U.S. equities experienced gains on Wednesday, with technology stocks rebounding following two consecutive sessions of losses on Wall Street.
The Dow Jones Industrial Average saw an uptick of 104 points, or 0.3%, while the S&P 500 rose by 0.6% and the Nasdaq Composite climbed by 0.7%.
Shares of CrowdStrike surged more than 18% after beating earnings and revenue expectations for the latest quarter, as well as providing a strong outlook. Palantir also saw a rise of more than 8% following a significant army contract win.
Federal Reserve Chair Jerome Powell, in prepared remarks for his upcoming appearances on Capitol Hill, mentioned that the central bank may consider lowering interest rates sometime this year. However, he clarified that the Fed is not currently prepared to reduce the cost of borrowing money.
Powell stated, “We believe that our policy rate is likely at its peak for this tightening cycle,” indicating that a reversal of policy restraint could be a possibility later this year if the economy continues to evolve as expected. Powell is scheduled to address the House Financial Services Committee on Wednesday and the Senate Banking Committee on Thursday.
Source (CNBC )
