The Dow Jones Industrial Average futures rose 347 points or 1%, S&P futures increased 59 points or 1.3%, and Nasdaq futures surged 211 points or 1.3%.
In testimony before the US Senate Banking Committee on Tuesday, Powell said it would be "appropriate" to discuss accelerating reductions of bond purchases at the Federal Open Market Committee's Dec. 14-15 meeting. The central bank chief will be back for the second day of his testimony at 10 am Wednesday, this time speaking before the House Financial services Committee.
Oil prices rose, with front-month global benchmarks Brent crude and US West Texas Intermediate crude both up nearly 3%, supported by a weekly draw in US crude stockpiles based on data from industry group American Petroleum Institute.
At 8:15 am ET, data showed a 534,000 increase in private payrolls based on Automated Data Processing's employment report for November following a 570,000 revised gain in the private month and ahead of estimates for a 525,000 increase, according to Bloomberg data.
At 10 am, the Institute for Supply Management manufacturing index is due for release with forecasters expecting a 61.2 reading for November versus October's 60.8 level. The consensus for construction spending is for a 0.4% monthly rise in October following a 0.5% downtick in the previous month.
In other world markets, Japan's Nikkei closed 0.4% higher, Hong Kong's Hang Seng closed 0.8% higher, and China's Shanghai Composite closed 0.4% higher. Meanwhile, UK's FTSE 100 rose 1.3% and Germany's DAX index surged 1.9% in Europe's early afternoon session.
On the winning side, MasterCard (MA) shares were 1.9% higher after the company raised its quarterly dividend and approved an $8 billion stock buyback program. Molecular Data (MKD) shares rose 14% after the company formed an electric trucks joint venture with GY Energy Tech. Ambarella (AMBA) shares gained 16% on higher fiscal Q3 earnings and sales.
On the losing side, Salesforce (CRM) shares fell 4.8% after the company posted lower fiscal Q3 adjusted earnings despite higher revenue. BioXcel Therapeutics (BTAI) shares fell 19% after the US Food and Drug Administration extended its review period for the company's new drug application for a treatment candidate for agitation associated with schizophrenia and bipolar disorders. Longeveron (LGVN) shares tumbled 18% on a $20.5 million private placement of stocks and warrants.
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