S&P 500, Nasdaq Futures Firm Up Ahead Of Fed Jackson Hole Event, Q2 GDP Data; Tesla In Focus Today

Trading in U.S. index futures suggests Wall Street may get off to a positive start on Thursday, building on the momentum from the previous session.

Stocks closed Wednesday’s session moderately higher following three straight sessions of declines by the Dow Industrials and the S&P 500 Index. The reversal came about due to bargain hunting even as investors await Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole event on Friday.

Energy stocks led the gains, and financial and real estate stocks also advanced notably, while information technology, communication and healthcare stocks underperformed.

The Dow ended 0.18% higher at 32,969.23 and the S&P 500 index rose 0.29% before closing at 4,140.77. The Nasdaq Composite outperformed with a 0.41% gain, ending at 12,431.53.

At the time of going to press on Thursday, the Dow futures were firmer by 0.29%, and the S&P 500 and Nasdaq 100 futures were seen advancing 0.54% and 0.70%, respectively.

Investors may look ahead to the weekly jobless claims data and the U.S. Census Bureau’s second estimate of second-quarter GDP data, both due at 8:30 a.m. ET. Last week, the Labor Department said the number of people filing for unemployment benefits fell unexpectedly in the week ended Aug. 13.

The advance GDP estimate released in July showed that the U.S. economy contracted by an annual rate of 0.9% in the second quarter. The spotlight will likely be on the personal consumption expenditure index, which is the central bank’s favorite inflation gauge.

The Jackson Hole economic policy symposium gets underway after the market closes on Thursday.

See also: Jackson Hole Symposium Preview: Why Powell's Friday Speech Is Critical For Investors

On the corporate front, Nvidia Corporation NVDA and Salesforce, Inc. CRM are retreating in reaction to the lackluster guidance issued by these companies.

More retail earnings will come on Thursday. Discount retailers Dollar General Corporation. DG and Dollar Tree, Inc. DLTR, teen apparel retailer Abercrombie & Fitch Co. ANF, and Gap, Inc. GPS are all on tap to report.

Tesla, Inc. TSLA shares will begin trading on a split-adjusted basis on Thursday. Early indications suggest the stock could open higher.

Asian stocks closed mostly higher, led by the Hong Kong market, which saw a truncated session due to a typhoon threat. Traders in South Korea largely ignored an expected quarter-basis-point interest rate hike by the Korean central bank.

The European markets are seen trading mixed. Better-than-expected German second-quarter GDP growth is lending some support although the underlying sentiment is one of caution ahead of the Jackson Hole event.

After topping the $95-a-barrel mark on Wednesday, crude oil futures are edging down slightly.

Price Action: In premarket trading on Thursday, the SPDR S&P 500 ETF Trust SPY was rising 0.53% to $415.88 and the Invesco QQQ Trust QQQ was moving up 0.73% to $317.30, according to Benzinga Pro data.