US pre-open: Futures higher as Fed rate cut bets grow
By Iain Gilbert
Date: Wednesday 26 Nov 2025
(Sharecast News) - Wall Street futures were in the green ahead of the bell on Wednesday as major indices looked to extend their winning streak.
As of 1230 GMT, Dow Jones futures were up 0.18%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.34% and 0.51% firmer, respectively.
The Dow closed 664.18 points higher on Tuesday, its third consecutive positive trading session.
Market participantes were continuing to track developments that could shape the Federal Reserve's next policy move early on Wednesday, with traders now pricing in around an 85% chance of a 25 basis point rate cut in December.
Treasury Secretary Scott Bessent said on Tuesday there was a "very good chance" that Donald Trump would announce the next Federal Reserve chair before Christmas. While Bessent confirmed interviews were ongoing, reports from Bloomberg suggested that White House National Economic Council director Kevin Hassett had emerged as a frontrunner, with markets viewing him as more likely to favour lower rates.
On the macro front, mortgage applications rose 0.2% week-on-week in the seven days ended 21 November, according to the Mortgage Bankers Association, doing little to reverse the 5.2% decline from the previous week. Applications to refinance a mortgage fell by 5.7%, while applications to purchase a home jumped 7.6%.
Still to come, weekly jobless claims data and September durable goods orders figures will be published at 1330 GMT, while November's Chicago Fed purchasing managers index will follow at 1445 GMT.
Rostro's Joshua Mahony said: "Today provides a fresh look at the US economy, with a raft of data headed up by the latest core durable goods orders reading. US futures are signalling another move higher at the open, with markets seemingly taking a more constructive tone after a volatile week just gone. Michael Burry's claims of financial manipulation in the tech space have largely faded as a story, and we have seen the likes of Apple and Alphabet shares hit a record high this week."
In the corporate space, Deere & Co issued a cautious outlook for the year ahead on Wednesday, falling short of market expectations amid ongoing uncertainty over a recovery in the US farm economy. The world's largest agricultural machinery manufacturer said it expects fiscal‑year net income of between $4bn and $4.75bn, below consensus estimates of $5.31bn.
Reporting by Iain Gilbert at Sharecast.com
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