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

Wall Street pointed toward modest gains early Thursday after storming to records a day earlier on former President Donald Trump's presidential election victory.

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.

“I think everybody’s going to be worried about Trump's tariffs because that’s one of the things in his playbook. And so we’ll have to see how things develop in the early stages of his presidency this time," said Neil Newman, head of strategy for Astris Advisory Japan. Investors are adding to bets built earlier on what the higher tariffs, lower tax rates and lighter regulation that Trump favors will mean. Higher tariffs on imports from China would add to the burdens Beijing is facing as it struggles to revive slowing growth in the world's second-largest economy.“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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