US stock futures slip as Fed raises rates and tech stocks slump

  • U.S. stocks lower Thursday following the Federal Reserve's latest interest rate decision.
  • The Fed hiked interest rates for the second time this year and announced plans to reduce bond holdings.
  • Technology stocks suffer their second slump of the week.

U.S. stock index futures pointed to a lower open on Thursday as traders reacted to the Federal Reserve's latest policy decision and technology stocks slumped for the second time this week.

Dow futures fell 100 points, while S&P and Nasdaq futures declined 16.5 points and 63 points, respectively. Tech stocks like Facebook, Apple and Amazon all feel at least 1 percent before the bell.

As anticipated, the Fed hiked interest rates by a quarter of a percent, but its weaker-than-expected inflation numbers prompted worry among investors.

On the data front, Thursday will see a host of data releases, including jobless claims, the Philadelphia Fed manufacturing outlook survey, the Empire State manufacturing survey, and import and export prices. Later in the morning, industrial production figures, the housing market index and natural gas inventories will also be released.

On the earnings front, retailer Kroger and restaurant chain Bob Evans are scheduled to report before the bell. Finisar will report after the bell.

In Europe, the pan-European Stoxx-600 index was around 0.61 percent lower on Thursday. In Asia, the Shanghai Composite in China closed 0.06 percent higher, while the Nikkei in Japan closed 0.26 percent lower.

In oil markets, Brent crude traded at around $46.82 a barrel on Thursday, down 0.38 percent, while U.S. crude was around $44.48 a barrel, down 0.56 percent.