Traders
work
the
floor
during
morning
trading
at
the
New
York
Stock
Exchange
ahead
of
the
U.S.
Federal
Reserve’s
decision
on
lending
rates,
in
New
York
on
Jan.
31,
2024.
Angela
Weiss
|
AFP
|
Getty
Images
S&P
500
futures
rose
Wednesday
night
following
a
dismal
day
for
the
major
averages
after
the
Federal
Reserve
held
steady
on
rates
but
signaled
that
a
March
cut
is
unlikely.
Futures
linked
to
the
broad-market
index
and
Nasdaq
100
futures
rose
0.18%
and
0.37%,
respectively.
Dow
Jones
Industrial
Average
futures
were
higher
by
27
points,
or
0.07%.
In
extended
trading,
Qualcomm
shares
inched
down
even
after
the
chipmaker
reported
fiscal
first-quarter
results
that
topped
earnings
and
revenue
estimates,
citing
strength
in
handset
chips
sales.
Wall
Street
is
coming
off
a
poor
session
for
the
major
averages.
The Dow
Jones
Industrial
Average fell
317
points,
or
0.8%,
posting
its
worst
day
since
December.
The S&P
500 slid
1.6%
in
its
worst
day
since
September.
The
Nasdaq
Composite lost
2.2%,
its
worst
session
since
October.
Those
losses
come
after
Powell
in
his
post-meeting
conference
discouraged
investor
hopes
for
a
rate
cut
as
soon
as
March,
sending
equities
tumbling.
“I
think
what
he
told
us
today
was
you
haven’t
been
listening,”
Liz
Young,
head
of
investment
strategy
at
SoFi,
said
on
CNBC’s
“Closing
Bell.”
“I
think
he’s
been
pretty
clear
from
the
jump,
from
the
beginning
of
this
hiking
cycle,
that
they
would
rather
stay
too
high
for
a
little
bit
too
long,
than
cut
too
early,”
she
added.
“He
has
not
changed
his
tune
on
that.
The
market
continued
to
try
to
bully
him
into
a
different
position.
And
today,
he
said,
‘I
will
not
be
bullied.
We
call
the
shots.'”
Still,
the
major
averages
closed
out
January
on
a
positive
note,
with
each
of
the
major
indexes
up
more
than
1%
for
the
month.
On
the
economic
front,
investors
will
turn
their
attention
to
weekly
jobless
claims,
the
ISM
manufacturing
index
and
construction
spending
reports
on
Thursday.
The
January
jobs
report
is
set
to
release
Friday.
Merck,
Peloton
Interactive
and
Royal
Caribbean
are
reporting
their
latest
results
Thursday
before
the
open.
Mega-cap
tech
stocks
Amazon,
Apple
and
Meta
Platforms
report
after
the
close.
