Stock futures rose Wednesday night after the three major indexes closed at fresh records and the Federal Reserve concluded its latest policy meeting.
Futures tied to the Dow Jones Industrial Average added 36 points, or 0.1%. S&P 500 futures rose 0.2%, while Nasdaq 100 futures rose 0.3%.
Shares of semiconductor maker Micron Technology jumped more than 15% in extended trading on better-than-expected earnings. Discount retailer Five Below fell more than 12% after it beat Wall Street expectations on both fronts for the fourth quarter of 2023 and posted weak guidance.
The moves come on the heels of a winning day on Wall Street that sent all three major indexes to fresh closing highs. The Dow Jones and Nasdaq Composite rose more than 1%, while the S&P 500 added about 0.9%.
The gains came as the Federal Reserve reiterated its forecast for three interest rate cuts this year. The central bank left borrowing costs unchanged at its two-day policy meeting in March, which concluded on Wednesday.
“The whole point of this no news is good news press conference is that markets are still getting a green light to go higher,” said Chris Zaccarelli, chief investment officer at the Alliance of Independent Advisors.
He added: We were not surprised to see the initial reaction from investors to push stock prices higher and we expect that to continue until some new shocks hit the system. This Fed will not stand in the way of the bull market.
