DJIA futures up 163 points (Il Sole 24 Ore Radiocor) - New York, 02 May - US futures were higher as investors digested the Federal Reserve's decision to keep interest rates on hold and looked ahead to key jobs data and the latest earnings from Apple.

Wall Street retraced gains to end mixed yesterday after the Fed flagged persistent inflationary pressure and the need to keep rates higher for longer. The Dow closed up 0.2% while the S&P 500 and Nasdaq both fell 0.3.

In a press conference after the Fed decision, chair Jerome Powell cited a 'lack of further progress' in bringing inflation back down toward the central bank's 2% target as a reason for the benchmark rate to remain at a 23-year high.

But he went on to say he did not think the next policy rate move would be a hike, calming mounting concern rates might actually have to increase if price pressures are to be rooted out. 'I'd say it's unlikely,' he said.

The focus now shifts to economic data and earnings for further clues on the health of the US economy, starting with today's weekly jobless claims and, critically, tomorrow's key payrolls report. Strong labor market readings have stoked worries that Fed officials may be forced to keep monetary conditions tight to see off inflation.

On the earnings front ConocoPhillips and Moderna are among companies reporting before the opening bell while Apple will report after the market close. Investors will be keen to see how the iPhone maker is faring amid a slump in sales triggered in part by a sluggish Chinese market.

On the stocks front, shares in Peloton jumped 7.5% premarket after the fitness group said it was reducing headcount by 15% and its CEO was stepping down in restructuring moves.

Qualcomm rose more than 4% after its earnings which saw a slight rise in revenues fuelled by supplying chips to carmakers.

Futures on the Dow Jones were up 163.00 points, or 0.43%, S&P 500 futures were up 33.75 points, or 0.67%, while futures on the Nasdaq were 156.25 points, or 0.90%, higher.

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(RADIOCOR) 02-05-24 14:03:11 (0384) 5 NNNN