US stocks were higher on Wednesday morning as investors looked to a coming speech by Federal Reserve Chair Jerome Powell for clues to whether interest rates will stay higher for longer. The S&P 500 rose about 0.4%, while the Dow Jones Industrial Average popped about 0.2%. The tech-heavy Nasdaq Composite led the gains, rising 0.6% after the major gauges closed Tuesday in a sea of red.
This data stood in contrast to a similar reading from the manufacturing sector on Monday, which showed inflation pressures were on the rise last month. The focus is now on Powell, whose speech on the economic outlook later in the day will be weighed for hints to whether the Fed's June meeting will bring a policy pivot. Earlier in the day, Atlanta Fed President Raphael Bostic told CNBC he expects the Fed to make its first interest rate cut in the fourth quarter.
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