Wall Street pointed higher today ahead of a speech by Federal Reserve Chair Jerome Powell that may deliver clues on how quickly and deeply the Fed intends to cut interest rates, the Associated Press reports. Futures for the Dow Jones Industrial Average rose 0.4% before the bell, while futures for the S&P 500 climbed 0.6% as markets steer toward another winning week.
Markets have posted strong gains the past two weeks, even though the U.S. economy has been slowing under the weight of high interest rates meant to get inflation under control. U.S. companies continue to report mostly better-than-expected profits for the spring.
Workday rose 15% after the human resources software company beat Wall Street’s sales and profit targets and issued a strong forecast.
Ross Stores, the discount home decor and clothing retailer, climbed 5.6% after it easily beat analysts’ second-quarter projections as inflation-weary consumers continue to seek out bargains.
Nestle shares gained after the company’s board appointed Laurent Freixe as chief executive officer, replacing Mark Schneider. The global food giant’s shares rose 3.4% in premarket.
In energy trading, benchmark U.S. crude rose $1.29 to $74.30 per barrel. Brent crude, the international standard, rose $1.21 to $78.43 per barrel.
In currency trading, the U.S. dollar fell to 145.95 yen from 146.24 yen.
