Stock Market News Today, 02/01/24 – Futures Rise as Fed Hints at Interest Rate Easing –
U.S. futures edged higher early Thursday following indications from the Federal Reserve that interest rates may drop as inflation eases. The Federal Reserve kept the benchmark interest rate in the range of 5.25% to 5.50%, suggesting that interest rates may have peaked and could trend downward in the coming months. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up about 0.42%, 0.22%, and 0.04%, respectively, at 3:05 a.m. EST, February 1.
In after-hours action, medical devices company Align Technology (NASDAQ:ALGN) saw its shares jump by 12% after it reported higher-than-expected Q4 earnings. Meanwhile, shares of the railroad operator Norfolk Southern (NYSE:NSC) jumped 5.4% as big investors built stakes in the company.
Turning attention to significant earnings announcements, technology giants Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL), and Meta Platforms (NASDAQ:META) will announce their quarterly financial numbers. Analysts’ consensus ratings reflect that Wall Street favors AMZN and META over AAPL ahead of their upcoming earnings.
Meanwhile, oil prices were trending higher at the time of writing on expectations of rate cuts in the future. The WTI crude oil futures were up, hovering near $76.01 per barrel as of the last check.
Elsewhere, European indices are expected to open lower as investors wait for the latest monetary policy decision from the Bank of England and eurozone inflation data for January.
Asia-Pacific Markets Remained Mixed Today
The Asia-Pacific indices were mixed on Thursday as several private surveys showed that manufacturing activity is picking up in the region, except for China.
Hong Kong’s Hang Seng index closed 0.49% higher. Meanwhile, China’s Shenzhen Component Index gained 0.34%, while the Shanghai Composite ended down by 0.64%.
Japan’s Nikkei and Topix finished lower by 0.76% and 0.67%, respectively.
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