Stock Market Today: S&P 500, Dow, Nasdaq 100 Futures Jump Following Sharp Sell-Off As Fed Kept Rates Unchanged

Benzinga

U.S. stock futures rose on Thursday, as the Dow Jones, Nasdaq 100, and S&P 500 indices advanced, following Tuesday’s sharp sell-off.  Weekly initial jobless claims edged down by 4,000 to a seasonally adjusted 226,000 for the week ending June 13, keeping layoffs historically low.  Meanwhile, the Philadelphia Fed manufacturing index staged a major turnaround, jumping more than 10 points to a positive 10.3 reading in June to snap a month of flatlined regional factory growth.  On Wednesday, the Federal Reserve unanimously held the federal funds rate steady at 3.50%-3.75%, as widely expected, in the first policy meeting under new Fed Chair Kevin Warsh. He announced five task forces to review Fed communications, the balance sheet, data sources, productivity and jobs in the AI era, and the inflation framework itself.  Thursday will mark the last trading day of this week, as the markets will be closed for Juneteenth National Independence Day on Friday.  Meanwhile, the 10-year Treasury bond yielded 4.45%, and the two-year bond was at 4.17%. The CME Group's FedWatch tool‘s projections show markets pricing a 72.2% likelihood of the Federal Reserve leaving the current interest rates unchanged during July’s meeting.  The SPDR S&P 500 ETF Trust (NYSE: SPY) and Invesco QQQ Trust ETF (NASDAQ: QQQ), which track the S&P 500 and Nasdaq 100, respectively, were higher in premarket on Thursday. The SPY was up 0.63% at $745.64, while the QQQ advanced by 1.61% to $734.13.

Transcript

00:08All right, we've got green arrows ahead of Thursday's open here. S&P futures up 0.66%.

00:14They're actually off their highs and beneath the VWAP, but they are still holding higher here

00:19today. Dow futures up 0.26% and the NASDAQ leading the way higher at 1.35% to the

00:26upside.

00:26Now, let's take a look at some cues from last session as well as what's going on here today.

00:32S&P 500 sectors all ended in the red and they were led down by communication services,

00:37consumer discretionary, and real estate as U.S. stocks finished lower on Wednesday.

00:42U.S. stock futures rose on Thursday as the Dow Jones, NASDAQ, and S&P 500 indices advanced

00:48following Tuesday's sharp sell-off. On Wednesday, the Federal Reserve unanimously held the federal

00:54funds rate steady at 3.5% to 3.75%, as widely expected. In the first policy meeting under

01:00new Fed chair Kevin Warsh, he announced five task forces to review Fed communications, the balance

01:06sheet, data sources, productivity and jobs in the AI era, and the inflation framework itself.

01:13Thursday will mark the last trading day of the week as the markets will be closed for the Juneteenth

01:18National Independence Day on Friday. Meanwhile, the 10-year Treasury bond yielded 4.45% and the

01:24two-year bond was at 4.17%. The CME Group's Fed watch tool projection showed that the markets are

01:30pricing in a 72.2% likelihood that the Federal Reserve leaves the current interest rates unchanged

01:36during the July meeting. Now, we've got several stocks in focus here for you today. And the first one

01:41shouldn't be a surprise to anybody. SpaceX is back. Put in its first red day yesterday.

01:47SpaceX Technologies, however, rose 0.36% in the pre-market on Thursday today after it closed lower

01:54for the first time since its listing on its fourth trading day on Wednesday. See how it trades here

01:59today. The second stock on our list is going to be Safe Bulkers, ticker SB. It rose 3.4%

02:05after

02:06reporting better than expected first quarter financial results after the closing bell on Wednesday.

02:11The next stock on our list is going to be Sleep Number. And the ticker on this is SNBR and

02:16it

02:16plunged 55.9%. Does it disclose that NASDAQ plans to delist its common stock following the mattress

02:23maker's recent Chapter 11 bankruptcy filing? Now, if you've traded bankruptcies before, you know that

02:29when they file to go bankrupt, sometimes they pop. So keep that one on your radar here today.

02:35The next stock on our list is going to be Adobe. The ticker is ADBE and it was up six

02:40-tenths

02:40as it announced Adobe Brand Visibility, a new solution for businesses to ensure their brand

02:45is visible, trusted, and chosen across AI surfaces. The last stock on our list is going to be FreeCast,

02:53and the ticker on this one is CAST, C-A-S-T. It zoomed 87.96% after announcing that

02:59it has entered

03:00into a reseller agreement for Starlink Business Services. This agreement enables FreeCast to offer

03:06enterprise-grade satellite broadband connectivity along its growing portfolio of media, television,

03:12advertising, and digital engagement solutions.

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