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In the days leading up to the annual Jackson Hole Economic Policy Symposium, all eyes were firmly on Federal Reserve Chair Jerome Powell and his speech on Friday, Aug. 22.
Major U.S. equities indexes surged to close out the week as Federal Reserve Chair Jerome Powell said the central bank could begin trimming interest rates as soon as next month.
Over the next few weeks, we expect a rally to ideally, and at least, 6560, from where a correction to 6335-6190 can materialize, followed by another rally to 6800.
The three major US indices continue to wait for the Jackson Hole speech by Jerome Powell on Friday, to get a feel for where the monetary policy of the Federal Reserve is heading.
Strategy now meets all of the technical requirements for inclusion in the S&P 500, following new accounting rules that allow the recognition of Bitcoin appreciation in the income statement. A possible announcement could come in late August or early September. If approved, more than $7.7 billion in inflows would go into the company, representing 8.5% of its float-adjusted market cap. Coincidentally, another $7.7 billion of MSTR stock is held short; covering could provide an additional tailwind that will amplify the impact of the index fund inflows.
U.S. stock futures rose on Friday following Thursday's declines. Futures of major benchmark indices were higher.
Big Tech is dragging down the S&P 500, even as the broader universe of stocks in the index has been holding up so far this week.
Broad-based index now about 1.5% below record high; Walmart slips.
U.S. stocks traded lower midway through trading, with the Dow Jones index falling around 50 points on Thursday.
The US indices that I follow all look somewhat quiet in premarket trading, as we are likely waiting for the next inflation numbers, and of course that speech by Jerome Powell this Friday.