U.S. index futures rose in premarket trading on Thursday after
the Federal Reserve unexpectedly cut interest rates by half a
percentage point.
At 5:31 AM ET, Dow Jones futures (DOWI:DJI) climbed 466 points,
or 1.11%. S&P 500 futures gained 1.48%, and Nasdaq-100 futures
advanced 1.96%. The 10-year Treasury yield stood at 3.698%.
Today’s U.S. economic calendar highlights initial jobless claims
for the week of September 14 at 8:30 AM ET, with expectations of
230,000, matching the previous figure. The Philadelphia Fed
manufacturing index for September is forecast to improve to 2.7,
after -7.0 the prior month. At 10:00 AM, existing home sales for
August will be released, with a projection of 3.88 million units,
slightly below July’s 3.95 million. Additionally, a 0.4% drop in
leading economic indicators for August is expected.
In commodities, oil prices rose after the Federal Reserve’s 0.5%
rate cut, but global demand concerns capped gains. China’s economic
slowdown and signs of a weaker U.S. labor market continue to weigh
on prices, with analysts forecasting softness in 2025.
West Texas Intermediate crude for October rose 1.03%, to $71.64
per barrel, while November Brent gained 1.21%, to $74.54 per
barrel.
Copper (CCOM:COPPER) hit its highest price since July, driven by
the Federal Reserve’s rate cut aimed at supporting U.S. growth. The
metal rose 2.35%, with zinc and aluminum (CCOM:ALUMINUM) also
posting gains. Despite the increase, weak Chinese demand continues
to affect outlooks. Analysts believe the rate cut may benefit
metals sensitive to economic activity. Copper inventories in China
are returning to normal levels, signaling a mild market
recovery.
Wheat prices fell due to weak demand in Europe and improved
weather conditions in the U.S., overshadowing the Federal Reserve’s
rate cut. This reflects expectations of further rate cuts, though
the downtrend may be temporary. Analysts expect long-term wheat
price increases, driven by reduced global supply and droughts in
Russia and Ukraine.
Asia-Pacific markets closed positively, reacting favorably to
the Federal Reserve’s rate cut, with many Asian assets appreciating
in response. Japan’s Nikkei 225 rose 2.13% to 37,155.33. Hong
Kong’s Hang Seng climbed 2.17% in final trading, while China’s CSI
300 gained 0.8%. Taiwan’s Weighted Index rose 1.68%. South Korea’s
Kospi closed up 0.21%, and Australia’s S&P/ASX 200 hit a new
record, rising 0.61%.
Following the Fed’s move, the Hong Kong Monetary Authority
reduced interest rates by 50 basis points, reaching 5.25% due to
the local currency’s peg to the U.S. dollar. In New Zealand, Q2 GDP
fell by 0.2%, beating the forecast of a 0.4% decline. Taiwan’s
central bank is expected to announce a crucial rate decision and
update its economic forecasts on Thursday.
Traders are also monitoring the Bank of Japan’s (BOJ) statements
on potential rate adjustments, which could impact the volatility of
Japanese stocks and the yen. After the yen’s recent weakening, many
investors fear a shift in monetary policy could trigger market
uncertainties.
Governor Kazuo Ueda’s comments are critical, especially after
the unexpected rate hike in July, which already rattled the market.
The likelihood of a BOJ rate hike is around 30%, with December
being the most probable month for action.
Additionally, Japanese stocks may become more volatile after the
Tokyo Stock Exchange extends its trading hours by 30 minutes in
November. While the change aims to boost trading volumes, some
investors fear liquidity may decline, increasing volatility. South
Korea’s experience suggests longer hours don’t guarantee higher
volumes.
China is expected to cut key interest rates, according to a
Reuters survey, following the Federal Reserve’s move, which eased
risks for the yuan. The People’s Bank of China is expected to
loosen its monetary policy, especially with weak economic data and
the need to stimulate growth.
In Australia, August employment exceeded expectations, with a
rise of 47,500 jobs, though the unemployment rate held steady at
4.2%. The data suggests that rate cuts from the Reserve Bank of
Australia are unlikely in the near term as the labor market remains
strong.
European markets posted significant gains, with all sectors
rising except utilities. Norway’s central bank held interest rates
at 4.5%, the highest level in 16 years, and announced plans to
start cutting borrowing costs early next year.
Following the Federal Reserve’s rate cut, attention now turns to
the Bank of England (BoE), which is expected to hold rates at 5.0%
on Thursday amid high services inflation. The BoE is also expected
to address plans to reduce its gilt balance by £100 billion ($132
billion) next year.
On Wednesday, U.S. stocks experienced high volatility after the
Federal Reserve cut rates by 0.5%, marking the first reduction in
four years. Despite setting new intraday records, major indexes
closed lower. The Dow Jones fell 0.25%, the S&P 500 dropped
0.29%, and the Nasdaq closed down 0.31%. The Fed lowered rates to a
4.75%-5.00% range, with projections for further cuts through 2025.
Volatility is expected to persist, but the market is forecast to
reach new highs by year-end.
Before Thursday’s opening, Darden
Restaurants (NYSE:DRI), FactSet (NYSE:FDS), Endava (NYSE:DAVA), Cracker
Barrel (NASDAQ:CBRL)
and MoneyHero (NASDAQ:MNY) will report
their quarterly results.
After the close,
FedEx (NYSE:FDX), Lennar (NYSE:LEN), MillerKnoll (NASDAQ:MLKN), Research
Solutions (NASDAQ:RSSS), LightPath (NASDAQ:LPTH)
and iPower (NASDAQ:IPW) will
release their earnings.
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