×

US stocks set for higher open as Wall Street digests Fed rate hike

Andrew Renneisen | Getty Images

U.S. stock index futures pointed to a higher open on Thursday as traders continued to digest the Federal Reserve's decision to raise interest rates.

Wednesday saw the Fed raise its short-term target rate by 25 basis points in its second rate hike in a decade. The Fed also surprised markets with a forecast that showed it could raise rates three times next year, instead of two.

U.S. stocks fell in choppy trade, with the Dow Jones Industrial average closing down about 120 points. The S&P 500 slipped about 0.8 percent and the Nasdaq composite dipped 0.5 percent.

In economic news, CPI (Consumer Price Index) rose 0.2 percent in November, in line with expectations. Weekly jobless claims, meanwhile, came in at 254,000. The Markit manufacturing PMI is due at 9:45 a.m. ET, with NAHB homebuilder sentiment set to come out at 10:00 a.m.

In Europe, the pan-European Stoxx 600 index was around 0.36 percent higher on Thursday morning.

On the earnings front Oracle and Adobe Systems are expected to report after the bell.

CNBC's Patti Domm contributed to this report