Wednesday saw gains in US stock futures as technology companies recovered sharply after a sharp sell-off while investors awaited word on whether Federal Reserve Chair Jerome Powell would continue to be cautious about a rate shift.
Decline In Equities
The Nasdaq 100 (^NDX) futures saw an approximately 0.7% increase after tech companies spearheaded a significant decline in equities on Tuesday.
Powell’s speech to Congress on the following day could act as a spurt for stocks, which have been down for the past two days due to concerns about bubbles stoked by the beating of “Magnificent Seven” mainstays Apple (AAPL) and Tesla (TSLA).
Source: cbs News
Investors will be watching attentively for any indication from Powell that the Fed policymakers are not in a rush to lower interest rates. He will likely discuss two hot-button issues in an election year where voters are dissatisfied with the state of the economy: whether a “soft landing” might occur and if borrowing prices are likely to remain higher for an extended period of time. There will be a hearing in the House at 10 a.m. ET to begin his two-day testimony.
After the cybersecurity company’s outlook indicated robust demand in the industry, CrowdStrike (CRWD) shares resumed their post-earnings rise, rising nearly 23% in premarket trading. In its wake, several cybersecurity stocks rose, with Zscaler (ZS) seeing a gain of over 4%.
