US stock futures surged on Wednesday, with tech stocks leading the charge after a steep sell-off the previous day. Investors are eagerly awaiting Federal Reserve Chair Jerome Powell’s testimony to Congress, hoping for clues on the central bank’s stance on interest rates.
Futures on the Nasdaq 100 jumped roughly 0.7%, signaling a rebound for tech stocks after a sharp decline on Tuesday. S&P 500 futures and Dow Jones Industrial Average futures also rose, recovering from losses of more than 1%.
Powell’s testimony is expected to provide insight into the Fed’s approach to interest rates, with investors listening closely for any hints of a potential pivot. The Fed has repeatedly emphasized that there is no rush to cut rates, but recent market volatility has raised concerns about a possible shift in policy.
In the midst of this uncertainty, cybersecurity company CrowdStrike saw its shares soar over 23% in premarket trading after a strong earnings report. The positive outlook from CrowdStrike also lifted other cybersecurity stocks, including Zscaler, which gained almost 4%.
As investors brace for Powell’s testimony, the question remains: will the Fed maintain its current stance on rates, or will there be a change in direction? With economic data looking strong, market participants are eager to see how Powell’s comments will shape the future of interest rates in the US.
Stay tuned for updates as Powell’s testimony unfolds, potentially setting the tone for the stock market in the coming days.
