Last Updated: 4:31 PM EST
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Stock indices finished today’s trading session in the red after the Federal Reserve cut interest rates but said it expects fewer cuts in 2025. As a result, the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 3.6%, 2.95%, and 2.58%, respectively.
In addition, the Census Bureau released its U.S. Housing Starts report today, which measures the change in new residential buildings that began construction in the reported month on an annualized basis. In November, housing starts came in at 1.289 million versus expectations of 1.35 million. On a month-over-month basis, housing starts decreased by -1.8%. This follows a -3.2% decrease in last month’s report.
However, U.S. Building Permits beat expectations, with a print of 1.505 million compared to the forecast of 1.43 million. This was an increase from the prior month’s report, which came in at 1.419 million, equating to a 6.1% month-over-month jump.
First Published: 3:41 AM EST
U.S. stock futures edged higher on Wednesday morning as investors awaited the Federal Reserve’s interest rate decision. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were up 0.2%, 0.19%, and 0.18%, respectively, at 3:29 a.m. EST, December 18.
In the previous trading session, all major indices declined, with the Dow Jones down for the ninth consecutive day. On Tuesday, the Dow Jones, the S&P 500, and the Nasdaq Composite fell 0.6%, 0.4%, and 0.3%, respectively.
Today, investors are eagerly awaiting the decision from the Federal Reserve’s two-day policy meeting. Markets are expecting a 25-basis-point rate cut and will keep a close eye on any clues on future rate cuts and the overall economic outlook.
In addition to the Fed’s decision, investors will be monitoring earnings reports from companies like General Mills (GIS), Birkenstock (BIRK), Jabil (JBL), Micron Technology (MU), and Lennar (LEN).
In major stock market news, Pfizer (PFE) rose 4.7% yesterday after the company issued guidance for 2025, which was in line with analysts’ expectations. Also, Tesla (TSLA) shares climbed 3.6% after Mizuho Securities upgraded the stock’s rating to Buy from Hold and more than doubled its price target.
Meanwhile, the U.S. 10-year treasury yield was up, floating near 4.391% at the time of writing. At the same time, WTI crude oil futures are trending higher, hovering near $70.58 per barrel as of the last check.
Elsewhere, European indices opened higher on Wednesday morning as investors looked forward to the Federal Reserve’s monetary policy decision, due today. Also, the U.K. inflation report is set for release today.
Asia-Pacific Markets Traded Mixed on Wednesday
Asia-Pacific indices traded mixed today ahead of the U.S. Fed’s interest rate policy decision. Additionally, traders evaluated data from Japan, which showed that export growth accelerated to a three-month high last month, while imports surprisingly declined.
At the same time, Hong Kong’s Hang Seng Index was up 0.83%. Further, China’s Shanghai Composite and Shenzhen Component indices gained 0.62% and 0.44%, respectively. However, Japan’s Nikkei and Topix indices declined by 0.72% and 0.31%, respectively.
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