08:05 AM EDT, 09/19/2024 (MT Newswires) -- US equity futures were higher Thursday, rebounding from the previous session after a 50-basis-point interest rate cut from the Federal Reserve fueled losses for major benchmarks.

Dow Jones Industrial Average futures rose 1.2%, S&P 500 futures increased 1.7%, and Nasdaq futures surged 2.2%.

On Wednesday, the central bank's Federal Open Market Committee lowered interest rates to a range of 4.75% to 5%.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.9% at $74.33 per barrel and US West Texas Intermediate crude up 1% at $70.62 per barrel.

New unemployment claims, scheduled for release at 8:30 am ET, are expected to come in unchanged at 230,000 in the week ended Sept. 14. The Philadelphia Fed Manufacturing Index is expected at minus 0.8 in September versus August's minus 7.0, according to estimates compiled by Bloomberg.

Existing home sales, slated for 10 am ET, are expected to drop to a 3.92 million annual rate in August from 3.95 million previously. Forecasters see the index of leading economic indicators dropping by 0.3% in August following a 0.6% decline in July.