STOCK MARKET NEWS: S&P, Dow Jones futures rebound after Fed rate hike, Rail protests continue

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U.S. equity futures were trading higher in a rebound from Wednesday’s selling following the Fed’s latest interest rate hike.

The major futures indexes suggest a gain of 0.3% when the opening bell rings.

The U.S. dollar which had been trading 1% higher against the Japanese Yen, reversed course, falling 1% after Japanese authorities intervened in the forex market for the first time since 1998 to shore up the battered currency.

In Asia, the Nikkei 225 in Tokyo slid 0.6%, Hong Kong’s Hang Seng tumbled 1.6% and China’s Shanghai Composite Index sank 0.3%.

The yield on the 10-year Treasury, which influences mortgage rates, fell to 3.51% on Thursday.

Oil traded higher on Thursday after sliding 1% in the previous session on fears of a global recession.

U.S. West Texas Intermediate crude traded around $82.00 a barrel.

Brent crude futures were at $89.00 per barrel.

The Federal Reserve delivered another big interest rate hike and raised its outlook for more to cool galloping inflation.

The central bank’s latest rate hike lifted its benchmark rate to a range of 3% to 3.25%, the highest level in 14 years, and up from zero at the start of the year.

Wall Street’s benchmark S&P 500 index fell 1.7% on Wednesday to a two-month low

The S&P 500 fell to 3,789.93. The Dow fell 1.7% to 30,183.78, and the Nasdaq composite lost 1.8% to 11,220.19.

The major Wall Street indexes are on pace for their fifth weekly loss in six weeks.