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Home World News

Today’s Stock Market: Dow Futures Rise Following Fed Outlook Triggering 1,123-Point Drop

by bullnews
December 19, 2024
in World News
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Today’s Stock Market: Dow Futures Rise Following Fed Outlook Triggering 1,123-Point Drop
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Let’s take a closer look at the current state of stock-index futures.

First off, we’re seeing some positive movement: Dow Jones Industrial Average futures are up 124 points, a gain of 0.29%, bringing them to 42,905. Over in the S&P 500 futures, there’s a 16-point increase, nudging them up by 0.27% to stand at 5,956. Meanwhile, Nasdaq 100 futures have climbed 37.25 points, or 0.16%, reaching 21,536.

This comes on the heels of a rough Wednesday, where the Dow Jones Industrial Average took a nosedive, dropping 1,123 points, or 2.58%, to end at 42,327. The S&P 500 wasn’t spared either, losing 178 points, or 2.95%, closing at 5,872. The Nasdaq Composite also felt the heat, plummeting 716 points, which is a 3.56% drop, settling at 19,393.

The turn we’re seeing today follows a turbulent response to the U.S. Federal Reserve’s outlook for 2025. In its latest action, the Fed cut interest rates by 25 basis points at their December meeting—no surprise there—but the real buzz came with their intention to adopt a slower pace for rate reductions in 2025.

During a press conference, Fed Chair Jerome Powell remarked that it’s time to “ease off” on rapid rate cuts, signaling a more cautious approach ahead.

The Fed’s hawkish stance, unsurprisingly, set off sharp declines in the main U.S. stock indices. In fact, the S&P 500 experienced its steepest drop post-rate cut decision since 2001.

Now, all eyes turn to the Bank of England, which is expected to announce its rate decision at 7 a.m. Eastern. The consensus among economists is that the bank will maintain current rates at 4.75%. Interestingly, the dollar has gained strength against the yen following the Bank of Japan’s decision to keep rates steady.

Investors are also keeping a keen eye on the U.S. Department of Labor’s upcoming weekly initial jobless claims report. In related news, Micron Technology saw a decline in premarket trading thanks to a less-than-rosy outlook from the chipmaker.

Tags: 1123PointDowDropFedFuturesMarketOutlookRiseStockTodaysTriggering
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