Dow futures rise 90 piasters;  Investors summarize Fed move ahead of jobless claims

Dow futures rise 90 piasters; Investors summarize Fed move ahead of jobless claims

Written by Peter Norse

Investing.com – U.S. stocks were slightly higher on Thursday, rebounding after sharp losses in the previous session, as investors digest another big interest rate hike by the Federal Reserve and point to more to come.

At 07:00 ET (11:00 GMT), the contract was up 90 points, or 0.3%, trading 8 points, or 0.2% higher, and up 20 points, or 0.2%.

Major stock averages closed lower on Wednesday after raising rates by another 75 basis points, as was widely expected, but also included a raft of expectations that put prices on a path to rise above 4.5% next year, a tighter path than expected in Previous. .

Blue-chip stocks fell more than 500 points, or 1.7%, broad-based companies fell 1.7%, and tech-heavy companies closed 1.8% lower.

Concerns about the impact of aggressive rate hikes on the economy have weighed heavily on stocks, with the S&P 500 index less than 4% off its mid-June low, its weakest point of the year.

“We expect a mild recession in early 2024. Analysts at Societe Generale Bank said the FOMC move increases conviction, and the risk is a possible early recession.

On the economic front, data is expected at 08:30 ET (12:30 GMT), while in the corporate sector, warehouse club Costco (NASDAQ) and restaurant operator Darden Restaurants (NYSE: NYSE) are due to report for quarterly earnings.

in another place, linar (NYSE:) Stock prices rose before the market after the homebuilder reported strength, benefiting from record high property prices.

Oil prices rose on Thursday, rebounding after dropping to nearly two-week lows during the previous session as a result of a combination of stockpile build-up, tight monetary policy, and stronger weighting.

READ ALSO :   US 2-year yield at nearly 15-year high before Fed meeting

US crude inventories rose by 1.1 million barrels last week, according to data from. In addition, the Fed’s hawkish stance has raised fears of a global recession, while also pushing the dollar to a 20-year high, making crude oil more expensive for foreign buyers.

By 07:00 ET, futures were up 0.8% at $83.64 a barrel, while the contract was up 0.8% at $90.52. Both contracts fell more than 1% on Wednesday, and are on track to post their first quarterly loss in more than two years.

In addition, it rose 0.1% to $1,676.55 an ounce, while it rose 0.3% to 0.9869.

Newsletter Updates

Enter your email address below to subscribe to our newsletter