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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 later may provide a catalyst for stocks, which have logged two days of losses as a battering for “Magnificent Seven” stalwarts Apple (AAPL) and Tesla (TSLA) fueled bubble fears.
Investors will listen closely for any deviation by Powell from Fed policymakers’ much-repeated message that…