BY THE NUMBERS

U.S. stock futures dropped Thursday, one day after a strong Fed-driven relief rally pushed Wall Street higher for a third straight session. The Dow rose 932 points, or 2.8%, as Fed Chairman Jerome Powell took a future 75 basis point interest rate increase off the table. The S&P 500 gained nearly 3%. The Nasdaq added about 3.2%. (CNBC)

Investors on Wednesday took the Fed's widely expected 50 basis point rate hike in stride, suggesting that they, at least for now, were more convinced the central bank can tame inflation without causing an economic recession. (CNBC)

The 10-year Treasury yield on Thursday ticked higher, trading around 2.95%. The benchmark yield crossed 3% on Monday, its highest level since late 2018. It also traded above that mark again on Wednesday morning ahead of the conclusion of the Fed's two-day May meeting. (CNBC)

* Bitcoin jumps to $40,000 after Powell remarks, trades below that today (CNBC)
* OPEC+ agrees to modest production increase, oil prices rise (CNBC)

The government on Thursday reported first-time jobless claims rose more than expected to 200,000. Friday brings the government's April employment report, and traders will see whether Powell's assertion that "the labor market has continued to strengthen and is extremely tight" holds up. (CNBC)

Labor productivity fell 7.5% in the first quarter, more than expected and the biggest decline since 1947, according to the latest reading from the government. Unit labor costs at nonfarm businesses increased a greater than expected 11.6% in the first quarter. (CNBC)