US stock futures steady with Jackson Hole, DNC in focus By Investing.com

Investing.com– U.S. stock index futures were flat in evening trade on Monday after a positive session on Wall Street, with the focus on the Jackson Hole Symposium and the Democratic National Congress this week for more cues.

Wall Street rose amid easing concerns about a U.S. recession, as traders bought heavyweight tech stocks after a severe slump earlier this month.

rose slightly to 5,630.50 points, while rising 0.1 percent to 19,869.25 points by 19:10 ET (23:10 GMT). settled at 41,015.0 points.

Jackson Hole awaited indications of a rate cut

The Jackson Hole Symposium – a meeting of major central bank leaders and finance ministers – begins later this week, with an address to be scheduled for Friday.

Powell’s speech will be closely watched amid growing belief that the central bank is preparing to cut interest rates by 25 basis points in September as recent economic readings have shown some cooling in inflation.

Powell could signal the possibility of a 50 bps cut, Evercore analysts said, although the Fed chairman is not expected to explicitly mention how much the Fed plans to start cutting rates.

Any comments on a potential recession will also be in focus, especially if Powell still sees a soft landing for the US economy.

DNC in focus as 2024 presidential race heats up

This week also focuses on the Democratic National Convention, with President Joe Biden set to speak at the event later on Monday.

Vice President Kamala Harris was officially nominated as the party’s presidential candidate in early August and chose Minnesota Governor Tim Walz as her running mate.

Harris was endorsed by Biden in July and has been seen quickly catching up with Republican front-runner Donald Trump in recent polls, presenting a tight 2024 presidential race.

Wall St at one-month high as recession fears ease

Wall Street indices hit one-month highs, supported by growing optimism that the US economy remained resilient.

Value added 1 percent to 5,608.25 points, while it was up 1.4 percent to 17,873.38 points, with both indexes hitting one-month highs. It rose 0.6 percent to 40,896.53 points and hit a three-week high.