Dow, S&P 500, Nasdaq futures inch higher, eyeing return to Trump rally

U.S. stock futures rose on Thursday, hoping for a return to the Trump rally, as investors gauged the next president's likely impact on markets and awaited the Federal Reserve's policy decision.

Dow Jones Industrial Average futures (YM=F) edged up 0.2% after gaining 1,500 points, marking the blue-chip indicator's best day since 2022. S&P 500 futures (ES=F) rose about 0.3% and contracts on the tech-heavy Nasdaq 100 (NQ=F) rose 0.4%.

Sentiment still appears to be high following Donald Trump's victory in the presidential election, which catapulted all three major stock indicators to new record highs on Wednesday. His plans for corporate tax cuts and deregulation have fueled optimism about an economic stimulus that will impact stocks.

However, some on Wall Street see signs of a recovery rally as Trump's decisive victory also erased worries about a disputed vote. They suggest that stock gains could slow as the euphoria wears off.

The Fed's interest rate decision later on Thursday – normally a dominant event for markets – is taking a back seat given the election implications.

For one thing, investors see a 25 basis point rate cut as a fairly safe bet at the end of policymakers' two-day meeting. Instead, the focus is on what Chairman Jerome Powell might reveal about the future path of policy, especially as Trump's return could cause interest rates to stay higher for longer.

On the corporate front, Arm Holdings (ARM) shares fell 6% in premarket trading as the chip designer's revenue forecast dashed Wall Street's hopes for stronger AI-powered growth. In contrast, shares of rival Qualcomm (QCOM) rose 6% after its revenue and profit outlook beat estimates.

Quarterly results from Warner Bros. Discovery (WBD), Hershey (HSY) and Moderna (MRNA) are the highlights of Thursday's earnings list.

Meanwhile, Trump Media & Technology Group (DJT) stock continued to recover from the big surge that followed the election results. Shares of the company – home of Trump's social media platform Truth Social – fell over 14% early Thursday.

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DJT stock falls, wiping out election-related gains

Shares of Trump Media & Technology Group (DJT) fell double digits in premarket trading on Thursday, reversing Wednesday's gains as Donald Trump cruised to victory over Kamala Harris in the presidential election.

As Yahoo Finance's Allie Canal reports, shares of the company — home of Trump's social media platform Truth Social — have had a wild ride over the past week, with the ups and downs largely tied to Trump's chances of retaking the stock market White House.

The stock is down about 10% in the last five days, even though shares are up nearly 120% in the last month.

Read more here.
Weekly initial jobless claims rise to 221,000

Initial jobless claims jumped to 221,000 last week, an increase of 3,000 from the previous week's revised level, according to data released Thursday morning by the U.S. Labor Department.

The previous week's level was revised upwards by 2,000 from 216,000 to 218,000.

Meanwhile, ongoing claims stood at 1,892,000, an increase of 39,000 from the previous week's revised level.
Good morning Here's what's happening today.

Here's a look at the big economic and market themes today as Wall Street braces for Donald Trump's impending return to the White House. The Federal Reserve is expected to cut interest rates by 25 basis points today to ensure stability and avoid surprises following Trump's election victory.

Economic data: Fed interest rate decision; Initial Jobless Claims (Week Ending November 2)

Earnings: Affirm (AFRM), Airbnb (ABNB), Block (SQ), Datadog (DDOG), DraftKings (DKNG), Halliburton (HAL), Hershey (HSY), Moderna (MRNA), Pinterest (PINS), Rivian (RIVN), The Trade Desk (TTD)

Here are some of the biggest stories you may have missed overnight and this morning:

The Fed is likely to cut interest rates as Powell seeks stability after Trump's victory

The rise in US bond yields is a warning to the “King of Debt” Trump

How Elon Musk's latest government bet paid off

YF columnist Rick Newman: Americans want to return to a place that no longer exists

DJT short sellers suffer a loss of $420 million

How Elon Musk's latest government bet paid off

Moderna Stock Rises on Surprise Earnings Related to COVID Vaccine

Bank of England cuts interest rate to 4.75%