Stocks are rebounding strongly after Wall Street‘s worst day in three weeks. The S&P 500 was up 0.7% early Wednesday, with the Dow rising 240 points and the Nasdaq composite gaining 1%. CrowdStrike surged after reporting better-than-expected profits for the latest quarter, while Big Tech stocks stabilized after dragging the market down the day before. Several significant events later in the day could still impact trading, including the release of a report on job openings and Fed Chair Jerome Powell’s address to Congress.
Global shares were mostly higher on Wednesday, with most major markets recording gains. Germany’s DAX added 0.1%, France’s CAC 40 gained 0.2%, and Britain’s FTSE 100 was up 0.2%. In Asia, Japan’s Nikkei 225 was flat, Hong Kong’s benchmark rebounded 1.7%, and the Shanghai Composite fell 0.3%. South Korea’s Kospi sank 0.3%, and Australia’s S&P/ASX 200 edged 0.1% higher.
On Tuesday, the S&P 500 dropped 1%, the Dow Jones Industrial Average fell 1%, and the Nasdaq composite slid 1.7%. Apple’s decline of 2.8% weighed heavily on the market, as the company faces challenges in China’s competitive market and slowing economy.
Bitcoin briefly rose above $69,000 before pulling back below $63,000, fueled in part by new exchange-traded funds. Hopes for interest rate cuts were boosted by a report showing slower growth in U.S. construction and other services industries.
Fed Chair Jerome Powell’s testimony before Congress on Wednesday could further influence expectations for rate cuts. In the bond market, the yield on the 10-year Treasury fell to 4.17%, while U.S. crude oil added 60 cents to $78.75 per barrel.
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