Stock futures rose on Wednesday night after the Fed said there’s “quite a bit of room” to raise rates before hurting the labor market.
Stock futures rose on Wednesday night after the Dow Jones Industrial Average and S&P 500 turned lower following a Federal Reserve update by chair Jerome Powell, at the conclusion of its two-day meeting. Futures tied to the Dow rose 128 points, or 0.3%. S&P 500 futures and Nasdaq 100 futures gained 0.5% and 0.8%, respectively. Some tech shares were higher in extended trading, after continued swings in the regular session. Netflix jumped more than 4% on news that Pershing’s Bill Ackman bought 3.1 million shares. Tesla gained almost 3% following a strong earnings report. Meanwhile, Intel lost 2%, despite strong earnings. In regular trading, the Dow ended the day down 129 points, after gaining more than 500 points at one point, following the Fed update. The S&P 500 lost 0.2% and the Nasdaq Composite was little changed, with a boost from Microsoft’s post-earnings gain. The week’s volatility continued on Wednesday and stocks took a turn lower after the Fed concluded its two-day meeting and signaled the central bank would hikes rates to fight persistent inflation.
