Stock Market Today: Dow Jones, S&P 500 Futures Slip Day After Fed's Rate Cut—Oracle, Broadcom, Costco In Focus

U.S. stock futures dropped on Thursday after Wednesday’s advances. Futures of major benchmark indices were lower. The Federal Reserve delivered a 25 basis points cut on Wednesday, bringing the rates down to 3.5%–3.75%, a third consecutive reduction that met expectations but exposed a widening policy divide within the central bank. Additionally, the central bank said that it will implement quantitative easing by resuming the purchase of shorter-maturity Treasury bills, approximately $40 billion per month. Meanwhile, the 10-year Treasury bond yielded 4.14% and the two-year bond was at 3.53%. The CME Group's FedWatch tool‘s projections show markets pricing an 80.1% likelihood of the Federal Reserve leaving the current interest rates unchanged. The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and the Nasdaq 100 index, respectively, were lower in premarket on Thursday. The SPY was down 0.52% at $683.99, while the QQQ declined 0.72% to $623.08, according to Benzinga Pro data.