On Wednesday, U.S. stocks experienced gains, with technology stocks bouncing back after two consecutive days of losses on Wall Street.
The Dow Jones Industrial Average saw a 0.6% increase, climbing 246 points. The S&P 500 and Nasdaq Composite also saw gains of 0.9% and 1.1%, respectively.
CrowdStrike surged over 11% following a positive earnings report and a strong forecast for the quarter. Palantir also saw a significant increase of over 10% after securing a major contract with the army.
Federal Reserve Chair Jerome Powell, in his prepared remarks on Capitol Hill, mentioned the possibility of lowering interest rates later this year. However, Powell clarified that the Fed is not yet ready to reduce borrowing costs, stating that the current policy rate is likely at its peak for this tightening cycle.
Powell emphasized the importance of gathering more data before making any policy decisions during his appearance before the House Financial Services Committee and is scheduled to speak at the Senate Banking Committee on Thursday.
Source (CNBC)
