By Oliver Gray
Investing.com - U.S. stock index futures were modestly lower in early APAC deals on Thursday, after major benchmark indices finished Wednesday’s session higher, amid volatile market conditions as investors assess risks to the U.S. economy fueled by Russia’s war in Ukraine.
Sentiment was further lifted as Fed Chair Jerome Powell testified before Congress, saying that he remains committed to easing cost pressures through rate hikes, despite geopolitical uncertainties in Ukraine.
During Wednesday’s deals, the Dow advanced nearly 596.4 points or 1.79% to 33,891.36, the S&P 500 gained 80.26 points or 1.86% to 4,386.53, while the Nasdaq Composite added 219.56 points or 1.62% to 13752.02.
Among stocks, major tech players were mostly higher as Amazon.com Inc (NASDAQ: AMZN ) gained 0.6%, Microsoft Corporation (NASDAQ: MSFT ) added 1.78%, Meta Platforms Inc (NASDAQ: FB ) gained 2.27%, Apple Inc (NASDAQ: AAPL ) lifted 2.06% and Alphabet Inc (NASDAQ: GOOGL ) gained 0.38% while Block Inc (NYSE: SQ ) lost 1.43% and Netflix Inc (NASDAQ: NFLX ) declined 1.61%.
Energy companies were also higher as Crude Oil prices touched fresh 10-year highs. Occidental Petroleum Corporation (NYSE: OXY ) added 3.38%, Exxon Mobil Corp (NYSE: XOM ) gained 1.72%, Chevron Corp (NYSE: CVX ) lifted 2.95% and ConocoPhillips (NYSE: COP ) gained 1.11%.
Financials also bounced back on higher bond yields, with JPMorgan Chase & Co (NYSE: JPM ) up 2.07%, Citizens Financial Group Inc (NYSE: CFG ) adding 4.41%, Bank of America Corp (NYSE: BAC ) up 1.62%, Citigroup Inc (NYSE: C ) adding 1.66%, Wells Fargo & Company (NYSE: WFC ) up 3.84% and Morgan Stanley (NYSE: MS ) gaining 0.86%.
Pure Storage Inc (NYSE: PSTG ) popped 10.98% after reporting third-quarter earnings. EPS was at 22 cents versus 12 cents expected, while revenues came in at $562.7 million versus $530.6 million expected.
On the bond markets, United States 10-Year yields advanced Wednesday to 1.878%.
On the earnings front, several retailers are set to post results later in the session, including Big Lots Inc (NYSE: BIG ), Costco Wholesale Corp (NASDAQ: COST ), Burlington Stores Inc (NYSE: BURL ), Broadcom Inc (NASDAQ: AVGO ) and Kroger Company (NYSE: KR ).
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