U.S. stocks looked set to pare back some of their losses on Thursday after Federal Reserve Chair Jerome Powell put a lump of coal in markets’ Christmas stocking by signaling that sticky inflation means investors shouldn’t expect deep rate cuts next year. Futures tracking the Dow Jones Industrial Average climbed 321 points, or 0.8%. All three indexes had plummeted on Wednesday, with Powell’s hawkish presser sinking the Dow by 1,100 points to lock in its longest losing streak in half a century.