Stock futures fell Thursday, one day after the major averages rallied in response to the Federal Reserve sticking to an outlook for two interest rate cuts in 2025. Futures tied to the Dow Jones Industrial Average dipped 225 points, or 0.5%. S&P 500 futures were down 0.6%, while Nasdaq 100 futures slipped 0.7%. Tesla, down nearly 20% in March, fell another 1% premarket Thursday. Other tech names like Alphabet also came under pressure, shedding 1%. The Technology Select Sector SPDR Fund (XLK) was down 0.6%. While the Fed kept a forecast for two rate cuts this year and held the federal funds rate in a range of 4.25% to 4.5% Wednesday, the central bank also raised its inflation outlook and lowered its economic growth projection. Traders largely expect the Fed to not make any moves, however, before officials see the impact of tariffs. Federal Reserve Chair Jerome Powell labeled the potential effect of tariffs on inflation as likely being short-lived or transitory. ″‘Transitory’ is back, or at least that was the insinuation. The market reaction, to me, says that investors are willing to believe that tariffs and other policies won’t create lasting inflationary pressures and that the Fed can stay in control,” said Elyse Ausenbaugh, head of investment strategy at J.P. Morgan Wealth Management. Stocks rebounded Wednesday following the Fed decision, regaining some ground after the past month’s sharp decline. The Dow rose 0.9% and the S&P 500 added just over 1%. The Nasdaq Composite gained 1.4%, but is still down 11% in the past month, firmly in a correction. The S&P 500, which briefly slipped into correction territory last week, is now more than 7% off its record high. As White House tariff policies rattled markets earlier this month, President Donald Trump said the economy could see “a period of transition.” A tariff exemption on select Canadian and Mexican imports expires April 2. The president suggested in a Truth Social post late Wednesday that the Fed should cut rates as the administration moves forward with its tariff plans, and Commerce Secretary Howard Lutnick said on Fox News that viewers should buy shares of Tesla, adding “it’ll never be this cheap again.” U.S. Treasury yields dipped on Thursday as investors weighed the state of the U.S. economy a day after the Federal Reserve held interest rates steady. The benchmark 10-year Treasury note yield slipped more than 7 basis points to 4.185%, and the 2-year Treasury yield was more than 4 basis points lower at 3.932%. Asia-Pacific markets traded mixed Thursday as China’s central bank kept interest rates steady, after the U.S. Federal Reserve kept benchmark rates unchanged overnight. Australia’s S&P/ASX 200 traded 1.16% higher to close at 7,918.9. South Korea’s Kospi climbed 0.32% to close the trading day at 2,637.1 while the small-cap Kosdaq fell 1.79% to close at 725.15. Hong Kong’s Hang Seng Index fell 2.16% and mainland China’s CSI 300 dipped 0.88% to close at 3,974.99, after China kept its key lending rates unchanged as Beijing juggles propping up growth and stabilizing its currency amid mounting trade frictions. The People’s Bank of China kept the 1-year loan prime rate at 3.1% and the 5-year LPR at 3.6%, where they have been since a quarter-percentage-point cut in October. Japan markets were closed for a holiday. Oil prices were little changed on Thursday, as a higher-than-expected fuel inventories drawdown in the U.S and renewed tensions in the Middle East countered strength in the dollar. Brent crude futures slipped 11 cents, or 0.16%, to $70.67 a barrel by 1038 GMT, while U.S. West Texas Intermediate crude (WTI) contract for April was flat. The more active WTI May contract fell 12 cents, or 0.18%, to $66.79. Gold prices were steady on Thursday, after touching another record high earlier in the session, driven by the Federal Reserve’s indication of likely interest rate cuts later this year and geopolitical and economic uncertainty fueling safe-haven demand for the bullion. Spot gold held steady at $3,044.44 an ounce, after hitting a record high of $3,057.21 earlier in the session. U.S. gold futures gained 0.3% to $3,050.90. “The U.S. dollar index is up, weighing on the prices of the precious metals,” Quantitative Commodity Research analyst Peter Fertig said.