US pre-open: Futures point to positive start after FOMC decision
Futures markets were pointing to a positive open for equities on Thursday, after Federal Reserve chairman Jerome Powell pushed back on expectations for a rate cut during the previous session, sending stocks lower.
As of 1200 BST, Dow Jones futures were pointing to a 0.15% gain at the bell, while S&P 500 and Nasdaq futures were ahead by 0.27% and 0.37%, respectively.
Overnight, the Federal Reserve conceded that inflation was running below target but attributed that to transitory factors.
"Fed Chair Powell pushed back quite strongly in the press conference against the idea that the unexpected drop in core inflation in Q1 represents a shift in the trend," said Ian Shepherdson at Pantheon Macroeconomics.
"He argued that some, or even, all the downshift is due to 'transient or idiosyncratic' factors, including the huge drop in prices for certain financial services in the wake of the plunge in stock prices and the flattening of the yield curve in the fourth quarter."
Donald Trump had implored the Fed to cut rates and increase stimulus before the meeting.
In corporate news, Dow, the materials science unit the split from DowDuPont on 1 April, was tracking lower ahead of the bell as concerns of "discrete headwinds" in the second quarter offset its smaller than expected loss in the first, while Avon Products futures were also weaker following its first-quarter figures.
Still to come, CBS, Kellogg, Under Armour, Expedia, Gilead Sciences and Activision Blizzard were also slated to report.
On the data front, initial jobless claims are due at 1330 BST, alongside productivity and unit labour, while factory orders will follow at 1500 BST.