Stock market news live updates: August 25, 2022

Stock futures were higher on Thursday as central bankers around the world convened for the US Federal Reserve’s much-anticipated Jackson Hole economic symposium.

The contract on the S&P 500 jumped 0.6% after the index fell after three days of losses in the previous session. The Dow Jones Industrial futures added 100 points, or 0.3%, while futures tied to the tech-heavy Nasdaq Composite gained 0.8%.

Peloton Interactive (Pton) was in the limelight on Thursday morning when the fitness-equipment maker reported operating losses of more than $1 billion for its fiscal fourth quarter, as revenue fell short of Wall Street’s expectations. The results caused shares to drop as much as 16% in pre-market trading.

Investors will tune into the Fed’s gathering in Wyoming for clues from central bank officials on the pace and magnitude of its rate-hike plans for the rest of this year as activity appears to be slowing in some aspects of the US economy. The most closely watched part of the meeting is scheduled for Friday, with Chair Jerome Powell set to deliver remarks that may indicate that the central bank’s next policy announcement in September will result in a 75 basis points increase. or a slight bump of 0.50%.

David Norris, partner and head of US Credit at Twentyfour Asset Management, said in a note, “There is widespread expectation for Jerome Powell to continue his statement on fighting inflation, while the Fed has distanced markets from this sentiment. ” “Markets are expecting a more harsh statement from Powell along the lines of the ‘longer for higher’ statement on interest rates.”

US Federal Reserve Board Chairman Jerome Powell speaks during a news conference after the Federal Open Market Committee (FOMC) meeting at the Federal Reserve’s headquarters on July 27, 2022 in Washington, DC. (Photo by Drew Anger/Getty Images)

Still, Federal Reserve policy is expected to be dictated by economic data on a meeting-by-meeting basis.

on Thursday, Data from BEA is shown Economic activity contracted lower than initially anticipated in the second quarter. The second estimate of GDP for the second quarter shows the economy contracted at a 0.6% annual rate during the quarter, down from the 0.9% reported at the end of the previous month.

Labor market data also showed a decline Initial Jobless ClaimsAbout 243,000 people applied for unemployment insurance last week, down from 250,000 last week. Last week’s data was also reduced from 250,000 to 245,000.

Elsewhere in the markets, shares of Nvidia (NVDA) fell 3% before the open, when the chipmaker reported quarterly results late Wednesday that missed estimates and lowered its guidance for the period ahead.

Shares of Salesforce (CRM) fell nearly 8% in extended trading after the software giant slashed its annual revenue and gains from a stronger dollar and its outlook for more restrained spending by its clients.

Meanwhile, Tesla’s (TSLA) stock was up about 1.8% pre-market when the electric-vehicle giant executed a 3-for-1 stock split approved by shareholders earlier this month after the bell on Wednesday. The move comes just two years after the 5-for-1 stock split and is aimed at attracting more retail investors.

Crude oil futures remained close to $ 95 per barrel. Earlier this week, Saudi Arabia suggested the OPEC+ alliance could potentially cut production.

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Alexandra Semenova is a reporter for Yahoo Finance. follow him on twitter @alexandraandnyc

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