All eyes are on Jackson Hole, Wyoming this morning, where Fed Chairman Jerome Powell will be giving a speech titled "Monetary Policy in a Changing Economy." That speech will begin at 10:00 AM ET and likely marks the last notable risk factor in a week that's featured plenty of political uncertainty and ambiguity on trade.
On that latter note, two days of trade talks between the U.S. and China wrapped up on Thursday without any visible sign of progress. President Trump said ahead of the negotiations that he wasn't expecting much to come out of the summit, which marked the first official talks since a breakdown nearly three months ago.
The news hasn't prevented a positive bias in the futures market though, with the S&P 500 futures currently trading seven points, or 0.2%, above fair value. That puts the S&P 500 in position to add to its modestly weekly gain of 0.2%. The tech-heavy Nasdaq enters Friday with a weekly gain of 0.8%, while the Dow is down 0.1% week-to-date.
Looking at other markets, U.S. Treasuries are under pressure this morning, sending yields higher across the curve, with the benchmark 10-yr yield up two basis points at 2.84%. Meanwhile, the U.S. Dollar Index is down 0.3% at 95.28, helping to boost dollar-denominated commodities like crude oil, which is up 1.1% at $68.59/bbl.
On the data front, durable goods orders declined more than expected in July (-1.7% actual vs -0.6% Briefing.com consensus), and the prior month's reading was downwardly revised to +0.7% from +1.0%. Excluding transportation, durable orders increased 0.2% (Briefing.com consensus +0.4%) to follow the prior month's revised reading of +0.1% (from +0.4%).
Investors will not receive any other economic data today.
Lastly, in earnings news, Ross Stores (ROST), HP (HPQ), and Gap (GPS) are down between 3.5% and 7.9% in pre-market trading after releasing their quarterly results, but Autodesk (ADSK) has spiked 10.5% after reporting better-than-expected earnings and revenues.