US major indices set to open higher

FOMC day. Just two days after the election, Fed will weigh in when they their interest-rate decision at 2 PM ET. The expectations are for a 25 basis point cut to 4.5% to 4.75% target as the Fed continues into recalibration. What will be of more interest to the market is Fed chair Powell weighs in on a new administration and their pro-growth but potentially inflationary policies. It is unlikely but I am sure that reporters will try to get some info during the press conference. Yesterday stocks the soared with the Dow industrial average rising 3.57%, its largest increase since 3.7% on November 10, 2023. The S&P index index rose to 2.53%, it's largest increase since 3.1% on November 30, 2022. The NASDAQ index rose 2.95%, it's largest increase since 2.96% on February 22, 2024.In corporate news, several notable adjustments took place. Palantir faced downgrades from Argus and Jefferies to hold, but some believe Trump’s support for a strong military could benefit the company’s defense contracts. Shares are only down -0.32% in premarket trading In earnings, Lyft shares spiked over 23% following a better-than-expected third-quarter report, contrasting with Uber's recent underwhelming performance. Qualcomm shares are up over 4.6% after reporting strong results driven by its growth in auto, telecom, and industrial markets. On the downside, Arm Holdings fell 4% despite beating quarterly estimates, as investors were concerned about its exposure to the auto sector over smartphones.In premarket trading futures are implyingDow +30 pointsS&P index +18 pointNASDAQ index +116 points This article was written by Greg Michalowski at www.forexlive.com.