U.S. stock index futures moved progressively lower Friday morning, as market participants awaited a key speech from the Federal Reserve’s top official.
Futures for the Dow Jones Industrials slid 78 points, or 0.3%, to 26,147.
Futures for the S&P 500 dropped 9.25 points, or 0.3%, at 2,913
NASDAQ futures faded 38.25 points, or 0.4%, to 7,678
Foot Locker and Hibbett Sports are among the firms reporting earnings Friday.
Futures tumbled on concern about possible China retaliation in the trade war. Overnight, China’s Ministry of Commerce said that the country has no choice but to take countermeasures. Later in the session, the editor-in-chief of China’s Global Times tweeted that retaliatory tariffs were coming soon.
But the market is largely focusing on the U.S. central bank’s annual Jackson Hole symposium, with Fed Chairman Jerome Powell expected to address an audience of policymakers and economists at 10:00 a.m. ET.
As of Friday morning, Fed funds futures were pricing a likelihood of almost 90% for a 25-basis-point rate cut at the September meeting, and between one or two further quarter-point rate cuts between then and the end of the year.
On the data front, new home sales for July will be released at around 10:00 a.m. ET.
Overseas, in Japan, the Nikkei 225 gathered 0.4% Friday, while in the Hong Kong, the Hang Seng index gained 0.5%
Oil prices dipped $1.24 to $54.11 U.S. a barrel.
Gold prices gained $3.30 to $1,511.80 U.S. an ounce.
