Traders working on the New York Stock Exchange (NYSE) on May 19, 2021.
US stock futures rose slightly on Thursday night after selling off the Dow for two days amid the Federal Reserve’s monetary policy update.
Futures on the Dow Jones Industrial Average rose 0.08%. Futures for the S&P 500 rose 0.13% while futures for the Nasdaq-100 climbed 0.21%.
During regular trading hours, the Dow Jones Industrial Average fell 210 points, or 0.62%, to 33,823.45. The S&P 500 fell 0.04% to 4,221.86. The Nasdaq Composite rose 0.87% to 14,161.35.
The blue chip Dow is down 1.9% this week and the S&P 500 is down 0.6%. The Nasdaq gained 0.65% over the course of the week.
Commodity prices fell sharply as China tries to cool rising prices and the US dollar strengthens. Copper, palladium and platinum futures prices fell while US oil prices plummeted more than 1%.
The highly anticipated Federal Reserve decision on Wednesday resulted in a selloff in stocks. The central bank announced that it would leave rates unchanged, raised its inflation expectation for 2021 to 3.4% and pulled forward planned rate hikes.
“Investors may interpret the Fed’s restrictive stance on Wednesday as a sign that extensive post-pandemic US economic expansion may be a little harder to achieve in what may be an emerging environment of less accommodating monetary policy,” said Chris Hussey of Goldman Sachs.
On Thursday, the Labor Department reported an unexpected surge in initial jobless claims last week to a total of 412,000, an increase of 37,000 from the previous week and higher than its estimate of 360,000.