Dow Futures Jump 247 Points, Oil Near $95; Trump Wants Jerome Powell To Cut Interest Rates ‘Immediately’

On Thursday evening, U.S. stock futures climbed while oil hovered near $95 a barrel.

Dow, S&P 500, Nasdaq Futures Rise As Oil Stays Elevated

U.S. equity futures pointed higher in late trading. Dow futures rose 247 points, or 0.53%, to 46,968. S&P 500 futures advanced 30.25 points, or 0.45%, to 6,707.75, while Nasdaq 100 futures gained 90 points, or 0.37%, to 24,650.

Energy markets remained volatile amid geopolitical tensions. WTI Crude April 26 futures traded around $94.85 a barrel, while Brent crude hovered near $99.75.

Natural gas edged higher to about $3.24.

The U.S. Dollar Index slipped 0.07% to 99.676, while Asian markets traded lower with Nikkei 225 falling 0.73% and KOSPI declining 1.28% in early Friday trading.

Oil prices briefly surged above $100 earlier this week for the first time since 2022 as the conflict involving Iran rattled global energy markets and raised fears of tighter supply.

Trump Pressures Fed For Immediate Rate Cuts

On the same day, President Donald Trump took to Truth Social and called on Federal Reserve chair Jerome Powell to lower borrowing costs immediately.

“Where is the Federal Reserve Chairman, Jerome ‘Too Late’ Powell, today? He should be dropping Interest Rates, IMMEDIATELY, not waiting for the next meeting,” Trump wrote.

Trump has intensified his criticism of the Federal Reserve, arguing that aggressive rate cuts are needed to boost economic growth.

Fed Faces Inflation And Energy Price Risks

The comments come ahead of the Federal Open Market Committee’s next policy meeting on March 17, when officials at the Federal Reserve will decide whether to adjust the benchmark interest rate.

Inflation remains slightly above the central bank’s target. Consumer price data for February showed inflation running at 2.4%, still above the Fed’s 2% goal.

Meanwhile, Trump’s nominee to lead the Federal Reserve, Kevin Warsh, is expected to succeed Powell in May.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image via Shutterstock/ Joey Sussman