U.S. stock futures were trading higher on Thursday morning following a sharp decline in the previous session. On Wednesday, the market reacted negatively to the Federal Reserve’s revised interest rate outlook, which pointed to fewer rate cuts in 2025 than previously expected. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were up 0.19%, 0.31%, and 0.28%, respectively, at 3:24 a.m. EST, December 19.
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Yesterday, the Dow Jones closed down for the tenth consecutive day, marking its longest losing streak since 1974. The index fell 2.6%, while the S&P 500 and the Nasdaq Composite also witnessed substantial losses, down 3% and 3.6%, respectively.
The decline followed investor concerns about the Federal Reserve’s interest rate outlook and its potential impact on economic growth and corporate profits.
Looking ahead, investors are awaiting the release of November’s Existing Home Sales data and GDP estimate for the third quarter later today. Also, the Initial Jobless Claims report for the week ended December 13 will be released today.
On the earnings front, several companies such as Accenture (ACN), CarMax (KMX), Paychex (PAYX), FedEx (FDX), and Nike (NKE) are scheduled to report their quarterly numbers today.
Meanwhile, the U.S. 10-year treasury yield was up, floating near 4.526% at the time of writing. At the same time, WTI crude oil futures are trending lower, hovering near $70.20 per barrel as of the last check.
Elsewhere, European indices dropped on Thursday morning as investors reacted to the U.S. Fed’s indications of fewer interest rate cuts in 2025.
Asia-Pacific Markets Ended Lower on Thursday
Most of the Asia-Pacific indices traded lower today as investors reacted to the shift in the U.S. central bank’s monetary policy. Also, traders are looking forward to the Chinese central bank’s decision on key lending rates, due Friday.
At the same time, Hong Kong’s Hang Seng Index was down 0.52%. Further, Japan’s Nikkei and Topix indices declined by 0.69% and 0.22%, respectively. Also, China’s Shanghai Composite index fell 0.36%, while the Shenzhen Component index gained 0.61%.
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