By Thomas Franck, CNBC–

U.S. futures fell on Thursday morning, after the Federal Reserve defied pressure from President Donald Trump and raised benchmark interest rates.

At around 04:15 a.m. ET, Dow Jones Industrial Average futures fell 123 points, implying a decline of more than 150 points at the opening bell. Meanwhile, S&P 500 and Nasdaq futures also pointed to declines at the open.

The moves in pre-market trade come after the Fed decided to hike its benchmark overnight lending rate by one quarter point on Wednesday. The Dow fell more than 350 points following the Fed’s decision and pushed the major indexes to new lows for the year.

The Dow, S&P 500 and Nasdaq Composite all notched new closing and intraday lows for 2018 in the previous session.

For traders, the Fed’s statement and Chairman Jerome Powell’s subsequent press conference did not suggest that the central bank would slow its pace of rate hikes as quickly as some had hoped.

Markets also took a leg lower on comments the central bank would continue to reduce the size of its balance sheet at the current pace.

“I think that the run-off of the balance sheet has been smooth and has served its purpose,” Powell said during a news conference, before adding: “I don’t see us changing that.”

The Dow and S&P 500, which are both in correction territory, are on track for their worst December performance since the Great Depression in 1931, down more than 8 percent and 9 percent, respectively. The S&P 500 is now in the red for 2018 by 6.3 percent.

The Dow has lost over 1,250 points this week.

On the data front, investors are likely to closely monitor Philly Fed manufacturing figures for December at around 8:30 a.m. ET, with the latest jobless claims data scheduled for publication at the same time.

In corporate news, Accenture, Walgreens Boots Alliance and Carnival are among the major companies expected to release their latest quarterly earnings before the opening bell. Nike and Cintas are both scheduled to publish their latest results shortly after Thursday’s trading sessions ends.