By Oliver Gray
Investing.com - U.S. stock futures were steady in early APAC deals on Thursday, following losses in the previous session as Federal Reserve Chairman Jerome Powell hinted that there was plenty of runway to raise rates without hurting employment, stoking expectations that the Fed's plan to tighten monetary policy measures may be more aggressive than expected.
On Wednesday, the Dow Jones Industrial Average lost 129.64 points or 0.38%, the S&P 500 fell 6.54 points or 0.15% to 4349.92 while the NASDAQ Composite finished just 0.02% higher at 13542.12.
Dow Jones Futures added 0.33%, S&P 500 Futures were up 0.48% and Nasdaq 100 Futures gained 0.78%.
Among stocks, growth sectors continued to suffer amid rising long term bond yields, with Block Inc (NYSE:SQ) down 3.73%, Amazon.com Inc (NASDAQ:AMZN) down 0.8%, Apple Inc (NASDAQ:AAPL) easing 0.06% and Meta Platforms Inc (NASDAQ:FB) falling 1.84%.
Financial stocks lifted with JPMorgan Chase & Co (NYSE:JPM) up 0.95%, Citizens Financial Group Inc (NYSE:CFG) adding 1.01%, Bank of America Corp (NYSE:BAC) up 1.03%, Citigroup Inc (NYSE:C) gaining 1%, and Wells Fargo & Company (NYSE:WFC) up 1.03%.
In extended deals, Tesla Inc (NASDAQ:TSLA) was 0.06% higher after a strong earnings report. Revenue rose 65% year over year in the quarter, while automotive revenue totaled $15.97 billion, up 71%. The report also flagged persisting supply chain issues throughout 2022.
Intel Corporation (NASDAQ:INTC) dipped 2.26% despite reporting better-than-expected results and delivering upbeat guidance.
Netflix Inc (NASDAQ:NFLX) also rebounded 4.7% on news that Pershing’s Bill Ackman bought 3.1 million shares.
In policy news, the U.S. Federal Reserve indicated it could soon raise interest rates for the first time in over three years as part of a broader tightening of monetary policy. United States 10-Year yields were near fresh 2-year highs of 1.873%.