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Stock futures fell Thursday. The action comes after the major averages rallied after the Federal Reserve stuck with its outlook for two interest rate cuts in 2025.
Futures for the Dow Jones Industrials plunged 123 points, or 0.3%, to 42,203
Futures for the S&P 500 index dipped 18.25 points, or 0.3%, to 5,711.50
Futures for the tech-heavy NASDAQ plummeted 101 points, or 0.5%, to 19,850
Tesla, a name that has come under pressure during the recent market selloff, was a standout in premarket losses on Thursday, falling more than 1%. Other tech names also came under pressure, with stocks like Microsoft and Alphabet each falling 0.4%.
While the Fed kept the federal funds rate at a range of 4.25% to 4.5% in a widely anticipated move on Wednesday and maintained a forecast for two rate cuts this year, the central bank also raised its inflation outlook and lowered its economic growth outlook. Traders largely expect the Fed to not make any moves, however, before officials see the impact of tariffs.
Stocks climbed following the decision, regaining some of their footing from a market sell-off that has been going on since February. The Dow jumped 0.9% and the S&P 500 surged just over 1%. The NASDAQ Composite gained 1.4%, but remains in correction — that is, the index is still more than 10% off its high.
In Japan, markets were closed Thursday, while in Hong Kong, the Hang Seng shed 2.2%.
Oil prices lost 28 cents to $67.44 U.S. a barrel.
Gold prices inched up 20 cents to $3,041.40 U.S. an ounce.
US Market Updates
