Nasdaq fell nearly 2%, giving up gains from an early rally sparked by Nvidia’s (NVDA) strong earnings report.
Fed spokesmen, including Boston Fed President Susan Collins, who spoke to Yahoo Finance’s Jennifer Schonberger in an interview from Jackson Hole, suggested that higher interest rates may be needed to curb inflation, which weighed on markets on Thursday .
Last year, stock markets sold off sharply during Powell’s Jackson Hole speech, which said the Fed would keep raising rates “until the work is done” to bring down inflation. Since that speech, interest rates have risen another 300 basis points, with the federal funds rate now at its highest level since 2001.
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