US Stock Futures Steady After Fed Rate Cut; Wall Street Hits Record Highs

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US Stock Futures Steady After Fed Rate Cut; Wall Street Hits Record Highs

Team FS

20/Sep/2024

US stock futures remained little changed following the Fed's 50 basis point rate cut.

Dow and S&P 500 hit new record highs, advancing 1.26% and 1.7%, respectively.

FedEx dropped 11% after lowering earnings forecasts, while Nike rose 7.6% with CEO news.

On Friday, US stock futures were little changed following the Federal Reserve's recent half percentage point rate cut. This move, alongside growing hopes of a "soft landing" for the US economy, fueled a rally on Wall Street during the previous session.

In regular trading on Thursday, the Dow and S&P 500 advanced by 1.26% and 1.7%, respectively, both reaching new record highs. The tech-heavy Nasdaq Composite surged 2.51%, closing at a two-month high. The rally was primarily driven by megacap tech names, with notable gains from Nvidia (up 4%), Tesla (up 7.4%), Apple (up 3.7%), Meta Platforms (up 3.9%), and AMD (up 5.7%). Sectors associated with economic growth, including financials, industrials, and materials, also benefited from the optimistic sentiment.

The upward momentum extended beyond large-cap stocks, as small-cap stocks climbed for the seventh consecutive session, reflecting broad market enthusiasm.

In extended trading, however, there were mixed signals. FedEx experienced a significant drop of 11% after it lowered its full-year earnings and revenue forecasts, indicating challenges ahead. Conversely, Nike saw a gain of 7.6% following the announcement that CEO John Donahoe will step down in October, suggesting potential changes in leadership strategy.

As investors digest the implications of the Fed's actions and corporate earnings news, the market remains focused on the potential for continued growth amid evolving economic conditions.

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US Stock Futures Steady After Fed Rate Cut; Wall Street Hits Record Highs

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