U.S. stock futures rose calmly on Thursday after the Fed storm, as investors put aside rate concerns for now to focus on earnings from Apple (AAPL) and the next monthly employment report.
S&P 500 futures (^GSPC) rose about 0.7%, while those on the Dow Jones Industrial Average (^DJI) rose 0.4%. Tech-heavy Nasdaq 100 (^NDX) contracts led the gains, up 0.9%.
Stocks are recovering from Wednesday’s volatile session dominated by the wait for the Federal Reserve’s policy decision. Chairman Jerome Powell downplayed the likelihood of an interest rate hike, relieving investors worried that recent signs of “persistent” inflation could prompt the move.
Learn more: What the Fed’s rate decision means for bank accounts, CDs, loans and credit cards
As Powell again emphasized that the Fed still depends on data to shape its thinking, the April jobs report, due Friday, is the center of attention. Wall Street is watching for any signs of cracks in the strength of the labor market, a key factor for policymakers.
At the same time, the OECD attributes U.S. outperformance as the reason the global economy is growing faster than expected, providing another reason for optimism.
Apple’s quarterly results, due after the market close on Thursday, led the results. Wall Street is bracing for a drop in revenue and a potentially significant decline in iPhone sales in China. But there could be some potential positives for the “Magnificent Seven” megacap in its results.
Live2 updates
