Stock futures flat after a volatile session following the Fed’s latest interest

Stock futures were muted Thursday morning following losses during the daily trading session after the Federal Reserve delivered another interest rate hike and signaled that no pivot or rate cut is coming anytime soon.

Futures tied to the Dow Jones Industrial Average inched up 9 points, or 0.03%. S&P 500 futures and Nasdaq 100 futures were both roughly flat.

Shares of Qualcomm, Roku and Fortinet slipped after reporting disappointing quarterly results and forward guidance.

Traders had anticipated the central bank’s 0.75 percentage point rate increase and initially read the Fed’s statement as dovish, sending stocks higher.

Those gains reversed when Federal Reserve Chair Jerome Powell said it was “premature” to talk about a rate hike pause and that the terminal rate would likely be higher than previously stated.

“We still have some ways to go and incoming data since our last meeting suggests that the ultimate level of interest rates will be higher than previously expected,” he said.

The Dow Jones Industrial Average ended Wednesday’s trading session 416 points lower, or down1.3%, decreasing its significant October rebound. The S&P 500 dropped 2% and the Nasdaq Composite was off by 2.8%.

Markets will likely continue to seesaw until it is clear inflation has cooled off and that the Fed has stopped marching rates higher. Any data that shows the U.S. economy isn’t slowing as the central bank tightens policy will likely weigh on stocks.

The next important report is October nonfarm payrolls, set to be released Friday.

“You get a good jobs number, in other words a good unemployment rate that doesn’t go higher, then the market is in a lot of trouble,” said Guy Adami, director of advisor advocacy at Private Advisor Group, said on CNBC’s “Fast Money.”