Stocks Resume Post-Decision Losses

Stock futures fell slightly on Thursday, a day after the Federal Reserve’s rate outlook sparked a selloff.

Futures for the Dow Jones Industrials dropped 82 points, or 0.2%, to 33,823.

Futures for the S&P 500 slipped 13.5 points to 4,199.50.

Futures for the NASDAQ Composite swooned 62.25 points, or 0.5%, to 13,910.50.

Materials stocks were set to drop on Thursday as higher rates may further take the air out of a big commodities rally in 2021. China is also cracking down on the commodities surge to ease inflation fears. Freeport-McMoRan led materials stocks lower in pre-market trading, down 2%. Copper futures were off by 2%.

Some once-hot tech stocks were lower in pre-market trading with Zoom Video and Tesla down by about 1%.

Wells Fargo and Citigroup were higher in pre-market trading on hopes higher rates will boost profits for banks.

U.S. stocks fell Wednesday afternoon after the Fed moved up its timeline for rate hikes, seeing two increases in 2023. The central bank also said it sees inflation hitting 3.4% this year, well above its 2% long-term goal.

Overseas, in Japan, the Nikkei 225 slid 0.9%, while in Hong Kong, the Hang Seng index gained 0.4%.

Oil prices dipped 19 cents to $71.96 U.S. a barrel.

Gold prices $71.70 to $1,789.70 U.S.