Futures are lower

Stock futures are in the red after a late-day surge in trading on Wednesday.

Near 8:15 a.m. ET, Dow futures were down 83 points, S&P 500 futures were down 10, and Nasdaq futures were down 29.

Stocks fell, than surged yesterday, after the Fed left interest rates unchanged, with indications in its statement that it was considering a hike in December.

“In determining whether it will be appropriate to raise the target range at its next meeting, the Committee will assess progress — both realised and expected — toward its objectives of maximum employment and 2 per cent inflation,” the Fed said in its statement.

And in a morning note, Deutsche Bank’s Jim Reid quipped, “If you’ve got a Christmas party on December 16th you might want to reschedule.”

This language indicated that the Fed could raise rates, and took steps to prep the markets, according to Morgan Stanley’s Ellen Zentner.

The highlight today is the advance estimate of third-quarter gross domestic product due at 8:30 a.m. ET, and estimated at 1.6%.

Initial jobless claims and pending home sales data are also due.

Elsewhere in the market, West Texas Intermediate crude was down about 1% after jumping by more than 6% — its biggest gain in two months — to about $US46 per barrel.

Gold continued its slide following the FOMC statement and was down nearly 2%, or about $US20 an ounce, near $US1,155.70.

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