Dow Futures Trade Lower Following Fed’s Rate Hike

© Reuters Dow Futures Trade Lower Following Fed’s Rate Hike

By Oliver Gray 

Investing.com – U.S. stock futures were trading lower during Wednesday’s evening trade, after major benchmark averages extended losses during the regular session as the Federal Reserve delivered another interest rate hike while policymakers played down the possibility of a dovish pivot before December.

By 7:20pm ET (11:20pm GMT) Dow Jones Futures, S&P 500 Futures and Nasdaq 100 Futures were each trading 0.2% lower.

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In extended deals, eBay (NASDAQ:EBAY) gained 7.3% after reporting Q3 EPS of $1.00 versus $0.93 expected on revenues of $2.4 billion versus $2.33 billion expected.

Robinhood (NASDAQ:HOOD) lifted 3.2% after the company reported Q3 losses of $0.20 per share, better than expected losses of $0.29 per share. Revenue was reported at $361 million versus $355.59 million expected.

Roku (NASDAQ:ROKU) dropped 17.7% after reporting Q3 losses of $0.88, better than expected losses of $1.29 per share. Revenue came in at $761 million versus $702.41 million expected.

 Fortinet (NASDAQ:FTNT) shed 11.7% after reporting Q3 EPS of $0.33 versus $0.27 expected on revenue of $1.15 billion versus $1.12 billion expected.

Etsy (NASDAQ:ETSY) lifted 11% after the company reported Q3 EPS of $0.58, better than $0.37 expected, while revenue was reported at $594.5 million versus $562.56 million.

Qualcomm (NASDAQ:QCOM) fell 6.9% after the company reported Q4 EPS of $3.13 versus $3.15 expected on revenue of $11.39 billion versus $11.35 billion expected.

Ahead in Thursday’s session, market participants will be closely monitoring fresh Nonfarm Payrolls data.

During Wednesday’s regular session, the Dow Jones Industrial Average fell 505.4 points or 1.6% to 32,147.8, the S&P 500 lost 96.4 points or 2.5% to 3,759.7 and the NASDAQ Composite fell 366.1 points or 3.4% to 10,524.8.

Risk sentiment soured throughout the session after the U.S. Federal Reserve delivered a 75 basis point rate increase, with Federal Reserve Chair Jerome Powell noting that “We still have some ways to go and incoming data since our last meeting suggests that the ultimate level of interest rates will be higher than previously expected.”

On the bond markets, United States 10-Year rates were at 4.096%.

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