NEW YORK: US stocks were modestly higher in the opening trade on Friday as markets awaited a speech by Federal Reserve Chair Janet Yellen that could shed light on plans to hike interest rates.
“The market has been consumed with that speech and won’t show any conviction until it sees that speech,” said Patrick O’Hare of Briefing.com.
Caution reigned ahead of the speech at the central banking symposium in Jackson Hole, Wyoming. Five minutes into trade, the Dow Jones Industrial Average was up 0.3%. The broad-based S&P 500 added 0.3%, while the tech-rich Nasdaq Composite also rose by 0.3%.
Yellen’s speech aside, there was little hard news to send traders in one direction or another. As expected, the official estimate for US economic growth in the second quarter was revised slightly downward to 1.1%. Early estimates for US goods trade in July showed a narrowing of the deficit – which would boost third-quarter growth.
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