U.S. stock futures rose during early trading on Wednesday, with tech stocks leading the drive as they rebounded from a mass sell-off. This comes as investors brace for the testimony of Federal Reserve Chair Jerome Powell before Congress, where he is expected to provide some insight into the central bank’s trail of thought regarding the timing of interest rate cuts.
Futures on the tech-heavy Nasdaq 100 advanced by as much as 0.7%, while those on the benchmark S&P 500 gained 0.4%. Contracts listed on the Dow Jones Industrial Average rose by 0.2%. For the S&P 500 and Dow Jones Industrial Average, these are welcome gains after both indexes look to rebound from losses of over 1% each.
Among the major movers was cybersecurity firm CrowdStrike, which surged by 23% in premarket trading after it released a healthy outlook that indicated rising demand in the sector. Fellow cybersecurity stock Zscaler rose by almost 4%.