US stock futures jumped on Thursday as investors looked past the Federal Reserve’s first rate increase in more than three years and focused instead on easing Treasury yields, falling oil prices and renewed strength in technology shares.
Dow futures rose about 367 points, or 0.7%, while S&P 500 futures gained roughly 0.8% and Nasdaq 100 futures climbed close to 1%.
The rebound followed Wednesday’s weaker close, when stocks initially struggled with the Fed’s hawkish message.
Brent crude fell towards $104 a barrel and the 10-year Treasury yield slipped below 5%, easing two pressures that had weighed heavily on equities earlier in the week.
5 things to know before Wall Street opens
1. The Fed hike is over, but the tightening debate is not
The Fed unanimously raised its benchmark range by 25 basis points to 3.75%-4%, describing the move as a way to accelerate inflation’s return towards its 2% target.
Policymakers’ projections also point to another increase this year.
Markets are now assigning roughly even odds to another quarter-point move in October. That makes Thursday’s rally less a celebration of easier policy and more a relief response after a heavily anticipated decision finally cleared.
2. Falling oil and Treasury yields give stocks room to breathe
Brent crude fell below $104 a barrel as traders responded to signs Saudi Arabia could restore part of its East-West pipeline capacity within days. WTI also moved back towards $100.
The retreat matters because oil above $100 had intensified inflation fears and helped push Treasury yields sharply higher.
The 10-year yield has now eased from above 5%, reducing some of the valuation pressure on growth stocks.
3. Alphabet and Meta lead a megacap tech rebound
Alphabet and Meta gained more than 1% before the bell as investors moved back towards large-cap technology after several volatile sessions.
Jefferies strategist Jane Gibbons told MarketWatch that the next leg for the S&P 500 could increasingly depend on earnings growth and productivity gains from AI adoption, although higher interest rates are still likely to constrain valuation multiples.
That leaves tech in a better position than earlier in the week, when calls for slower AI development triggered a broad reassessment of the sector.
4. Neocloud stocks are back in favour
CoreWeave, Nebius and IREN surged in premarket trading, with gains of roughly 6%, 9% and 5%, as investors returned to the AI infrastructure trade.
Nebius received an additional boost after reports that the company had raised prices for some computing services.
The rebound also matters for investors using ETF platforms to gain thematic exposure to AI infrastructure, where recent volatility has created a sharp split between cloud-computing providers, chipmakers and traditional software names.
5. Fluence plunges after another outlook cut
Fluence Energy fell about 18% before the open after cutting its fiscal 2026 outlook amid continuing US supply-chain problems and delays linked to its Houston manufacturing operation.
The move is a reminder that Thursday’s broader rally remains selective.
Falling yields may be lifting market multiples, but individual companies are still being punished aggressively when earnings visibility deteriorates.
That distinction may define the post-Fed trade: investors are willing to buy risk again, but only where the growth story still holds up.
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