U.S. Stock Futures climbed after the Federal Reserve did not raise rates at its meeting on Wednesday. However, it indicated that two additional rate increases may be coming later in the year.
Dow Jones Industrial Average Futures
The index rose by 10 points or 0.03%.
You can also find out more about the following:
Futures rose 0.1% and 0.15 %, respectively.
The day began with the
broad market index
Then, there is the
Both reached their highest level since April 2022. The S&P 500 ended the day 0.08 percent higher. The index recorded its fifth consecutive positive day and its longest winning run since November 2021. The Nasdaq gained 0.39% while the
Dow Jones Industrial Average
The price of the 0.68% fell.
Fed Chair Jerome Powell
Said during a press conference after the meeting
The Federal Open Market Committee will use the six-week period until its next meeting "to take into account the cumulative tightening monetary policy." He said that the decision about July's policy hasn't been made yet.
Chris Zaccarelli is the chief investment officer at Independent Advisor Alliance. He said that "the Fed shocked today's markets - not because they raised rates (because they kept their rates constant as expected), rather, they showed much more hawkishness in their language and their economic projections than was expected." He said that the initial shock of the market was quickly wiped out, as the major averages had already recovered their earlier losses by the time Powell's conference ended.
Marty Green is the principal of Polunsky Beitel Green. "While this decision shows that the Fed has moved from the escalation to the calibration phase, it is clear that the Fed will be fully prepared to increase rates in the future if necessary," he said.
Green said, "We should expect that their actions from now on will be more intermittent and smaller quarter-point intervals based upon data that indicates a more restricting rate stance is justified."
Investors and policymakers will gain a better understanding of the state of the economy and consumer spending when additional economic data is released Thursday morning. Tomorrow morning, the weekly jobless claims and retail sales numbers for May will be released. Investors are also keeping an eye on the Philadelphia Fed’s June Manufacturing Survey, as well the Fed’s May Industrial Production and Capacity Utilization numbers.
Wall Street is going to be watching a few corporate earnings. Kroger, Jabil, and John Wiley will announce their earnings on Thursday morning. Adobe will report after the close.
Lennar and Autozone shares surge after-hours
Shares in a homebuilding company
After the announcement of its quarterly earnings, shares rose by 2.3%. Lennar reported a revenue and earnings beat for its second fiscal quarter. The company has also increased its guidance for full-year deliveries.
Also, its shares rose more than 1% following the Board of Directors
The company has added $2 billion to the ongoing stock repurchase plan.
-- Hakyung Kim
Prices of Cavas IPO are above the stated range
Mediterranean fast-casual Restaurant Chain
CNBC reported that the company priced its initial offering on Wednesday at $22 per share.
Stocks will be listed on Thursday under the symbol CAVA.
The company raised its price expectations on Monday to $19-$20 per share. According to the filings made with the Securities and Exchange Commission, it planned to sell 14,4 million shares.
Securities and Exchange Commission
At a share price of $22, this would generate nearly $318,000,000.
Based on a share count of over 111,000,000, at that price level the company's value would be approximately $2.45 billion.
Learn more about the IPO
Here is a link to the article
-- Hakyung Kim, Sara Salinas
Wednesday, stock futures were flat.
U.S. Stock Futures opened Wednesday with little change.
Dow Jones Industrial Average Futures rose 14 points or 0.04%. Futures for the S&P 500, Nasdaq100 and Dow Jones Industrial Average each gained 0.13%.
-- Hakyung Kim