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Shares of Nike were up more than 10 percent in the initial moments in after hours trading on Thursday.

Investors may be protecting themselves in case the President-elect swings big on tariffs and is serious about mass deportations.

NEW YORK (Reuters) -U.S. stocks ended little changed on Thursday, giving up an initial rebound from a sharp drop in the prior session after the Federal Reserve forecast fewer-than-expected interest rate cuts and higher inflation next year. Economic data was in sync with the Fed's view, with weekly initial jobless claims falling more than expected while gross domestic product for the third quarter was revised to show a 3.1% increase from the previously reported 2.8% pace. "It clearly sent a message that rates weren't going to keep going down if inflation didn't continue its decline, and we've seen inflation tick up a bit here, and that's a concern to the Fed," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.

FedEx shares jumped in extended trading Thursday after the shipping giant said it would spin off its Freight business as a standalone company.

Why is recent news from the Federal Reserve causing big sell-offs for cryptocurrencies?

As Congress scrambles to avert a potential partial government shutdown before Friday's deadline, investment experts weigh in on how much a shutdown could impact the markets.

The crypto momentum we've seen all fall and early winter hit a big snag over the past 24 hours after the Federal Reserve cut interest rates. Bitcoin (CRYPTO: BTC) is the biggest loser, falling 6.2% in the past 24 hours as of 3 p.m. ET and dropping below the $100,000 level. As much as cryptocurrencies have been marketed as a way out from under the traditional financial ecosystem, the crypto market trades a lot like traditional risk assets like growth stocks.