5 things to know before the stock market opens Thursday

5 things to know before the stock market opens Thursday

1. Wall Street set to drop after a strong Fed-driven relief rally dropped Thursday, one day after a strong -driven relief rally pushed Wall Street higher for a third straight session. The rose 932 points, or 2.8%, as Fed Chairman took a future 75 basis point interest rate increase off the table. The gained nearly 3%. The added about 3.2%. Investors on Wednesday took the Fed's in stride. 2. Fed hiked rates by 50 basis points but took bigger increases off the table Following March's 25 basis point rate rise, the first increase in more than three years, the Fed doubled that Wednesday afternoon to fight what Powell later called at his post-meeting news conference . The 50 basis point increase was the Fed's biggest rate hike since 2000. 3. Key data on the labor market is out over the next two days The market's sharp rise Wednesday suggested that investors, at least for now, were more convinced the Fed can tame inflation without causing an economic recession. The next two days bring key data on the other pillar of the Fed's dual mandate of fostering price stability and maximum employment. 4. Musk secures funding on Twitter bid from investors