US stock futures moved higher on Wednesday, with techs vaulting back from a steep sell-off as investors waited to discover whether Federal Reserve Chair Jerome Powell is still cautious about a pivot on interest rates.
Futures on the Nasdaq 100 (^NDX) jumped roughly 0.7%, after techs led a sharp slide in stocks more broadly on Tuesday. S&P 500 (^GSPC) futures added 0.4% and Dow Jones Industrial Average (^DJI) futures put on 0.2%, both coming off losses of more than 1%.
Powell’s testimony to Congress later may provide a catalyst for stocks, which have logged two days of losses as a battering for “Magnificent Seven” stalwarts Apple (AAPL) and Tesla (TSLA) fueled bubble fears.
Investors will listen closely for any deviation by Powell from Fed policymakers’ much-repeated message that there’s no rush to cut interest rates. He’s expected to cover whether borrowing costs are likely to stay higher for longer and when a “soft landing” might happen — high-stakes topic in an election year with voters unhappy about the economy. His two-day testimony starts at 10 a.m. ET with a hearing in the House.
In individual stocks, CrowdStrike (CRWD) shares continued their post-earnings rally, up over 23% in premarket after the cybersecurity company’s outlook signaled healthy demand in the sector. Other cybersecurity stocks gained in its wake, including an almost 4% gain for Zscaler (ZS).
Live1 update