Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

Futures Slump Following Fed Rate Cut

DRI

U.S. stocks were set to open slightly lower Thursday after the Federal Reserve during the prior session steered clear of committing to looser monetary policy and lower interest rates for the remainder of 2019.

Futures for the Dow Jones Industrials slipped 30 points, or 0.1%, early Thursday to 27,120

Futures for the S&P 500 gave back 2.5 points, or 0.1%, at 3,006

NASDAQ Composite futures deferred 14.75 points, or 0.2%, to 7,903.25

Darden Restaurants and Steelcase are among the firms reporting earnings Thursday

Wall Street ended Wednesday trading little changed after the Fed approved a rate cut of one quarter point, but offered little for investors hoping for hints that the central bank would lower borrowing costs further.

It continued to describe the U.S. labour market as "strong" and characterized gross domestic product growth as "moderate."

In terms of data, there will be jobless claims and current account numbers due at 08:30 a.m. ET, and existing home sales due at 10:00 a.m. ET.

The Fed's second rate cut of 2019 brings the target range for the federal funds rate is now 1.75% to 2%.

Money managers are following a new round of face-to-face talks between Chinese and American officials, starting in Washington later Thursday.

Overseas, in Japan, the Nikkei 225 gained 0.4%, while in the Hong Kong, the Hang Seng index dumped 1.1%

Oil prices restocked $1.29 to $59.40 U.S. a barrel.

Gold prices sank $5.40 to $1,510.20 U.S. an ounce.