Stock futures rose Wednesday night following a record-breaking day on Wall Street and the conclusion of the Federal Reserve’s latest policy meeting.
Futures tied to the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 all saw gains, with semiconductor stock Micron Technology soaring over 16% in extended trading after reporting better-than-expected earnings. However, discount retailer Five Below slipped more than 12% after missing Wall Street’s expectations for the final quarter of 2023.
The Fed announced that it would keep borrowing costs unchanged at its March policy meeting, but reiterated expectations for three interest rate cuts this year. This news sent all three major indexes to new closing highs, with the Dow and Nasdaq Composite climbing over 1% and the S&P 500 adding around 0.9%.
Chris Zaccarelli, chief investment officer at the Independent Advisor Alliance, commented on the Fed’s decision, stating, “The sum total of this ‘no news is good news’ press conference is that markets continue to have a green light to run higher.”
Small-cap stocks outperformed during the session, with the Russell 2000 gaining nearly 2%. Financials and technology stocks also saw significant increases.
Looking ahead, traders will be keeping an eye on data regarding jobless claims and existing home sales conditions on Thursday morning. Additionally, earnings reports from Darden Restaurants, FedEx, and Nike are expected to be released, which could further impact market trends.
