The S&P 500 and the Nasdaq were set to open higher in the run-up to an interest-rate decision from the Federal Reserve on Thursday, extending a sharp rally sparked by Donald Trump's stunning comeback as U.S. president for a second time.

Traders have about fully priced in a 25-basis-point rate cut, but will keep a close watch on the central bank's commentary for clues on the future path of monetary easing.

Investor expectations that Trump would lower corporate taxes and loosen regulations had in the previous session lifted all three major indexes to a record high.

The Dow and S&P 500 notched their biggest one-day rise since November 2022, while the Nasdaq logged its best day since February.

Dow E-minis were down 13 points, or 0.03%, S&P 500 E-minis were up 10.25 points, or 0.17%, and Nasdaq 100 E-minis were up 78.25 points, or 0.37%.

Futures tracking the Russell 2000 slipped 0.2%, after the small-cap index also logged its best one-day gain in nearly two years.

Meanwhile, data showed U.S. weekly jobless claims rose marginally last week, suggesting no material change in labor market conditions.

Initial claims for state unemployment benefits increased to 221,000 for the week ended Nov. 2, in line with economists' expectations polled by Reuters.

Traders have trimmed their bets to just two rate cuts in 2025 on consistently robust economic data, while also taking into account the chances of higher inflation stemming from Trump's proposed tariffs and government spending.

"The Fed's commentary about the rate-cut outlook will be particularly important for markets, given the recent post-election surge in bond yields, which undoubtedly complicates the Fed's efforts to move to a less restrictive policy stance," said Glen Smith, chief investment officer, GDS Wealth Management.

"The Fed may pause its pace of rate cuts in December and throughout much of 2025 as inflation slows and the economy continues to remain strong."

Focus is also on whether Republicans could win control of both houses of Congress, making it easier for Trump's policies to be enacted.

Meanwhile, rate-sensitive equities are facing some pressure as Treasury yields hovered around multi-month highs after Trump's win.

Stocks that surged after his sweeping victory gave back gains in premarket trade, with Trump Media & Technology losing 14%.

Qualcomm shares jumped 5.6% after the chipmaker forecast current-quarter results above estimates, while U.S.-listed shares of chip designer Arm Holdings fell 3% as its quarterly forecasts disappointed investors.

Vaccine maker Moderna gained 7.5% after reporting a surprise third-quarter profit on higher COVID-19 vaccine sales.

Warner Bros Discovery climbed 5% after a surprise third-quarter profit, while Ralph Lauren rose 8.2% after raising its annual sales forecast.

The VIX, Wall Street's "fear gauge," was trading at a six-week low.

(Reporting by Lisa Mattackal and Ankika Biswas in Bengaluru; Editing by Arun Koyyur)