Stock futures lower after Wednesday's Fed-fuelled gains
U.S. stock futures edged lower Thursday after a euphoric reaction to a comment that the pace of interest-rate hikes will slow from here, as key economic data and another barrage of earnings await.
What’s driving markets Wednesday’s surge was fuelled by Fed Chair Jerome Powell saying that rates are now in the range of neutral territory and that the pace of hikes from here will slow, though he left another 75 basis point hike in September as a possibility. Jani Ziedins, who authors the Cracked Market blog, said bear-market rallies aren’t about finding good news in either the Fed or corporate earnings. “Instead, ‘less bad than feared’ is the name of the game. As poor as tech earnings are and the Fed continues slamming on the monetary brakes, investors are relieved things are not even worse,” said Ziedins.
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