S&P 500 futures point higher for first time since Fed's higher-for-longer message

What’s happening On Thursday, the Dow Jones Industrial Average DJIA fell 370 points, or 1.08%, to 34070, the S&P 500 SPX declined 72 points, or 1.64%, to 4330, and the Nasdaq Composite COMP dropped 245 points, or 1.82%, to 13224.What’s driving markets Stocks finally seemed to be finding a floor on Friday, after two days of selling sparked by the Federal Reserve decision, in which it held rates but moved the median dot for expected 2024 rates up by a half point.

“The fallout from Wednesday’s ‘higher for longer’ message from the U.S. Federal Reserve continues with Wall Street suffering its worst slump in six months with 10-year benchmark Treasury yields touching 4.5% for the first time since 2007 and the prospect of rate cuts next has been reduced to just 75 bps,” said Saxo Bank strategists.

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