U.S. stock futures are modestly higher ahead of the Wall Street open as the benchmark S&P 500 (SPX) looks to snap a five-session losing streak. The moves come ahead of Federal Reserve Chair Jerome Powell’s speech at Jackson Hole this morning with investors seeking clues on the path forward for monetary policy. Investors are looking for clarity on the interest rate outlook from the Fed chair. Markets are pricing in a 70% chance of a 25 basis point cut at the September meeting, according to the CME FedWatch tool. Equity markets have been under pressure this week ahead of Fed Chair Powell’s speech led by over 2% losses in the tech-heavy Nasdaq-100 (NDX).

• Oil (/CL) – Oil prices are relatively up 0.3% near $63.70 a barrel but are on track to snap a two-week losing streak as hope for immediate peace between Russia and Ukraine dimmed, increasing the risk premium demanded by oil sellers.

• Gold (/GC) – Gold prices are down 0.3% near $3370 on a stronger dollar while investors awaited U.S. Federal Reserve Chair Jerome Powell’s speech at the annual Jackson Hole symposium that could offer fresh clues on the monetary policy path.

• Bitcoin (/BTC) – The Crypto Future is up about 0.2% near 112,500 in premarket trading.

• VIX – The CBOE Volatility Index was up 5.8% on Thursday and settled at 16.60 as stocks were lower.

• Wolfe Research upgrades Roblox (RBLX) to Outperform from Peer Perform with a $150 price target.

• Barclays upgrades Ulta Beauty (ULTA) to Overweight from Equal Weight with a price target of $589, up from $518.

• Barclays downgrades Gap (GAP) to Equal Weight from Overweight with a price target of $19, down from $24.

• Guggenheim downgrades Paramount Skydance (PSKY) to Neutral from Buy and removed the firm's prior $13 price target.

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