June 25, 2022

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Dow Jones Futures: Why Stocks Rallied On Big Fed Rate Hike; What To Do Now

2 min read

Dow Jones futures rose solidly overnight, along with S&P 500 futures and Nasdaq futures. The stock market wobbled Wednesday after the Federal Reserve raised interest rates by the most since 1994, but revved higher as Fed chief Jerome Powell signaled that policymakers might hike rates by a little less at the late July Fed meeting.


Treasury yields fell sharply Wednesday after surging to multiyear highs on Tuesday.

Enphase Energy (ENPH), Harmony Biosciences (HRMY), AutoNation (AN), Ulta Beauty (ULTA) and Onsemi (ON) are five stocks to watch. All are in consolidations, holding above or near their 50-day moving averages, with their relative strength lines at or near highs.

ON stock is on the IBD Leaderboard watchlist. AN stock and Harmony Biosciences are on the IBD 50. AutoNation is Wednesday’s IBD Stock Of The Day.

Tesla (TSLA) rebounded solidly Wednesday even as the National Highway Traffic Safety Administration reported the EV giant dominates accidents involving driver-assist systems.

Dow Jones Futures Today

Dow Jones futures rose 0.8% vs. fair value. S&P 500 futures advanced 0.85% and Nasdaq 100 futures popped 0.95%.

The 10-year Treasury yield sank 5 basis points to 3.34%, extending Wednesday’s losses. The two-year yield retreated 2 basis points to 3.26%.

U.S. crude oil prices rose 1%.

Bitcoin traded back to nearly $23,000 Wednesday evening after hitting a fresh 18-month low of $20,087.90 earlier this week.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Fed Meeting

Policymakers voted to hike rates by 75 basis points for the first time since 1994, at the end of the two-day Fed meeting, to a range of 1.5%-1.75%.

That came after the May consumer price index on June 10 showed inflation unexpectedly rose to a 40-year high of 8.6%.

Fed chief Powell, speaking at a news conference after the policy meeting, said the central bank is raising rates…

2022-06-15 21:11:32

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