Stocks rebound as Powell reinforces Fed caution

Stocks rebound as Powell reinforces Fed caution

US stocks popped on Wednesday, with techs vaulting back from a steep sell-off as investors digested Federal Reserve Chair Jerome Powell’s stance that interest rate cuts are still likely this year.

The tech-heavy Nasdaq Composite (^IXIC) jumped about 0.8% after techs led a sharp slide in stocks more broadly on Tuesday. The S&P 500 (^GSPC) also added 0.8%, while the Dow Jones Industrial Average (^DJI) popped 0.6%, as both indexes came off losses of more than 1%.

Powell’s testimony to Congress…


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