07:24 AM EST, 11/07/2024 (MT Newswires) -- US equity markets were pointing higher before the opening bell Thursday, poised to build on the record highs hit a day earlier as investors processed Donald Trump's victory in the US presidential election and turn their attention to the Federal Reserve's rate decision.

The Standard & Poor's 500, the Dow Jones Industrial Average and the Nasdaq rose about 0.2% each in premarket activity. The majority of Asian exchanges were tracking in the green, while European bourses were heading north midday on the continent.

The Fed's monetary policy-setting committee is scheduled to announce a policy decision at 2 pm ET at the conclusion of its two-day meeting. Markets are widely expecting the central bank to lower interest rates by 25 basis points, the CME FedWatch tool showed.

Shares of Qualcomm ( QCOM ) rose 8% in premarket activity as the company's fiscal fourth-quarter results grew more than expected. ARM (ARM) fell 6.6% despite reporting better-than-expected fiscal second-quarter earnings. Trump Media & Technology Group ( DJT ) plunged 17% after closing the previous session up about 5.9% while Lyft ( LYFT ) rose 22% on the back of strong fourth-quarter gross bookings guidance. MercadoLibre ( MELI ) fell 8.9% following its latest quarterly results.

Duke Energy ( DUK ) , Air Products and Chemicals ( APD ) , Becton Dickinson ( BDX ) , Transdigm Group ( TDG ) , Kenvue ( KVUE ) , Hershey (HSY), Barrick Gold (GOLD), Moderna ( MRNA ) , Warner Bros. Discovery ( WBD ) and Vistra ( VST ) report their latest quarterly results before the opening bell, among others.

Arista Networks ( ANET ) , Airbnb ( ABNB ) , Monster Beverage ( MNST ) , Block (SQ), Pinterest ( PINS ) , News Corporation ( NWSA ) and DraftKings ( DKNG ) will post their financial statements after markets close.

On the economic calendar, the weekly jobless claims bulletin and initial productivity data for the third quarter are out at 8:30 am, while the preliminary wholesale inventories report for September is scheduled to be released 10:00 am. The weekly EIA natural gas report is out at 10:30 am while consumer credit data for September will be released at 3 pm.

Before the opening bell, bitcoin fell about 1.5% to $74,820. West Texas Intermediate crude oil decreased 1.2% to $70.84 a barrel, yields on 10-year Treasuries rose to 4.45% and gold slipped 0.2% to $2,671 an ounce.

Price: 185.20, Change: +12.21, Percent Change: +7.06