As investors gear up for a pivotal Friday in the markets, US stock futures are trending moderately higher during the premarket session. This enthusiasm stems from the anticipation surrounding Federal Reserve Chairman Jerome Powell’s speech, scheduled for later this morning at an influential economic symposium in Jackson Hole, Wyoming.
The markets are not only tuned in to Powell’s remarks but are also eyeing upcoming data on new home sales for July. According to reports from Bloomberg, forecasters are projecting a rise in new home sales to an estimated 624,000 for the month, up from 617,000 in June. In specific market performance metrics, Dow Jones Industrial Average futures have shown an increase of 0.38%, while S&P 500 futures have risen by 0.53%.
Meanwhile, Nasdaq futures have experienced a more robust uptick, climbing 0.80% higher. Also noteworthy in the commodities market, oil prices have surged sharply, with front-month global benchmarks displaying impressive gains. Brent crude has increased by 1.48%, while West Texas Intermediate crude has seen a rise of 1.63%. When assessing equity movements, one significant highlight comes from the French semiconductor firm Sequans Communications, which has seen its shares soar by 145% during the premarket session.
This impressive jump is attributed to Qualcomm’s announcement that its subsidiary, Qualcomm Technologies, has finalized an agreement to acquire Sequans' 4G Internet of Things technologies for an impressive $200 million. In addition to Sequans, shares of Momentus have jumped 107%, following a nearly 2% gain on Thursday.
Furthermore, shares of Portage Biotech have surged by 74%, adding to its 2% rise from the previous trading session. On the downside, certain stocks have faced significant losses. U-BX Technology has plummeted by 77%, compounding a previously suffered 7% decrease. Furthermore, Red Robin Gourmet Burgers’ shares have tumbled by 17% after the company reported an adjusted loss that nearly doubled in the second quarter.
Shares of GD Culture Group have also experienced a downturn, falling by 16% after enjoying a substantial 98% gain just the day before. In summary, the premarket session reflects a blend of optimism and caution as investors prepare for major economic indicators and corporate news..