Dow Jones futures were little changed Wednesday morning, along with S&P 500 futures and Nasdaq futures. The Nasdaq hit a record high, leading a solid stock market rally Tuesday, getting a boost from Federal Reserve chief Jerome Powell.
Meanwhile, Bitcoin rebounded strongly after plunging Tuesday to a 2021 low in a key test. Microsoft
) cleared a buy point
to a record high, on the cusp of joining Apple
) with a $2 trillion market cap. Upwork
) broke out in strong volume. ServiceNow
) and American Eagle Outfitters
) offered various early entries.
Microsoft and ServiceNow stock are on IBD Leaderboard
and IBD Long-Term Leaders
. UPWK stock and American Eagle were added to SwingTrader
Fed Chief Powell
Fed chief Powell gave a rather dovish stance on monetary policy before Congress on Tuesday. He expects a lot of economic improvement in the coming months while recent inflation spikes should be short-lived.
Fed chief Powell largely echoed his comments following the latest Fed meeting on June 16, but it served as a counterpoint to Friday's quasi-hawkish comments from St. Louis Fed President James Bullard on Friday.
Powell's comments turned a mixed market rally in mid-afternoon trading into a solid session by the close.
The 10-year Treasury yield edged lower on Tuesday, but so did the two-year yield.