Stock market today: Wall Street ticks higher as more earnings come in ahead of Fed rate decision

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Wall Street pointed toward modest gains early Thursday after storming to records a day earlier on former President Donald Trump’s presidential election victory. Futures for the S&P 500 rose 0.3% before the bell and the Dow Jones Industrial Average ticked up 0.

Trader Edward McCarthy works on the floor of the New York Stock Exchange, Wednesday, Nov. 6, 2024. A board above the trading floor of the New York Stock Exchange shows the closing number for the Dow Jones industrial average, Wednesday, Nov. 6, 2024. A currency trader walks by the screens showing the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Thursday, Nov. 7, 2024.

Lyft jumped close to 24% in extended trading overnight after the ride-hailing app breezed past Wall Street’s sales and profit expectations and raised its forecast for the fourth quarter and full year. Inflation in the U.S. has retreated on a similar track, and the broad expectation is that the Federal Reserve will cut its rate by another quarter-point later Thursday.In Asia, Japan’s Nikkei 225 fell 0.3% to 39,381.41, reflecting worries over the potential for a revival of trade tensions under a Trump administration.

“We expect shipments to stay strong in the coming months –- any drag from potential Trump tariffs may not materialize until the second half of next year,” Huang said. Francis Lun, CEO of Geo Securities, said domestic issues were a greater concern than tariffs. “People want the government to spend some money to boost the economy, instead of looking outward,” he said.

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