10-year yield fell 4 basis points to 1.5%
The Dow Jones Industrial Average futures rose 181 points, or 0.53%, while the S&P 500 and Nasdaq 100 futures rose 0.66% and 0.86%, respectively.
Federal Reserve Chairman Jerome Powell testified that inflation was bigger and longer than anticipated, the gains came a day after the key average suffered its biggest one-day fall in months.
Inflation concerns sent the 10-year yield to its highest level since June, but the benchmark yield fell 4 basis points to 1.5% on Wednesday.
Among stocks, Mega Cap Technology and other growth names that benefited from lower rates rebounded.
Elsewhere, the Boeing Company’s 737 MAX test flight for return to service in China went off without problems, a company president said. The aircraft maker expects the jet to return to service in the country later this year.
Electric-vehicle maker Lucid Group Inc. is on track to meet its production targets for 2022 and 2023, CEO Peter Rawlinson told Reuters.
Micron Technology Inc. gave its current quarter revenue guidance lower than Wall Street estimates and warned that shipments of its memory chips would slow as its customers were having trouble acquiring other PC parts.
Sherwin Williams Company said revenue for the current quarter and the rest of the year will be less than flat due to raw material shortages. The company also lowered its profit outlook due to the impact of inflation on margins
Dollar Tree Inc. announced plans to add more than $1 price points to Dollar Tree Plus stores and will begin testing the strategy in some older stores.
In commodities, West Texas Intermediate crude fell 48 cents to $74.81 a barrel and gold by $5.30 to $1,742.80 an ounce.
There was a mixed trend in overseas markets.
European shares were broadly higher, with France’s CAC 40 up 1.19%, Germany’s DAX 30 up 0.98% and Britain’s FTSE 100 up 0.85%.
In Asia, Hong Kong’s Hang Seng index jumped 0.67%, while China’s Shanghai Composite and Japan’s Nikkei 225 fell 1.83% and 2.12%, respectively.