Futures rise with Powell speech at Jackson Hole in focus
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Jackson Hole speech begins at 10 a.m. EDT (1400 GMT)
GM up after Cruise to offer robotaxis on Uber's platform
Workday jumps after Q2 revenue beat, $1 bln share buyback plan
Futures up: Dow 0.39%, S&P 500 0.58%, Nasdaq 0.89%
Updated at 06:53 a.m. ET/1053 GMT
By Medha Singh and Johann M Cherian
Aug 23 (Reuters) -U.S. stock index futures rose on Friday with investors awaiting Federal Reserve Chair Jerome Powell's commentsat the Jackson Hole Economic Symposium for clues on interest-rate cuts in the world's biggest economy.
While minutes from the Fed's July meeting this week showed a number of policymakers were ready to consider rate cuts come September, Powell's speech could offer insights on the pace of easing and how the central bank will respond as the economy evolves.
Powell is scheduled to speak at 10 a.m. ET (1400 GMT) at the annual global gathering of central bank officials at Jackson Hole, Wyoming.
"The question is whether he will go as far as opening the door to a 50 bps move – if not in September, at a later point this year," said ING strategist Francesco Pesole.
Traders have fully priced in a scenario where the Fed begins easing interest rates at its Sept. 17-18 meeting, with a 73.5% chance of a 25-basis-point rate cut, according to CME Group's FedWatch tool.
Recent data including weekly jobless claims and payrolls revisions signaled the U.S. economy was slowing, albeit gradually, assuaging fears over a sharp downturn.
That has helped Wall Street's three main indexes recover from a plunge earlier this month triggered by a dour July employment report and yen carry trade. The S&P 500 .SPX is now about 1.8% away from a record high touched in mid-July, after falling as much as 9.7% from that level.
At 06:53 a.m. ET, Dow E-minis 1YMcv1 were up 159 points, or 0.39%, while S&P 500 E-minis were up 0.58% to 5,626.5. The Nasdaq 100 E-minis NQcv1 were up 174 points, or 0.89%.
Chip stocks such as Nvidia NVDA.O, Broadcom AVGO.O and Qualcomm QCOM.O climbed more than 1.2% each in trading before the bell, rebounding from sharp losses in the previous session. The Philadelphia chip index .SOX notched its biggest daily drop in three weeks on Thursday.
Rate-sensitive growth stocks such as Apple AAPL.O climbed 0.6%, while Amazon.com AMZN.O added 1% and Tesla TSLA.O rose more than 1.5%, looking tobounce back from Thursday's losses.
Workday WDAY.O shares jumped 12.5% afterthe human resource software provider beat market expectations for second-quarter revenue and announced a $1 billion stock buyback plan.
Cruise will offer its autonomous vehicles on ride-hailing platform Uber UBER.N starting next year, the companies said, as the General Motors-backed GM.N robotaxi firm attempts a comeback, sending shares of the automaker up 1%.
Ross Stores ROST.O gained 5.6% after the discount retailer raised its fiscal 2024 profit forecast.
Later in the day, data from the U.S. Commerce Department's Census Bureau is expected to show new home sales steadied in July after hitting a seven-month low in June.
Energy and tech sector have lagged S&P 500 so far this week https://tmsnrt.rs/3AA7YLr
Reporting by Medha Singh and Johann M Cherian in Bengaluru; Editing by Devika Syamnath
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