Stock market today: Dow, S&P 500, Nasdaq futures inch higher, eye return to Trump rally

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US stock futures held steady near records on Thursday, eyeing a return to the Trump rally as investors mapped out the next president’s likely impact on markets and awaited the Federal Reserve’s policy decision.

Dow Jones Industrial Average futures (YM=F) nudged up 0.1%, on the heels of a 1,500-point gain that marked the blue-chip gauge’s best day since 2022. S&P 500 futures (ES=F) also edged 0.1% higher, while contracts on the tech-heavy Nasdaq 100 (NQ=F) moved up roughly 0.2%.

Spirits are still buoyant after Donald Trump’s presidential election win, which sent all three major stock gauges soaring to fresh record highs on Wednesday. His plans for corporate tax cuts and deregulation have fueled optimism for a boost to the economy that will feed into stocks.

But some on Wall Street see signs of a relief rally, given Trump’s decisive victory also put paid to worries about a contested vote. They suggest stock gains could slow as the euphoria fades.

The Fed’s interest-rate decision — typically a dominant event for markets — is taking something of a back seat amid the election fallout. For one thing, investors see a 25 basis point rate cut as pretty much a sure thing at the end of policymakers’ two-day meeting later Thursday. Instead, the focus is on what Chair Jerome Powell might reveal about the future path of policy, especially as Trump’s return could mean rates stay higher for longer.

Coming soon

Live stock market coverage for Thursday, Nov. 7, 2024

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