Stock Market Today: Stocks extend gains as investors see end to Fed rate hikes

U.S. equity futures extended gains Thursday, while Treasury yields and the dollar retreated, as markets begin to fully digest the impact of yesterday's Federal Reserve rate decision and the prospect of an end to the central bank's historic policy tightening.

"Following the Fed’s changes to their policy statement and Chair Powell’s subtly altered forward guidance, as well as the recent run-up in long-term interest rates, we're forecasting for the Fed to hold the fed funds target steady at their next few decisions,""It is becoming more likely that the Fed’s next policy move will be a rate cut."

The Labor Department will publish weekly jobless claims data prior to the start of trading, with Friday's non-farm payroll report up next, as markets continue to track wage developments in the labor market for clues as the pace and persistency of near-term inflation. The tech-focused Nasdaq, which has booked its best three-day gain in percentage terms since March, is set for a 107 point boost.

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