US Futures Rise After Fed Calms Tariff Concerns

Contracts for the S&P 500 rose 0.4%, while those for the Nasdaq 100 were 0.5% higher after the Financial Times said Nvidia Corp. aims to spend several hundred billion dollars to procure US-made chips and electronics over the next four years. Europe’s Stoxx 600 index was little changed as traders focused on central bank policy decisions in the region.

The Bank of England is expected to leave its benchmark rate unchanged later. Fresh data Thursday showed that UK wage growth held at its highest level in nine months and employment rose, evidence of a tight labor market that will likely keep the BOE cautious over further easing.

Bloomberg’s gauge of the greenback edged higher. Copper climbed above $10,000 a ton amid the threat of higher tariffs. Treasuries posted modest moves.

As Fed policymakers left rates unchanged Wednesday, Chair Jerome Powell acknowledged the high degree of uncertainty from President Donald Trump’s trade tariffs, while repeating that there is no rush to adjust borrowing costs. Powell said officials can wait for greater clarity on the impact of Trump’s policies on the economy before acting.

New economic projections showed Fed officials marked down their forecasts for growth this year, while boosting estimates of inflation. It also showed officials continued to pencil in a half percentage point of rate cuts this year, according to the median estimate, implying two quarter-point rate reductions.

“The Fed elegantly downplayed the long-term impact of rising inflation while cutting its growth forecast,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. “The decision was more dovish than expected.”

In Asia, a gauge of the region’s stocks climbed. Chinese shares bucked the broader positive trend, with the mainland benchmark CSI 300 Index falling for the first time in three days. Technology companies were among the biggest losers following their recent rally. In Hong Kong, the Hang Seng Index slipped 2%.

“The risk-reward for China looks slightly less reasonable,” Sundeep Gantori, an analyst at UBS Global Wealth Management in Singapore, said on Bloomberg Television. “The risk-reward looks much better for US tech after the recent correction. It doesn’t mean there is no upside for China. We see decent upside, perhaps low teens and maybe 10% for the rest of the year.”

Oil prices rose following a US government report that allayed concerns about near-term demand destruction, gaining for a second day. Gold fluctuated after hitting a fresh record.

Copper marched past the threshold of $10,000 a ton after weeks of global trade dislocation triggered by Trump’s push for tariffs on the crucial industrial metal.

Some of the main moves in markets:

Stocks

The Stoxx Europe 600 was little changed as of 8:08 a.m. London time

S&P 500 futures rose 0.4%

Nasdaq 100 futures rose 0.5%

Futures on the Dow Jones Industrial Average rose 0.3%

The MSCI Asia Pacific Index rose 0.3%

The MSCI Emerging Markets Index fell 0.1%

Currencies

The Bloomberg Dollar Spot Index was little changed

The euro fell 0.2% to $1.0882

The Japanese yen rose 0.1% to 148.54 per dollar

The offshore yuan fell 0.2% to 7.2427 per dollar

The British pound fell 0.2% to $1.2978