Wall Street is looking to rebound today following a big selloff on Wednesday when the Federal Reserve forecast fewer interest rate cuts in 2025 than it previously projected, the Associated Press reports. Futures for the S&P 500 gained 0.7%, while futures for the Dow Jones Industrial Average were up 0.5%.
On Wednesday, the S&P 500 fell 3%, just shy of its biggest loss for the year. The Dow lost 1,123 points, or 2.6%, and the Nasdaq composite dropped 3.6%. The Russell 2000 index of small-cap stocks tumbled 4.4%.
In U.S. premarket trading today, Micron tumbled 12.1% after the Idaho-based chipmaker beat Wall Street profit targets but gave a tepid forecast for early next year. Another Idaho company, Lamb Weston, tumbled nearly 20% before the bell. The maker of french fries and other frozen potato products badly missed analysts’ profit targets and fell short on sales too.
Darden Restaurants, the owner of Olive Garden and other casual dining chains, climbed 9.3% after it gave a strong 2025 sales forecast.
Amazon shares were up 1.4% early, even as workers at seven of its facilities were set to strike early today, in the middle of the online retail giant’s busiest time of the year.
U.S. benchmark crude oil gave up 23 cents to $69.79 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, fell 26 cents to $73.13 per barrel.
The dollar was trading at 156.88 yen, up from 154.79 yen late Wednesday.
