US futures stocks surged following the trend of anticipated future rate cuts, bolstering the market.

The US futures stocks adjusted upwards during the late afternoon of Wednesday, expanding further gains in Wall Street, following the Federal Reserve’s decision to hold interest rates steady and the ongoing anticipation of at least three rate cuts this year.

While Jerome Powell, the Fed chairman, continues to caution about the persistent inflationary pressures, the market remains confident in the Fed officials’ outlook for lower interest rates this year. Powell also reiterated his expectations for a gradual soft landing of the US economy.

The S&P 500 futures rose by 0.3% to 5,302.75 points, while the Nasdaq 100 futures climbed by 0.6% to 18,582.25 points as of 7:28 p.m. ET (11:28 p.m. GMT). The Dow Jones futures edged up by 0.2% to 40,019.0 points.

Wall Street closed at record highs, with the Dow nearing the 40,000-point milestone.

The closure at record highs for Wall Street stocks marked a historic Wednesday, driven by Fed signals that fueled demand for risk assets amidst expectations of potential interest rate cuts and a recovering US economy. Powell’s comments further instilled confidence in the market, highlighting his expectation for a soft landing of the US economy.

Powell’s remarks spurred market speculation that the Fed might cut interest rates by 25 basis points in June, according to Fed funds futures data.

The S&P 500 closed up by 0.9% at 5,224.62 points, while the Nasdaq Composite gained 1.3% to 16,369.41 points, and the Dow Jones Industrial Average rose by 1% to 39,512.13 points, coming close to the significant 40,000 level.

The gains were broad-based, though investors showed particular confidence in technology stocks, notably NVIDIA Corporation (NASDAQ: NVDA), which increased by 1.1% on Wednesday following the unveiling of its latest AI chip details and extended gains after-market close.

In post-market movements, chipmaker Micron Technology Inc (NASDAQ: MU) surged by 18% after reporting surprisingly strong quarterly earnings, benefiting from increased demand in the AI industry.

Conversely, iPhone maker Apple Inc (NASDAQ: AAPL) declined by 1% after Bloomberg reported that the Department of Justice was planning to file a lawsuit against the company today for potential antitrust violations.

Market attention now turns to the upcoming PMI reports for March, expected to provide further insights into the US economy’s health, with both manufacturing and services sectors anticipated to continue expanding smoothly in March.
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