U.S. stock futures edged higher on Thursday morning after a volatile session in the major averages, as investors weighed another big rate hike by the Federal Reserve. Dow Jones Industrial Average futures were up 100 points, or 0.34%. S&P 500 and Nasdaq 100 futures rose 0.28% and 0.19%, respectively. During Wednesday’s regular session, the Dow Jones industrial average fell 522 points, or 1.70%, despite jumping more than 300 points earlier in the day. The S&P 500 fell 1.71% and the Nasdaq Composite fell 1.79%. The Federal Reserve went through its third straight hike of 0.75 percentage points. Policymakers have vowed to keep raising interest rates up to 4.6% in 2023 before retreating in the fight against inflation, fueling fears on Wall Street that the economy could be headed for recession. The central bank expects to raise interest rates at the end of the year to 4.4% in 2022, continuing its aggressive action against rising prices for the rest of the year. “I think they’re going to have to slow down,” DoubleLine Capital CEO Jeffrey Gundlach said Wednesday on CNBC’s “Closing Bell: Overtime.” “Monetary policy has lags that are long and volatile, but we’ve been tightening now for a while,” he added, noting that the impact of the tightening could lead to a recession. On the economic front, the latest weekly jobless claims data is due on Thursday at 8:30 AM. ET.
