Equity futures are mostly higher following Wednesday’s interest rate increase by the Federal Reserve.
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Dow Jones futures were lower by 0.14 percent. The S&P 500 slipped 0.06 percent and the Nasdaq Composite was up 0.04 percent.
The Federal Reserve on Wednesday raised short-term interest rates for the third time this year.
The U.S. central bank’s Federal Open Market Committee (FOMC) increased its benchmark federal funds rate by a quarter-percentage point, setting a range of 2 percent to 2.25 percent, and continued to forecast one more rate hike in 2018.
The policy-setting board also removed the word “accommodative” from its statement to describe their position on interest rates. The move indicates that the Fed, encouraged by rising inflation and strong U.S. hiring, is inching closer to the end of the current rate-hike cycle.
On Thursday’s economic calendar, traders will get to examine the third and final revision to third-quarter GDP as well as reports on jobless claims, durable goods and pending home sales.
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In Wednesday trading, the Dow Jones Industrial Average lost 106.93 points, or 0.4 percent, closing at 26,385.28. The broader S&P 500 fell 9.59 points, or 0.3 percent, to 2,905.97. The Nasdaq Composite dropped 17.1 points, or 0.2 percent, to 7,990.37.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26385.28 | -106.93 | -0.40% |
| SP500 | S&P 500 | 2905.97 | -9.59 | -0.33% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7990.3663 | -17.11 | -0.21% |
In Asia, China’s Shanghai Composite ended the day down 0.5 percent.
The Hang Seng Index finished the session off 0.4 percent
Japan’s Nikkei closed out the session off 0.99 percent.
In Europe, London’s FTSE traded higher by 0.1 percent, Germany’s DAX was down 0.5 percent and France’s CAC was off 0.2 percent.
FOX Business’ Leia Klingel and Matthew Rocco contributed to this article.
