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Dow futures lift, Fed hikes 0.25%

Published Mar 22, 2023 07:26PM ET
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By Oliver Gray 

Investing.com - U.S. stock futures were trading slightly higher during Wednesday's evening deals, after major benchmark averages closed lower during regular hours as market participants reacted to the Federal Reserve's widely expected 25 basis point hike.

By 19:00 ET (23:00 GMT), Dow Jones futures added 0.2%, while S&P 500 futures and Nasdaq 100 futures gained 0.1% each.

In extended deals, KB Home (NYSE:KBH) added 2.8% after reporting Q1 EPS of $1.45 versus $1.15 expected on revenue of $1.38 billion versus $1.31B expected.

Steelcase (NYSE:SCS) moved 9.3% higher after the company reported Q4 EPS of $0.19 versus $0.11 expected on revenues of $801.7 million versus $750.73M expected.

MillerKnoll (NASDAQ:MLKN) fell 4.9%, reporting Q3 EPS of $0.54 versus $0.42 expected, while revenue came in at $984.7M versus $999.06M expected.

Ahead in Thursday's session, traders will be looking towards building permits, jobless claims, and new home sales, while companies including General Mills (NYSE:GIS) and Darden Restaurants (NYSE:DRI) are slated to report quarterly results.

During Wednesday's regular trade, the Dow Jones Industrial Average fell 530.5 points or 1.6% to 32,030.1, the S&P 500 dipped 65.9 points or 1.7% to 3,937, and the Nasdaq Composite lost 190.2 points or 1.6% to 11,670.

On the bond markets, United States 10-Year rates were at 3.451%.

 
Dow futures lift, Fed hikes 0.25%
 

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Comments (5)
Mike Sim
Mike Sim Mar 23, 2023 12:07AM ET
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So its been 10 hours since powell said no cuts in 2023, “investors” have started pricing in cuts in 2023 as we speak for about the 17th time now. News media to follow with the “pivot” propaganda no later than tomorrow morning. Fraud!
Jose Garcia
JGarcia166 Mar 23, 2023 12:07AM ET
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amen
Prashant Kumar
Prashant Kumar Mar 22, 2023 11:35PM ET
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indian market much better to buy.
Thomas Thorn
Thomas Thorn Mar 22, 2023 9:50PM ET
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who is buying office furniture???? did SteelCase start selling at home furniture??? this is exactly why you can't trust the market. somewhere in 2024 SteelCase will come out with the kids losses that bury the stock. but hey....guess what??? management is spending all on 2023 dumping it.
Chad Richer Than You
Chad Richer Than You Mar 22, 2023 9:30PM ET
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I miss Trump.
Thomas Thorn
Thomas Thorn Mar 22, 2023 9:30PM ET
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I don't know.... grab the tidal wave of decline on the all in shorts. Joe can deliver too!
Pilot TwoFive
Pilot TwoFive Mar 22, 2023 9:30PM ET
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We all do.  Some just won’t admit it because their team would cancel them.
Derick Lim
Derick Lim Mar 22, 2023 9:28PM ET
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As usual....push market up to trap retail investors
 
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