Stock market today: Stocks edge higher after huge rally as traders await Fed decision
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- Indexes climbed on Thursday after the huge post-election rally in the previous session.
- Traders will shift their attention to the Fed, which is expected to announce a 25-basis-point rate cut.
- Jobless claims saw a modest rise to 221,000, in line with expectations.
Indexes edged up on Thursday, heading for another day of gains after Donald Trump's election victory fueled a massive rally across the stock market on Wednesday.
The Dow Jones Industrial Average was just slightly higher after surging over 1,500 points, up 3.6% in its biggest single-day percentage gain in two years.
Bank stocks and tech shares rallied in the session, fueled by hopes for a lighter regulatory touch and corporate tax cuts under Trump. Bitcoin also gained, given Trump's pro-crypto stance.
On Thursday, investors will turn their attention toward the Federal Reserve, which is expected to cut interest rates by 25 basis points. That would continue the central bank's easing cycle, which kicked off with a jumbo 50 basis point cut in September.
After this month's meeting, fed fund futures show the outlook for monetary policy becomes less clear, with expectations for further cuts declining in the last week.
Markets are adjusting to the reality of a second Trump presidency, which economists have said would likely drive inflation if he enacts campaign proposals like broad tariffs and mass deportations.
The latest data on Thursday showed weekly jobless claims increased slightly to 221,000, a gain of 3,000 from the week prior and in line with expectations.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:
- S&P 500: 5,950.88, up 0.37%
- Dow Jones Industrial Average: 43,754.89, up 0.06% (+24.86. points)
- Nasdaq composite: 19,114.17, up 0.69%
Here's what else is going on:
- 3 post-election reasons why stocks will rise into year-end, according to Goldman Sachs.
- "Crypto president" Donald Trump has investors cheering as bitcoin hits record.
- These 5 billionaires were the biggest net-worth winners on Wednesday as stocks surged.
- There's a big warning sign for consumers flashing as stocks surge.
In commodities, bonds, and crypto:
- Oil futures fell. West Texas Intermediate crude dipped 0.5% to $71.30 a barrel. Brent crude, the international benchmark, fell 0.4% to $74.62 a barrel.
- Gold rose 0.8% to $2,697.40 an ounce.
- The 10-year Treasury yield slipped three basis points to 4.396%.
- Bitcoin edged up to $74,891.