US equity futures displayed a positive trend before the market opened on Thursday, recovering from a previous session's selloff after the Federal Reserve indicated a more cautious stance regarding rate cuts scheduled for 2025. Futures for the Dow Jones Industrial Average climbed 0.7%, while the S&P 500 futures gained 0.8%.
Additionally, Nasdaq futures rose by 0.9%. On Wednesday, the Federal Open Market Committee opted to decrease the benchmark lending rate by 25 basis points but highlighted that fewer cuts are anticipated compared to projections made in September. Meanwhile, oil prices experienced a decline, with the front-month global benchmark North Sea Brent crude falling by 0.3% to $73.19 per barrel, and US West Texas Intermediate crude registering a decline of 1.1% to $69.84 per barrel. The US gross domestic product report, set to be released at 8:30 am ET, is projected to reveal a 2.8% annual growth rate for the third quarter.
New unemployment claims are expected to drop to 229,000 for the week ending December 14, down from 242,000 the previous week. The Philadelphia Fed manufacturing index is anticipated to register at 2.9 in December, improving from a negative 5.5 in November, based on estimates compiled by Bloomberg. When considering existing home sales, a rise to a 4.09 million annual rate in November is anticipated, up from the previous 3.96 million.
Furthermore, analysts forecast a 0.1% decline in the index of leading economic indicators for November, following a drop of 0.4% the month prior..