By Oliver Gray
Investing.com - U.S. stock futures were trading flat in early APAC deals on Wednesday, with investors buying the dip during regular trade following a five-day sell-off in the S&P 500.
During Tuesday's session, the tech-heavy Nasdaq Composite gained 1.41% to 15,153.45, The S&P 500 rose 0.92% to 4,713.07, while the Dow Jones Industrial Average added 183.15 points, or 0.51%, to close at 36,252.02.
Dow Jones Futures and S&P 500 Futures were down just 0.01% each while Nasdaq 100 Futures eased 0.07%.
Among stocks, rebounding technology companies supported sentiment with Amazon.com Inc (NASDAQ:AMZN) rising 2.4%, Microsoft Corporation (NASDAQ:MSFT) up 0.23%, Alphabet Inc (NASDAQ:GOOGL) adding 0.77%, Apple Inc (NASDAQ:AAPL) up 1.68%, Block Inc (NYSE:SQ) up 2.73%, NVIDIA Corporation (NASDAQ:NVDA) gaining and 1.52%, and Advanced Micro Devices Inc (NASDAQ:AMD) adding 4.02%.
EV manufacturers gained with Tesla Inc (NASDAQ:TSLA) up 0.59%, Rivian Automotive Inc (NASDAQ:RIVN) adding 2.59% and Lucid Group Inc (NASDAQ:LCID) surging 8.99%.
Major financials lifted amid higher long term bond yields, with JPMorgan Chase & Co (NYSE:JPM) up 0.1%, Citizens Financial Group Inc (NYSE:CFG) adding 1.15%, Bank of America Corp (NYSE:BAC) gaining 0.57%, Citigroup Inc (NYSE:C) up 1.64% and Wells Fargo & Company (NYSE:WFC) gaining 1.28%.
Energy stocks gained on rising crude oil prices, as Occidental Petroleum Corporation (NYSE:OXY) surged 7.16%, ConocoPhillips (NYSE:COP) gained 3.16%, Devon Energy Corporation (NYSE:DVN) added 2.68% and Exxon Mobil Corp (NYSE:XOM) rose 4.21%.
Other notable gainers included Illumina Inc (NASDAQ:ILMN), which rose 17% after the genomic sequencing company issued a 2022 revenue outlook that was ahead of consensus.
In policy news, Fed Chair Jerome Powell noted during his testimony before a Senate committee on Tuesday that policymakers would not be afraid to hike rates further than projected if inflation remains high.
“If we have to raise interest rates more over time, we will. We will use our tools to get inflation back,” Powell said.
On the bond markets, United States 10-Year yields were steady near 2-year highs at 1.746%.
Coming up in the week, market participants will be closely monitoring fresh inflation data due out on Wednesday and fourth quarter bank earnings slated for release on Friday.