Stock Market Today: Futures rising after Fed signs, Dow record close

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U.S. equity futures were climbing Thursday one day after the Dow Jones Industrial Average closed at a record as the Federal Reserve indicated that it could begin easing interest-rate policy in 2024.

Futures tied to the Dow indicated an opening-bell rise of 81 points or 0.2%, while the S&P 500 gained 12 points, or 0.25%, and the Nasdaq advanced 65 points, or 0.4%.

The Federal Reserve's Open Market Committee on Wednesday held its key policy rate at between 5.25% and 5.5%, the highest in 22 years, a move that was widely expected by Wall Street following the last quarter-point rate hike in July.

However, the Fed's new Summary of Economic projections, better-known as the dot plots, now suggests the federal funds rate will fall by 75 basis points, or 0.75 percentage point, next year, a sharp pivot from recent comments that had indicated a "higher-for-longer" rate stance.

"The FOMC statement reiterated that the Fed will ‘proceed carefully’ in setting monetary policy, meaning rates will likely be on hold near term," said Bill Adams, chief economist for Comerica Bank. 

"However," he added. "Chair Powell revealed in the post-meeting press conference that rate cuts were discussed at the meeting, which in the Kabuki conventions of American monetary policy indicates that a rate cut is getting more likely in the next half year."

The yield on 10-year US Treasurys fell below 4% for the first time since August on Thursday as investors reacted to the Fed's guidance.

The economic calendar calls for the retail-sales and the weekly-jobless-claims reports.

Shares of Adobe  (ADBE) - Get Free Report were down after the cloud software company beat Wall Street's fourth-quarter estimates but offered disappointing guidance.

For its full fiscal 2024, Adobe forecast adjusted earnings of $17.80 a share, on sales of $21.4 billion. Analysts were expecting earnings of $18 a share on sales of $21.73 billion.

Vivendi VIVHY surged after the Paris media and telecom company said it examined a possible split into three businesses around Canal+, Havas and an investment company.

On the political front, House Republicans voted Wednesday to formalize an impeachment inquiry into President Joe Biden.

Hunter Biden, the president’s son, defied Republican investigators' subpoena for closed-door testimony and reiterated his willingness to testify publicly. Republicans said they would initiate contempt proceedings against him for not agreeing to appear for the deposition.