"Stocks Rebound and Futures Inch Higher: Market Recap and What You Need to Know"
TL;DR Summary
US stocks rebounded as tech stocks surged following Federal Reserve Chair Jerome Powell's indication that interest rate cuts are still likely this year. Powell's testimony to Congress may provide further clarity on this issue. Meanwhile, New York Community Bank's stock plunged amid reports of attempted capital raise, while Nordstrom and Foot Locker faced stock declines after disappointing earnings. Additionally, job openings hit their lowest level since March 2021, and wage growth for job switchers increased for the first time since November 2022, indicating ongoing labor market tightness.
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- Dow rises more than 100 points as tech shares rebound: Live updates CNBC
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