A
trader
wears
a
t-shirt
with
Reddit’s
logo,
at
the
New
York
Stock
Exchange
(NYSE)
in
New
York
City,
U.S.,
March
21,
2024.
Brendan
McDermid
|
Reuters
U.S.
stock
futures
inched
higher
on
Thursday
night
after
all
three
major
averages
registered
new
record
closes.
Dow
Jones
Industrial
Average
futures
rose
39
points,
or
0.1%.
S&P
500
futures
and
Nasdaq
100
futures
both
climbed
0.1%.
In
extended
trading,
FedEx
shares
rose
13%.
The
shipping
company
posted
adjusted
earnings
that
beat
analysts’
estimates
in
its
latest
quarter,
but
it
missed
on
revenue.
Lululemon
slid
11%
after
the
athleisure
retailer
posted
weak
guidance
on
the
back
of
slowing
growth
in
North
America.
For
the
second
day
in
a
row,
all
three
major
stock
indexes
closed
at
record
levels.
The
major
averages
also
hit
all-time
intraday
highs.
The
Dow
gained
about
0.7%,
while
the
S&P
500
and
Nasdaq
Composite
added
roughly
0.3%
and
0.2%,
respectively.
Thursday
was
the
fourth
straight
winning
session
for
the
three
indexes.
One
reason
for
this
market
optimism
might
stem
from
the
policymaking
Federal
Open
Market
Committee’s
expectation
for
three
rate
cuts
this
year
even
after
a
couple
of
hot
inflation
reports,
according
to
Art
Hogan,
chief
market
strategist
at
B.
Riley
Wealth.
Investors
have
“always
been
more
aggressive
on
rate
hikes
and
more
aggressive
on
rate
cuts
than
the
fed
funds
futures
markets,
but
the
Fed
has
delivered
through
the
dot
plot
and
we
finally
lined
up,”
he
said.
“You
get
a
couple
of
inflation
data
points
that
are
a
touch
hotter,
and
I
think
realistically
the
Street’s
thought
process
has
become
much
more
rational
and
lines
up
well
with
where
the
Fed
is
right
now,”
Hogan
added.
The
three
major
averages
are
tracking
for
healthy
gains
this
week,
with
the
S&P
500
tracking
for
a
2.4%
pop
and
the
Nasdaq
rising
nearly
2.7%.
The
Dow
is
the
outperformer
of
the
three,
up
almost
2.8%
through
Thursday’s
close and
on
pace
for
its
best
week
since
December.
