US pre-open: Futures mixed following FOMC decision

13th Jun 2024 10:15

(Sharecast News) - Wall Street futures were mixed early on Thursday after the Federal Open Markets Committee's monthly policy meeting wrapped up yesterday.

As of 1210 BST, Dow Jones futures were down 0.32%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.09% and 0.61% firmer, respectively.

The Dow closed 35.21 points lower on Wednesday as investors digested the Federal Reserve's interest rate decision.

The US central bank kept its benchmark interest rate unchanged, as expected, but acknowledged that it had seen "modest further progress" towards hitting its 2% target level and stated that just one rate cut was coming before the end of 2024, down from the three it had originally signalled.

On the macro front, weekly jobless claims data from the Labor Department will be out at 1330 BST, as will May's producer price index.

Elsewhere, Federal Reserve Bank of New York president John Williams will deliver a speech at 1700 BST.

In the corporate space, Broadcom shares rallied after the chipmaker topped expectations with its Q2 trading performance and announced a ten-for-one stock split, while Dave & Buster's stock headed south after a Q1 revenue miss, and Tesla shares shot up more than 7% in pre-market after chief executive Elon Musk revealed shareholders looked set to approve his controversial $56.0bn pay package and a resolution to incorporate the electric carmaker in Texas.

Reporting by Iain Gilbert at Sharecast.com