The Federal Reserve is expected to cut interest rates later today
Dow Jones Industrial Average (DJI) futures are modestly below breakeven following yesterday's outsized rally, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are higher. Wall Street is still weighing Donald Trump's presidential election win ahead of the Federal Reserve's interest rate decision, which is due out later today. Per the CME Group's FedWatch tool, Fed funds futures are pricing in 100% likelihood of a rate cut.
Traders are also unpacking the weekly jobs data. The Department of Labor reported initial jobless claims came in at 221,000, matching expectations, while the four-week moving average for initial claims is now at 227,250.
Continue reading for more on today's market, including:
- Checking in with Upstart stock ahead of earnings.
- Crypto stocks skyrocketing alongside Bitcoin.
- Plus, 3 stocks making outsized post-earnings moves.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 2.1 million call contracts and 1.1 million put contracts exchanged on Wednesday. The single-session equity put/call ratio fell to 0.54 and the 21-day moving average moved down to 0.62.
- Lyft Inc (NASDAQ:LYFT) stock is 22.9%% higher premarket after the ridesharing company reported third-quarter revenue and gross bookings that beat Wall Street estimates, and said it expects higher-than-expected gross bookings in the fourth quarter. The equity is now on track to overcome its 3.9% year-to-date deficit.
- Solaredge Technologies Inc (NASDAQ:SEDG) stock is down 14.1% in electronic trading, after the solar energy company reported third-quarter revenue that missed estimates. The stock is also facing scrutiny alongside its sector peers following Donald Trump's presidential election win. Heading into the session, SEDG was already down 84.3% in 2024.
- Shares of Zillow Group Inc (NASDAQ:Z) are 13.9% higher before the bell, looking to add to their 1.4% year-to-date lead. The homebuying app operator beat third-quarter estimates.
- What else is coming up this week on Wall Street.
Bank of England Slashes Interest Rates
Asian markets were mostly higher on Thursday, as investors unpacked better-than-expected exports data out of China and continued to react to the results of the U.S. presidential election. Plus, the standing committee of China’s National People’s Congress reportedly reviewed a plan to raise local government debt. Japan’s Nikkei shed 0.3%, while South Korea’s Kospi added a modest 0.04%. Elsewhere, China’s Shanghai Composite and Hong Kong’s Hang Seng added 2.6% and 2%, respectively.
European markets are also reacting to Donald Trump’s presidential victory, as they await the U.S. Federal Reserve’s interest rate decision and digest the Bank of England’s (BoE) move to cut rates by 25 basis point. The German DAX was last seen 1.4% higher, France’s CAC 40 sports a 0.5% lead, and London’s FTSE is down 0.1%.