U.S. equities are primed for Jackson Hole
U.S. equities are primed for Jackson Hole where the message from Janet (10 ET) and Mario (15 ET) shouldn't be wholly unfriendly to the markets. Trump is also reportedly slated to make a major push for tax reform next week and his chief economic advisor Cohn indicated he was in no rush to leave his post, despite mounting pressure. The Dow is 44-points higher, S&P gained 7-points and NASDAQ is up 22-points in pre-open action. Major bank earnings lifted China's CSI 300 1.6% for the biggest gain of the year, while Japan's Nikkei rose 0.5%. European bourses are cautiously 0.3-0.4% higher while awaiting the other policy shoe to drop from Draghi later. The euro is slightly firmer over 1.18 and the dollar index a hair lower near 93.20, giving a marginal nod to the ECB over the Fed in terms of hawkish surprise risk. WTI crude rebounded 0.8% to $47.80 bbl as Hurricane Harvey slams into the Gulf coast near Houston. Autodesk surged 5% after raising guidance, while Adamas Pharma jumped 50% after FDA approval. Durables are up next and expected to dive after being pulled down by vehicles and Boeing.