09:02 AM EST, 12/19/2024 (MT Newswires) -- US equity futures rose ahead of Thursday's opening bell, recovering from a selloff in the previous session after the Federal Reserve signaled plans for a more cautious approach to rate cuts in 2025.

Dow Jones Industrial Average futures gained 0.7%, S&P 500 futures increased 0.8%, and Nasdaq futures were up 0.7%.

On Wednesday, the Federal Open Market Committee reduced its benchmark lending rate by 25 basis points and flagged fewer cuts ahead than projected in September.

Oil prices were mixed, with front-month global benchmark North Sea Brent crude up 0.2% at $73.56 per barrel and US West Texas Intermediate crude down 0.4% at $70.25 per barrel.

Q3 gross domestic product growth, released at 8:30 am ET, was upwardly revised to 3.1% from 2.8% previously, compared with estimates compiled by Bloomberg for a no revision at 2.8%.

New unemployment claims fell to 220,000 in the week ended Dec. 14 from 242,000 claims in the prior week, compared with estimates for a smaller decrease to 230,000.

The Philadelphia Fed manufacturing index came in at negative 16.4 in December following a negative 5.5 reading in November, compared with estimates for 2.8.

Existing home sales, due at 10 am ET, are expected to increase to 4.09 million annual rate in November from 3.96 million previously. Forecasters see the index of leading economic indicators declining by 0.1% in November following a 0.4% fall in the previous month.

In other world markets, Japan's Nikkei closed 0.7% lower, Hong Kong's Hang Seng ended 0.6% lower, and China's Shanghai Composite finished 0.4% lower. Meanwhile, the UK's FTSE 100 was down 1.2%, and Germany's DAX index was 0.9% lower in Europe's early afternoon session.

In equities, shares of Lamb Weston Holdings ( LW ) were down 18% pre-bell after the company reported lower fiscal Q2 adjusted earnings and revenue in addition to trimming its fiscal 2025 outlook. Conagra Brands ( CAG ) stock was down 1.2% after the company posted lower fiscal Q2 earnings and sales.

On the winning side, Tripadvisor ( TRIP ) shares were up 10% after the company agreed to acquire Liberty TripAdvisor in a deal worth $435 million. Mesoblast (MESO) stock was nearly 40% higher after the company said late Wednesday that the US Food and Drug Administration has approved its mesenchymal stromal cell therapy Ryoncil for steroid-refractory acute graft versus host disease in children 2 months and older, adolescents and teenagers.