In the ever-shifting landscape of the U.S. stock market, investors are gearing up for a potentially exciting trading session as the opening bell approaches. Predictions indicate a higher opening on Friday, largely in anticipation of Federal Reserve Chair Jerome Powell's much-awaited speech at an economic symposium in Jackson Hole, Wyoming, scheduled for later this morning.
This keynote address is expected to provide insights into the central bank's economic outlook and may significantly influence the market direction. As the trading session unfolds, keen investors are also turning their attention to the new home sales data for July, set to be released around the same time—10 am ET.
Analysts surveyed by Bloomberg are optimistic, forecasting a rise in new home sales to 624,000 for the month, a notable increase from June's figures of 617,000. This positive outlook reflects a continued recovery in the housing market, which is a critical component of the U.S. economy. In pre-market trading, Dow Jones Industrial Average futures were observed gaining 0.5%, while S&P 500 futures were on the rise by 0.6%.
Nasdaq futures showed an impressive climb, approaching a 1% increase, signaling a potentially bullish market near the opening. Meanwhile, the commodities market also reflected positive trends as oil prices rose. The front-month global benchmarks indicated that North Sea Brent crude increased by 1.4%, reaching $78.30 per barrel, while U.S.
West Texas Intermediate crude saw a 1.7% uptick, reaching $74.22 per barrel. These changes indicate fluctuating demand and production schedules that are closely monitored by investors worldwide. Looking at global markets, Japan's Nikkei index demonstrated a moderate gain of 0.4%. Hong Kong's Hang Seng, however, experienced a slight decrease of 0.2%, while China's Shanghai Composite index saw a modest increase of 0.2%.
Across the Atlantic, the early afternoon session in Europe showed the UK's FTSE 100 up by 0.3%. Germany's DAX 30 and France's CAC 40 both climbed 0.5%, while Spain's IBEX 35 enjoyed a more substantial rise of 0.6%, indicating a generally positive trading atmosphere in global equities. In the world of equities, some stocks are making headlines with significant movements.
Shares of Sequans Communications ($SQNS) skyrocketed nearly 160% in premarket trading following Qualcomm's ($QCOM) announcement that its Qualcomm Technologies subsidiary has agreed to acquire the French semiconductor's 4G Internet of Things technologies for a substantial $200 million. Other remarkable gains were witnessed from Momentus ($MNTS), whose shares surged 106%, and Portage Biotech ($PRTG), which saw a 66% increase after previously rising 2%.
Faraday Future Intelligent Electric ($FFIE) shares also advanced by 28%, following a staggering 124% surge the day before. Moreover, shares of Pono Capital Two (PTWO) rose 49%, climbing from an 18% gain in the previous session. Conversely, not all stocks enjoyed the trading boost. On the downside, shares of U-BX Technology ($UBXG) faced a dramatic plunge of 84%, compounding a 7% loss from earlier trading.
ShiftPixy ($PIXY) shares dropped nearly 8%, accentuating a continued decline after a 1.7% loss on Thursday. Red Robin Gourmet Burgers' ($RRGB) stock tumbled 14% after reporting a Q2 adjusted loss that nearly doubled from the previous year. Royce Global Trust (RGT) shares saw a 13% drop following a preceding 0.6% loss, and Beneficient ($BENF) experienced a near 13% decline, completely erasing Thursday's promising 9% gain.
These fluctuating performances in individual stocks underscore the volatility and uncertainties that can characterize the stock market environment. In this uncertain economic landscape, with mixed global signals and pivotal data releases on the horizon, all eyes will be closely watching how markets react to Powell's insights and the forthcoming housing data..