Stocks Steady, U.S. Futures Up as Powell Awaited: Markets Wrap

Stocks Steady, U.S. Futures Up as Powell Awaited: Markets Wrap

(Bloomberg) -- Asian stocks were steady Friday and U.S. futures rose ahead of a key Federal Reserve gathering that may offer clues about the timeline for tapering stimulus.

MSCI Inc.’s Asia-Pacific gauge eked out a gain, with stocks climbing in China, where the central bank supported sentiment after signaling targeted steps to cushion the economy. S&P 500 and Nasdaq 100 futures advanced and European contracts were little changed as traders awaited Fed Chair Jerome Powell’s speech at the Jackson Hole symposium.

President Joe Biden’s advisers are considering backing Powell for a second term, people familiar with the matter said, a step that could bolster expectations of continuity in accommodative monetary policy.