Traders work on the floor at the New York Stock Exchange.
Brendan McDermid | Reuters
Stock futures edged higher Wednesday night after the three major averages closed at new records and the Federal Reserve concluded its latest policy meeting.
Futures tied to the Dow Jones Industrial Average added 39 points, or 0.1%. S&P 500 futures advanced 0.2%, while Nasdaq 100 futures increased by 0.3%.
Semiconductor stock Micron Technology jumped more than 15% in extended trading on better-than-expected earnings. Discount retailer Five Below slipped more than 12% after missing Wall Street’s expectations on both lines for the final quarter of 2023 and posting weak guidance.
Those moves follow a winning day on Wall Street that sent the three major indexes to new closing highs. Both the Dow and Nasdaq Composite climbed more than 1%, while the S&P 500 added around 0.9%.
Those gains came as the Fed reiterated expectations for three cuts to interest rates this year. The central bank kept borrowing costs unchanged at its two-day March policy meeting, which concluded Wednesday.
“The sum total of this ‘no news is good news’ press conference is that markets continue to have a green light to run higher,” said Chris Zaccarelli, chief investment officer at the Independent Advisor Alliance.
“We aren’t surprised to see the initial reaction from investors to be to push stock prices up and expect that to continue until some new shock hits the system,” he added. “This Fed isn’t going to stand in the way of the bull market.”
Small-cap stocks outperformed in the session, with the Russell 2000 adding nearly 2%. Financials and technology stocks were also among those that took a sizable leg up.
Looking ahead, traders will watch for data on jobless claims and existing home sales conditions due Thursday morning. They’ll also monitor earnings reports from Darden Restaurants before the bell, followed by FedEx and Nike after the market closes.
Big tech advance may be coming to an end, UBS warns
The big technology rally may be on “borrowed time,” according to UBS.
Strategist Jonathan Golub said the advances to Apple, Amazon, Alphabet, Meta, Microsoft and Nvidia could be short-lived. While valuations are not an issue in this case, he said an end to these major gains for the “Big 6” stocks is becoming a question of when, not if.
“With earnings momentum rapidly decelerating for the Big 6, and the broader market trend improving, continued outperformance of these stocks—and the narrowness of market returns that it implies—becomes increasingly difficult,” Golub wrote in a note to clients Wednesday. “While upward revisions are currently supporting these companies, the deceleration in future profits cannot be ignored.”
Golub’s call comes amid a year of strength for the sector, with the technology-heavy Nasdaq Composite up more than 9%.
— Alex Harring
See the stocks moving after hours
These are some of the stocks posting notable moves in extended trading:
- Micron Technology — Shares popped 13% after the semiconductor company beat expectations on revenue and gave strong guidance for the measure. The company also posted earnings per share despite analysts forecasting a loss.
- Five Below — The value retailer tumbled 13% on weak fourth-quarter earnings and outlook for the current quarter and full year.
— Alex Harring
Stock futures are higher
Stock futures traded modestly higher shortly after 6 p.m. ET.
Dow futures added 0.1%. S&P 500 and Nasdaq 100 futures rose 0.2% and 0.3%, respectively.
— Alex Harring
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