SHANGHAI, Jul 28 —This is a roundup of global macroeconomic news last night and what is expected today.

The dollar was slightly lower on Wednesday against a basket of major currencies after the U.S. Federal Reserve raised interest rates by 75 basis points, as was widely anticipated, but noted signs of a softening economy.

The greenback initially moved higher after the statement but quickly reversed course to trade just below the unchanged mark on the session.

The central bank raised rates by three-quarters of a percentage point for the second straight meeting as it attempts to reign in inflation, but noted that while the labor market remains strong, other economic indicators have softened.

Stock futures moved slightly lower in overnight trading after markets staged a major rally on Wednesday following another 0.75 percentage point hike from the Federal Reserve.

Futures tied to the Dow Jones Industrial Average slipped 27 points, or 0.08%. S&P 500 futures lost 0.12% and Nasdaq 100 futures dropped 0.35%.

The after-hours moves came after markets saw a broad-based rally during regular trading on Wednesday as the central bank hiked rates by another 75 basis points and investors continued to bet on whether the Fed can halt surging prices without pushing the economy into a recession.

All S&P 500 sectors ended the day higher, with communications services posting its best daily performance since April 2020.

During Wednesday’s regular trading session, the Dow gained 436.05 points, or 1.4%, the S&P 500 added 2.62% and the Nasdaq Composite closed 4.06% higher, boosted by shares of Alphabet and Microsoft.

Oil rose by $2 a barrel on Wednesday as a report of lower inventories in the United States and cuts in Russian gas flows to Europe offset concern about weaker demand and a looming U.S. interest rate hike.

Industry group the American Petroleum Institute said on Tuesday crude stocks fell by 4 million barrels, four times the forecast decline. The Energy Information Administration’s official figures are out at 1430 GMT.

Gold prices reversed losses and traded in the green on Wednesday after the U.S. Federal Reserve announced it will hike rates.

U.S. gold futures advanced 0.3% to $1,722.7.

Higher interest rates increase the opportunity cost of holding non-yielding bullion.

Gold prices have dropped more than $300 since climbing past the $2,000-per-ounce level in early March, due to the Fed’s rapid rate hikes and the dollar’s recent rally.

The pan-European Stoxx 600 closed up by 0.5%, with travel and leisure stocks climbing 3% to lead the gains with most sectors and bourses trading firmly higher.