Stock futures are little changed Wednesday night as investors adjust to a new, sobering reality for financial markets. Futures tied to the Dow Jones Industrial Average were 103 points, or 0.2%, higher. S&P futures gained nearly 0.2%, while Nasdaq 100 futures added 0.1%.
after the Federal Reserve struck a heavy blow to the roaring bull market, signaling that it was likely to only cut interest rates twice next year, down from the four reductions that had been penciled in during their last forecast in September. The central bank also trimmed its benchmark overnight borrowing rate a quarter percentage point Wednesday, to a target range of 4.25% to 4.5%, but the question now is what policymakers will do in 2025. 'Stretched positioning and sentiment left stocks vulnerable to a selloff,' LPL Financial chief equity strategist Jeff Buchbinder said in reaction to Wednesday's slump.'The big jump in inflation expectations and related bond selloff was a convenient excuse. Once support from tech evaporated, no other groups were able to step in to fill that gaping hole.'Chair Jerome Powell didn't offer investors much in the way of immediate comfort.'We're at 4.3% — that's meaningfully restrictive and I think it's a well-calibrated rate for us to continue to make progress on inflation while keeping a strong labor market,' Powell said at a press conference following the Fed meeting, noting that cutting rates in recent months has allowed the central bank to'be more cautious as we consider more adjustments to our policy rate.' Leading up to Wednesday's rate move, Wall Street was betting on the Fed to stay more aggressive in lowering borrowing costs, which affects everything from what companies pay to raise capital to how much it costs consumers to buy a new house or car.slid 1,123.03 points, or 2.58%, to 42,326.87 — falling for a 10th day, the longest decline since 1974, and putting the index on track for its worst weekly performance since March 2023. Thelost 3.56% to 19,39
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