Dow Tries to Build on Record-Setting Rally - InvestingChannel

Dow Tries to Build on Record-Setting Rally

U.S. stock futures climbed Thursday, boosted by a sharp decline in Treasury yields, after the Federal Reserve pointed to multiple rate cuts in 2024 which pushed the Dow Jones Industrial Average to a record-high close.

Futures for the 30-stock index amassed 101 points, or 0.3%, to 37,589.

The Dow on Wednesday jumped more than 1% to reach a record high above 37,000 after the Federal Open Market Committee indicated it may cut rates three times next year.

Futures for the S&P 500 gained 14 points, or 0.3%, at 4,775.75.

Futures for the NASDAQ hiked 53.75 points, or 0.3%, to 16,831.

The S&P 500 and NASDAQ also reached fresh 52-week highs on Wednesday. The S&P could soon join the Dow in record territory, as the index 2% away from reaching its best ever close of 4,796.56 reached on in January 2022. The NASDAQ is 9% away from its closing record.

In extended trading Wednesday, shares of Adobe declined by more than 4% following muted guidance for 2024 earnings and revenue.

Investors will be keeping an eye on economic data on Thursday. Weekly jobless claims will be released at 8:30 a.m. ET. November’s retail sales and imports data are also due that morning, as well as October’s business inventories report.

In Japan, the Nikkei 225 fell 0.7% Thursday, while in Hong Kong, the Hang Seng Index jumped 1.1%.

Oil prices headed higher $1.64 to $79.11 U.S. a barrel.

Gold prices soared $53.10 to $2,050.40 U.S. an ounce.

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