Stock futures dipped in overnight trading Thursday after a three-day rally for the S&P 500 as the equity benchmark is poised to post its biggest weekly gain in more than a year.

The Dow Jones Industrial Average futures fell 120 points. S&P 500 futures were down 0.4% and Nasdaq 100 futures traded 0.3% lower.

The Federal Reserve’s decision not to loosen policy was widely accepted by investors and stocks enjoyed some relief. The S&P 500 has gained for three consecutive days this week, up 4.9%, on track for its best week since November 2020.

Blue-chip Dow has just completed a 4-day win streak and is on track for its largest weekly gain since November 2020. This week’s Nasdaq Composite, tech-leavy, is up 6.6% and heading for its strongest week since Feb 2021.

The central bank was notified earlier this week hiked its benchmark interest rate for the first time since 2018 and signaled six more hikes this year.

“Fortunately, inflation expectations of investors over the next five year was reduced quite a lot. This, if maintained, will continue [to]”It will be beneficial for the Fed, the markets, despite slightly higher interest rates,” stated John Vail (chief global strategist at Nikko Asset Management).

Investors will continue to watch news out of Ukraine and RussiaAs the conflict rages on. Officials from Ukraine said that Russian strikes on Ukraine had caused many civilian deaths in the last day.

Russia was capable of pay coupons on its sovereign bonds to some creditors, Reuters reported, citing sources. Russia could have avoided a historical debt default, despite the uncertainty that persists.

On Thursday, West Texas Intermediate crude futures, the U.S. oil benchmark, jumped more than 8% and bounced back above $100 per barrel.

After-hours trading saw FedEx shares fall more than 1% after it posted a lower quarterly profit due to labor shortages and slowed holiday revenue growth.

GameStop shares dropped 10% after extended trading. the video game retailer reported an unexpected lossThe holiday quarter. According to the company, a marketplace will be created for NFT tokens that are not fungible by April.