US stock futures fell Wednesday evening after a session in which key averages posted solid gains as the Federal Reserve pledged to maintain current stimulus measures.
Dow Jones Industrial Average futures fell 34 points, or 0.1%. S&P 500 and Nasdaq 100 futures were also traded slightly lower.
The Fed kept the US overnight rate between 0% and 0.25%. The central bank noted that while the economy recovered slightly, activity and employment "remained well below their level at the beginning of the year". Fed chairman Jerome Powell added that the central bank would adopt an accommodative stance until the economy "weathered" the effects of the coronavirus pandemic.
"Powell has made it clear that our economic recovery depends on how we progress in combating the pandemic," said Mike Loewengart, director of investment strategy at E-Trade. "While investors may not be deterred by the increase in virus cases, the stock market is less of a focus for the Fed than for the economy – and although they are related, they are far from doing the same."
Both the S & P 500 and the Nasdaq Composite closed more than 1% higher on Thursday. The Dow climbed 160.29 points or 0.6%.
The key averages were also boosted by profits from major technology stocks like Facebook, Amazon Alphabet and Apple. All four stocks rose more than 1% at the end of the day, despite their respective CEOs testifying before Congress and addressing antitrust concerns.
The four companies are expected to post earnings on Thursday after the bell. These reports come after each stock has seen massive gains since the beginning of the year. Facebook and Alphabet both grew by more than 13% in 2020. Amazon rose 64.2% during this period, and Apple rose 29.5% this year. It will also be the busiest day of the current winning season.
"Another round of bullish technical surprises could be enough to start the next leg in the rally higher after the crash," said Ken Berman of Gorilla Trades.
The business news released the first reading of the second quarter gross domestic product at 8:30 a.m.CET along with the latest weekly jobless claims.
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