S&P 500 futures rise after major averages notch fresh closing records: Live updates

Stock futures climbed Thursday morning after the three major averages closed at new records and the Federal Reserve concluded its latest policy meeting.

Futures tied to the Dow Jones Industrial Average added 401 points, or about 1.03%. S&P 500 futures advanced roughly 0.9%, while Nasdaq 100 futures increased by 0.67%.

Semiconductor stock Micron Technology jumped more than 16% in extended trading on better-than-anticipated earnings. Discount retailer Five Below slipped more than 12% after missing Wall Street's expectations on both lines for the final quarter of 2023 and posting weak guidance.

Those moves follow a winning day on Wall Street that sent the three major indexes to new closing highs. Both the Dow and Nasdaq Composite climbed more than 1%, while the S&P 500 added around 0.9%.

Those gains came as the Fed reiterated expectations for three cuts to interest rates this year. The central bank kept borrowing costs unchanged at its two-day March policy meeting, which concluded Wednesday.

"The sum total of this 'no news is good news' press conference is that markets continue to have a green light to run higher," said Chris Zaccarelli, chief investment officer at the Independent Advisor Alliance.

"We aren't surprised to see the initial reaction from investors to be to push stock prices up and expect that to continue until some new shock hits the system," he added. "This Fed isn't going to stand in the way of the bull market."

Small-cap stocks outperformed in the session, with the Russell 2000 adding nearly 2%. Financials and technology stocks were also among those that took a sizable leg up.

Looking ahead, traders will watch for data on jobless claims and existing home sales conditions due Thursday morning. They'll also monitor