Stock futures fell slightly after Fed chair Jerome Powell ruled out the possibility of bigger rate hikes and sent investors into relief rally mode.
Stock futures fell slightly after the Federal Reserve raised rates by half a point and the major averages rallied to end the day.
Futures tied to the Dow Jones Industrial Average lost 46 points, or 0.1%. S&P 500 futures and Nasdaq 100 futures each fell 0.1%. In regular trading, the Dow Jones Industrial Average rose 932 points, or 2.81%, and the S&P 500 gained 2.99% for their biggest gains since 2020. The Nasdaq Composite jumped 3.19%.
Stocks rose for a third straight day to start the month, after the Fed increased its benchmark interest rate by 50 basis points, as expected, and said it would begin reducing its balance sheet in June. However, investor sentiment, which has been bogged down since the start of the year, flipped during Powell's press conference, when he clarified that the Fed is"not actively considering" a larger, 75-basis-point rate hike.
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