US stock futures remained stable on Thursday evening as investors turned their attention to the Federal Reserve's upcoming meeting, where a 25-basis-point interest rate cut is widely expected.
Broadcom Inc led market movements, surging 15.8% in after-hours trading to a record high of $209.10. The chipmaker's strong earnings per share and an upbeat revenue forecast, fuelled by growing AI demand, overshadowed weaker-than-expected quarterly revenue. Broadcom has gained over 60% this year, benefiting from its role in supporting AI infrastructure.
The positive momentum boosted other semiconductor stocks, with NVIDIA Corporation advancing 1.1% and Advanced Micro Devices up 0.7%.
Meanwhile, Wall Street indices fell during regular trading after higher-than-expected producer price index (PPI) data raised doubts about the Fed's pace of rate cuts in 2025. The S&P 500 dropped 0.5% to 6,051.25, the Nasdaq Composite fell 0.7% to 19,905.19, and the Dow Jones Industrial Average declined 0.5% to 43,914.12.
Investors are now weighing inflationary pressures against the Fed's anticipated rate cut as they prepare for the central bank's final meeting of the year next week.
investing.com
