Focus on Jackson Hole in today's American session

American stock futures traded higher before market open today, reflecting the optimism on the European markets today. The expected lack of resolution from the trade talks between China and the U.S. had no negative effect on markets. This can also be seen from commodity futures: WTI rose 1,2% to $68.67, while copper rose 0,7% to $2,70 per lbs on the NYMEX. Gold also scored gains, rising 0,6% to 1192.

J.P Morgan noted that for the first time in history the American markets are trading higher while other developed markets have had a lower performance YTD. This can be seen from the following chart:

JP Morgan's strategist believe that the MSCI EM index will catch up to the American markets by the end of the year.

The decisive moment for all currency pairs will be Jerome Powell's remarks from Jackson Hole. Although a shift in monetary policy is unlikely, we will be tracking his speech for subtle responses to Donald Trump's criticism of the Federal Reserve.

Stocks we will be following in today's session:

Footlocker - The company announced higher earnings, as well as higher sales. We expect the positive results from Footlocker to also impact Nike and Adidas stock.

Gap - Stock fell 7% yesterday after the official market close, despite reporting higher earnings and sales. Weaker sales per store, however, dragged down the stock.

We will also keep an eye on AMD, Tractor Supply and Kohl's after strong results for 2Q and good share price performance in the last couple of days.

Source: Bloomberg Finance L.P.

Charts: Used with permission of Bloomberg Finance L.P.

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