US stock futures soared on Thursday, shaping up for fresh record highs amid growing optimism that the Federal Reserve's bumper interest-rate cut will deliver a "soft landing" for the US economy.

S&P 500 futures (ES=F) climbed 1.6%, while Dow Jones Industrial Average futures (YM=F) rose 1.2%, setting the stage for new all-time highs for both indexes. Contracts on the tech-heavy Nasdaq 100 (NQ=F) led the gains, up 2.1%.

Stocks are rallying as investors take a closer look at the Fed's decision to kick-start its new rate cycle with 50 basis point cut. After Wednesday's policy announcement, the gauges swayed around before closing lower.

Wall Street has absorbed Chair Jerome Powell's message that a deep cut in a relatively strong economy will ultimately fend off the risk of recession — and is a sign of faith, not panic about current conditions.

Bank of America now believes the Fed will go on to cut rates by 0.75% by the end of the year, versus the 0.50% it previously forecast. By comparison, the central bank's own "dot plot" indicates policymakers expect a half-percentage-point reduction.

Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards

Rate-sensitive growth stocks climbed in premarket trading, with Big Tech megacaps that fueled this year's rally making gains. Alphabet (GOOG), Microsoft (MSFT), Meta (META), and Apple (AAPL) were each up roughly 2%, while Tesla (TSLA) and Nvidia (NVDA) rose around 3%.

With the Fed pivot done, some in the market have returned to watching data releases as they brace for potential volatility. A reading on weekly jobless claims due later Thursday will shed light on the labor market, a key focus for rate-setters.