Live stock market news: August 25, 2022

Stock futures were firmly higher on Thursday as central bankers around the world gathered for the U.S. Federal Reserve’s highly anticipated Jackson Hole Economic Symposium.

Contracts on the S&P 500 jumped 0.5% after the index broke a three-day losing streak in the previous session. Dow Jones Industrial futures added 80 points, or 0.3%, while futures linked to the technology-heavy Nasdaq Composite rose 0.6%.

Investors will listen to the central bank’s rally in Wyoming for hints from Fed officials on the pace and extent of their rate hike plans for the rest of this year, as activity appears to be slowing in certain facets of the American economy. The most watched part of the meeting is scheduled for Friday, with Chairman Jerome Powell expected to deliver remarks that could indicate whether the central bank’s next policy announcement in September will result in another 75 basis point rate hike or a slight hike. 0.50%.

“Jerome Powell is widely expected to continue his inflation-fighting rhetoric while discouraging markets from the idea that the Fed has made a dovish pivot,” said David Norris, partner and chief credit officer. American at TwentyFour Asset Management in a note. “Markets are expecting a more hawkish statement from Powell along the lines of a ‘higher for longer’ narrative on interest rates.”

WASHINGTON, DC - JULY 27: U.S. Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a meeting of the Federal Open Market Committee (FOMC) at Reserve Headquarters Federal on July 27, 2022 in Washington, DC.  Powell announced that the Federal Reserve was raising interest rates by three-quarters of a percentage point.  (Photo by Drew Angerer/Getty Images)

WASHINGTON, DC – JULY 27: U.S. Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a meeting of the Federal Open Market Committee (FOMC) at Reserve Headquarters Federal on July 27, 2022 in Washington, DC. Powell announced that the Federal Reserve was raising interest rates by three-quarters of a percentage point. (Photo by Drew Angerer/Getty Images)

Yet Federal Reserve policy should be dictated by economic data on a meeting-by-meeting basis. A busy slew of releases await traders on Thursday, with a second estimate of second-quarter US GDP on deck and the latest unemployment insurance claims numbers expected.

On the earnings front, Nvidia shares (NVDA) fell more than 4% pre-market after chipmaker published its quarterly results on Wednesday evening which missed the estimates and lowered its forecast for the period ahead.

Selling power (RCMP) shares fell nearly 7% in extended trading after the software giant cut its outlook for full-year revenue and profit on a stronger dollar and more tempered spending by its customers.

Meanwhile, Tesla (TSLA) the stock rose about 1.4% before the opening after the electric vehicle giant executed the 3 for 1 stock split approved by shareholders earlier this month after the bell on Wednesday. The move comes exactly two years after a 5-for-1 stock split and is aimed at attracting more retail investors.

Crude oil futures held near $95 a barrel. Earlier this week, Saudi Arabia suggested the OPEC+ alliance can make production cuts possible.

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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