US stock futures held regular near records on Thursday, eyeing a return to the Trump rally as investors mapped out the following president’s likely impact on markets and awaited the Federal Reserve’s policy decision.

Dow Jones Industrial Average futures (YM=F) nudged up 0.1%, on the heels of a 1,500-point gain that marked the blue-chip gauge’s best day since 2022. S&P 500 futures (ES=F) also edged 0.1% higher, while contracts on the tech-heavy Nasdaq 100 (NQ=F) moved up roughly 0.2%.

Spirits are still buoyant after Donald Trump’s presidential election win, which sent all three major stock gauges soaring to fresh record highs on Wednesday. His plans for corporate tax cuts and deregulation have fueled optimism for a lift to the economy that may feed into stocks.

But some on Wall Street see signs of a relief rally, given Trump’s decisive victory also put paid to worries a few contested vote. They suggest stock gains could slow because the euphoria fades.

The Fed’s interest-rate decision — typically a dominant event for markets — is taking something of a back seat amid the election fallout. For one thing, investors see a 25 basis point rate cut as just about a sure thing at the tip of policymakers’ two-day meeting later Thursday. As an alternative, the main focus is on what Chair Jerome Powell might reveal in regards to the future path of policy, especially as Trump’s return could mean rates stay higher for longer.