GIS - Futures Point Upward as Investors Assess Rate Hikes

U.S. equity futures rose Thursday as the market tried to rebound from a steep selloff following the latest policy update from the Federal Reserve.

Futures for the Dow Jones Industrials journeyed higher 42 points, or 0.1%, early Thursday to 32,300.

Futures for the S&P 500 hiked 16.25 points, or 0.4%, to 3,986.75.

Futures for the NASDAQ Composite jumped 98.5 points, or 0.8%, to 12,805.50.

First Republic was the best performer, gaining more than 10%. PacWest and Western Alliance also advanced. In earnings, General Mills and Darden Restaurants are scheduled to report their latest financial results Thursday.

The Fed's decision and subsequent comments by Chair Jerome Powell at the conclusion of the policymakers' two-day meeting weighed on stocks.

The central bank raised rates by 25 basis points, as expected. It also hinted that its inflation-fighting tightening campaign could be nearing the end, with the removal of the phrase “ongoing increases” from its statement.

Traders are looking forward to the weekly jobless claims update at 8:30 a.m. ET. New home sales data will also be released.

In Japan, the Nikkei 225 lost 0.2% Thursday, while in Hong Kong, the Hang Seng moved higher 2.3%.

Oil prices ditched 46 cents to $70.44 U.S. a barrel.

Gold prices shone $31.00 brighter to $1,980.60 U.S. an ounce.