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Investing.com– U.S. stock index futures rose Wednesday, rebounding after Wall Street nursed a sharp fall from record highs during the previous session, with focus turning squarely to an upcoming testimony by Federal Reserve Chair Jerome Powell.
At 06:35 ET (11:35 GMT),Dow Jones Futures rose 70 points, or 0.2%, S&P 500 Futures rose 18 points, or 0.4%, and Nasdaq 100 Futures rose 125 points, or 0.7%.
The main indices fell sharply Tuesday amid a mix of profit-taking after recent gains, particularly in the technology sector, as well as anxiety over U.S. interest rates.
The Dow Jones Industrial Average dropped over 400 points, or 1%, the S&P 500 also fell 1% while the NASDAQ Composite slumped 1.7%. This was Wall Street’s worst day in almost three weeks.
Powell testimony, payrolls data on tap
Investors now await the start of two-day testimony by Federal Reserve Chair Jerome Powell before Congress that could help determine the central bank’s monetary policy path.
Powell is widely expected to maintain a hawkish tilt, with his testimony following a series of warnings from Fed officials that sticky inflation will keep the central bank from considering any near-term reductions in interest rates.
Recent data also showed that the U.S. economy remained relatively resilient, giving the Fed more headroom to keep rates higher for longer. Nonfarm payrolls data due on Friday is set to provide more cues on that front.
Still, analysts expect the Fed to have enough cues on when to reduce rates by June, with expectations for a cut in that month remaining in play.
Traders see around a 70% chance of the first rate cut this year in June, as per CME Group’s (NASDAQ:CME) FedWatch tool.
Friday’s monthly jobs report will offer some of these cues, but there is more employment data to study Wednesday, including the February ADP private sector jobs report and the January JOLTS job openings data.
CrowdStrike soars on strong quarterly earning, Nordstrom slides
Corporate earnings are due Wednesday from the likes of Campbell Soup (NYSE:CPB) and Brown Forman (NYSE:BFb), while CrowdStrike (NASDAQ:CRWD) will also be in the spotlight after the cybersecurity firm surged 23% in premarket trading on consensus-beating quarterly earnings and guidance.
These gains also pulled its peers, including Palo Alto Networks (NASDAQ:PANW), Zscaler (NASDAQ:ZS) and Fortinet (NASDAQ:FTNT) up between 3% and 4%.
On the other hand, luxury department store chain Nordstrom (NYSE:JWN) fell 10% after its annual earnings forecast underwhelmed.
Crude rises on supply tightening
Oil prices rose Wednesday, rebounding after recent losses, helped by signs of supply tightening even with ongoing demand growth concerns in China and the U.S., the world’s two biggest crude consumers.
Saudi Arabia, the world’s biggest oil exporter, announced on Wednesday slightly higher prices for April crude sales to Asia, its biggest market.
This followed Sunday’s announcement that the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, will extend its output cuts of 2.2 million barrels per day until the end of the second quarter.
By 06:35 ET, the U.S. crude futures traded 1% higher at $78.89 a barrel, while the Brent contract climbed 0.6% to $82.56 a barrel.
The official U.S. government inventory report is due later in the session, and follows Tuesday’s report from the American Petroleum Institute industry group showing U.S. crude stocks rose by 423,00 barrels in the week ended March 1, much smaller than the expected increase of 2.1 million barrels.
Additionally, gold futures fell 0.3% to $2,136.50/oz, while EUR/USD traded 0.2% higher at 1.0875.
(Ambar Warrick contributed to this article.)
Source: Investing.com