U.S. stock index futures: Nasdaq futures rise 1.1% pre-market, popular Chinese concept stocks mostly fall, spot gold rises slightly.

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Although the latest Fed rate decision delivered a rate cut as expected, its cautious policy signals curbed market optimism for continued easing in the future. Investors are reassessing the market outlook amid complex signals.

On Thursday the 18th, Nasdaq 100 index futures rose 1.1%, hitting an intraday high. U.S.-listed leading Chinese stocks mostly fell before market open: JD.com, Pinduoduo, Li Auto, Baidu, and Alibaba each fell 1%, XPeng fell 2%, and Bilibili and NIO fell 3%. The U.S. dollar index fell 0.05% to 96.98. Spot gold rose 0.15% to 3665.13.

European stocks rose broadly, with the German DAX index gaining as much as 1%. The UK FTSE 100 index opened up 0.21%. The French CAC40 index opened up 0.41%. The Euro Stoxx 50 index opened up 0.64%.

Nasdaq 100 index futures rose 1.1%, hitting an intraday high. U.S.-listed leading Chinese stocks mostly fell before market open: JD.com, Pinduoduo, Li Auto, Baidu, and Alibaba each fell 1%, XPeng fell 2%, and Bilibili and NIO fell 3%.European stocks rose broadly, with the German DAX index up as much as 1%. The UK FTSE 100 index opened up 0.21%. The French CAC40 index opened up 0.41%. The Euro Stoxx 50 index opened up 0.64%.U.S. 10-year Treasury yield fell 2bp to 4.057%.U.S. dollar index fell 0.05% to 96.98.EUR/USD rose 0.14% to 1.1829.Spot gold rose 0.15% to 3665.13.WTI crude oil rose 0.19% to 63.44.

Powell's Speech Damps Easing Expectations

Nasdaq 100 index futures rose 1.1%, hitting an intraday high. U.S.-listed leading Chinese stocks mostly fell before market open: JD.com, Pinduoduo, Li Auto, Baidu, and Alibaba each fell 1%, XPeng fell 2%, and Bilibili and NIO fell 3%.

Although the Fed has implemented a rate cut, the message it conveyed was far from purely dovish. Powell's speech hinted that this action does not mark the start of an aggressive easing policy, but is a prudent response to economic uncertainty, especially the weakening labor market and stubborn inflation.

More importantly, the Fed policymakers' dot plot indicates they expect two more rate cuts this year, but only one by 2026. This contrasts with traders' previous expectations, who had priced in two to three rate cuts next year.

Gina Bolvin, President of Bolvin Wealth Management Group, stated in a release:

"The Fed’s 25 basis point rate cut is a clear signal: a weak labor market and stubborn inflation have prompted policymakers to act—but it will be gradual. This is not a policy shift, but a carefully considered step."

Analysts believe that despite single-day volatility, the major U.S. stock indexes are still likely to post gains for the week.

The U.S. dollar index fell 0.05% to 96.98. Spot gold rose 0.15% to 3665.13.

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