Dow futures fall 100 points after back-to-back rallies on Wall Street

The U.S. stock futures fell Thursday morning as investors digest the latest news out of Ukraine.

The futures tied to the index dropped 142 points. The S&P 500 and the Nasdaq 100 futures were down.

The Kremlin was cold over reports of progress in peace talks between Russia and Ukraine.

The Financial Time reported on Wednesday that both countries had made progress on a peace plan. The report helped the stock market rally for a second day.

The two-day rally in the S&P 500 has lifted the index by 4.4%, showing how quickly markets can turn if investor perception of geopolitical risks change.

Travel stocks were lower before the market opened. United, American and Jet Blue lost 2% or more. Booking site operators fell more than 1%.

After China signaled support for overseas listings in the previous session, Chinese stocks fell in the premarket. DiDi Global and Baidu fell.

The Federal Reserve moves were being watched by Wall Street. The Fed hiked its benchmark interest rate for the first time in over a year, and signaled six more hikes this year, spurring a relief rally in stocks.

The Fed raised its projections for rate hikes and inflation, but investors seem to have taken those changes as proof that the central bank was taking the rise in prices seriously.

The dot plot shows that they are behind the curve and they are trying to fix it.

Jeffrey Gundlach, CEO of DoubleLine Capital, said on the closing bell that he expected markets to rally between now and the next Fed meeting in May. He pointed to recent high readings on the Cboe Volatility Index as a sign that the selling had gone far enough, at least in the near term.

I don't care how bad the tape looks, I don't care how bad the geopolitics look, you're supposed to get more bullish. You get an oversold bounce.

The Labor Department reported Thursday that the number of people who applied for unemployment insurance last week was 214,000, which was better than the estimate of 220,000 and a decline from the previous week.

The blue chip index rose for the first three-day winning streak in more than a month. It was the second day in a row that the index gained more than 500 points. The S&P 500 gained 2.24% and the Nasdaq gained 3.77%.