From Nasdaq:

Wall Street’s major indexes closed higher as Federal Reserve Chair Jerome Powell reinforced expectations of rate cuts. Powell stated that while the economy is not near a recession, inflation must decline further for rate cuts. Job data shows minimal growth in private payrolls and a slight decline in job openings, supporting rate cut hopes. The Dow rose 0.2%, the S&P 500 gained 0.51%, and the Nasdaq added 0.58%.

Also, chip companies rallied, with the Philadelphia semiconductor index rebounding. Tesla extended losses, while JD.com surged after reporting strong Q4 revenue. Cryptocurrency-linked companies like Coinbase and MicroStrategy saw gains. CrowdStrike’s optimistic forecast boosted its shares, but Palo Alto fell. Wall Street indexes had decreased due to megacap stock weakness prior to Powell’s statements.

Investors anticipate clarity on the labor market from the upcoming February nonfarm payrolls report. Powell’s acknowledgment of probable rate cuts this year provided reassurance to the markets. Economic data, along with Powell’s comments, has strengthened confidence in the labor market’s resiliency. Market indices had a strong rebound from Tuesday’s losses and showed positive trends after Powell’s statements.



Read more at Nasdaq: US STOCKS-Wall St rises as Powell fuels hopes for rate cuts this year