Wall Street Futures Muted as Traders Await Fed Speech
U.S. stock futures showed little movement ahead of the opening bell today. Market participants adopted a cautious stance before Federal Reserve Chair Kevin Warsh speaks at Jackson Hole. Equity futures opened mixed in early trading. Dow Jones futures edged up 59.00 points (+0.11%) to 53,680.00. Meanwhile, S&P 500 futures fell 4.00 points (-0.05%) to 7,738.50. Nasdaq futures also dropped 84.75 points (-0.29%) to 29,611.00.
Dow Jones Industrial Average
Dow Jones Industrial Average (DJIA) has traded mostly flat over the last three sessions as traders focus heavily on today’s economic event. Market direction remains range-bound, and another flat trading session is expected before clearer momentum builds heading into next week. If the index comes under renewed downward pressure, the primary ascending trendline remains the principal target to watch for technical support.
PayPal Holdings, Inc. (PYPL)
Shares of PayPal Holdings, Inc. (PYPL) gapped down in pre-market trading following news that an acquisition order was withdrawn. Technically, the share prices are trading near the 200 EMA ($53.78) and 100 EMA ($52.63). If further bearish pressure persists, the stock could attempt to close the lower price gap toward horizontal support. Traders will be monitoring price behavior around current levels, where evidence of bottoming and a bullish bounce could provide an opportunity for long positions.