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5 Key Points to Consider Before the Stock Market Opens on Friday, August 23rd

As investors gear up for another trading day, there are five key things they need to know to stay informed and make strategic decisions. From market trends to policy updates, here’s a breakdown of what to watch out for:

1. Reversing course:
After a down day, stock futures are on the rise on Friday. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all experienced losses on Thursday, with the Nasdaq seeing its worst day since August 5. Despite this, the Dow and S&P are holding onto week-to-date gains, while the Nasdaq is slightly negative. It’s important to keep an eye on live market updates to gauge the current sentiment and direction of the market.

2. Powell speech:
Federal Reserve Chair Jerome Powell is set to speak at 10 a.m. ET from the Fed’s annual gathering of global central bankers in Jackson Hole, Wyoming. With a potential rate cut on the horizon, investors will be listening closely for any hints on future policy decisions. Powell’s previous speeches at this event have provided insights into the Fed’s approach to unemployment thresholds and inflation targeting, making this a key event to watch.

3. Home sales:
July saw a rise in home sales, marking the first increase in five months. While this is a positive sign for the housing market, Chief Economist Lawrence Yun notes that sales are still sluggish. However, with more choices available to consumers and improved affordability due to lower interest rates, the housing market may be showing signs of recovery.

4. New boost:
The FDA has approved updated Covid vaccines from Pfizer and Moderna, targeting strains of the virus that are driving a summer surge in cases. With waning immunity and the need for updated protection, eligible individuals are encouraged to consider receiving the new vaccines. This development could have implications for public health and the ongoing battle against the pandemic.

5. Robo rideshare:
In a move towards autonomous driving, Uber and General Motors‘ Cruise unit have announced a partnership to offer driverless rides on Uber’s platform as soon as next year. This collaboration could revolutionize urban mobility and pave the way for a new era of transportation. With advancements in technology and safety measures, the future of transportation may be closer than we think.

In conclusion, staying informed about market trends, policy updates, and technological advancements is crucial for investors to navigate the trading day effectively. By keeping an eye on these key developments, investors can make informed decisions and stay ahead of the curve in the ever-changing world of finance.

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