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Futures up: Dow 0.12%, S&P 500 0.09%, Nasdaq 0.06%
Aug 22 (Reuters) - U.S. stock index futures were
marginally higher on Thursday, as sentiment remained upbeat
about the Federal Reserve possibly kicking off its policy easing
cycle next month, with focus now shifting to policymakers'
commentary at Jackson Hole this week.
Hopes that the Fed would cut interest rates next month got a
boost after minutes from the U.S. central bank's latest meeting
showed on Wednesday a "vast majority" of officials said such an
action was likely.
The July policy meeting occurred before the disappointing
employment report for that month and a host of economic reports
pointing to cooling inflation and a softening but resilient
economy.
"The minutes are backward-looking but confirm the soft
signals from Fed Chair Powell after the meeting," noted Elisabet
Kopelman, U.S. economist at banking group SEB.
"These plans should have received further support from weak
data since the July meeting, and we expect Powell to send a
clear signal on this in his speech in Jackson Hole tomorrow."
The much-awaited Jackson Hole Economic Symposium kicks off
later in the day, with Fed chair Powell slated to deliver
remarks on Friday.
Money markets currently see a 69.5% chance of an at least
25-basis-point (bps) cut in September, as per the CME FedWatch
Tool and about 100 bps of easing by December, according to LSEG
data.
Wall Street's main indexes closed slightly higher in the
previous session, with the S&P 500 now sitting less than
1% away from its all-time highs seen in July.
Later in the day, a weekly reading of U.S. jobless claims is
due at 8:30 a.m ET, and preliminary estimates of August U.S.
business activity are due at 9:45 a.m. ET.
At 05:10 a.m. ET, Dow E-minis were up 50 points, or
0.12%, S&P 500 E-minis were up 5 points, or 0.09% and
Nasdaq 100 E-minis were up 13.25 points, or 0.06%.
Among individual stocks, data cloud analytics firm Snowflake
raised its forecast for full-year product revenue.
Still, Snowflake's shares were down 8.5% in premarket trading
with analysts attributing the drop to the company not pairing
the climb in revenue projections with a rise in margin forecast.
Paramount Global ( PARAA ) gained 3.3% after a source told
Reuters that veteran media executive Edgar Bronfman has
sweetened his bid to take over the company, offering $6 billion
for its controlling shareholder National Amusements and a
minority stake in Paramount.
Shares of Charles Schwab ( SCHW ) were down nearly 4% after
Canada's TD Bank Group said it would sell part of its
stake in the brokerage firm.