U.S. stock futures were relatively stable Thursday night, following record highs set by the S&P 500 and Nasdaq Composite during a post-election rally, as investors assessed the Federal Reserve's recent interest rate cut.
By 10:20 am AEDT (11:20 pm GMT) futures for the S&P 500 and Dow Jones Industrial Average remained largely flat, while Nasdaq 100 futures dipped 0.1%.
In after-hours trading, Lucid surged 6.8% despite reporting a larger quarterly loss, boosted by a revenue increase due to strong vehicle demand.
Rivian Automotive added 2.1% after posting a narrower Q3 loss of $1.08 per diluted share, down from $1.44 a year prior, and reaffirming its 2024 delivery forecast of 50,500 to 52,000 vehicles.
Block declined 1.8% after reporting third-quarter revenue that fell short of Wall Street estimates.
In Thursday's trading, the S&P 500 rose 0.7% to close at a new record high, while the tech-heavy Nasdaq surged 1.5%, finishing above 19,000 for the first time. The Dow Jones Industrial Average saw a marginal decline.
All three major indexes hit intraday records during the session.
These gains built on Wednesday's market rally following President-elect Donald Trump’s victory, with the Dow and S&P 500 posting their best days since November 2022.
Meanwhile, the Federal Reserve cut interest rates by a quarter-point, aligning with market expectations. In a press conference, Fed Chair Jerome Powell expressed optimism about the economy's performance.
Investors generally perceive a Republican-led government as favourable due to potential deregulation, increased mergers and acquisitions, and proposed tax cuts. However, concerns persist over the rising federal deficit and possible inflation due to tariff increases.