Stock market today: US stocks rise as traders look to bounce back from 3-day losing streak

Stocks looked poised to snap a three-day losing streak on Wednesday as traders eyed more Fed comments and economic data.

• US stocks rose on Wednesday as traders looked to recover from three straight losing sessions. 
• Investors are eyeing more Fedspeak on Wednesday as well as fresh economic data later this week.
• Markets are still expecting three rate cuts by year-end, according to the CME FedWatch tool.

US stocks rose Wednesday, coming off a three-day losing streak, with traders trying to rekindle last week's record-setting rally. 

The major stock indexes ticked higher in early morning trading, while bond yields edged down. 

Traders are eyeing comments from Federal Reserve Governor Christopher Waller, who is scheduled to speak after the closing bell. His remarks could give markets more guidance on the path and timing of rate cuts this year. Waller's comments will be followed on Thursday by new data on jobs and the economy, with initial jobless claims and revised fourth-quarter GDP both coming Thursday morning. 

PCE inflation, the Fed's preferred inflation measure, will be the final data point in the week that could influence the path of central bank policy, and is set to be published on Friday when the stock market is closed for Good Friday. 

"If we get unexpectedly hot prints, that will likely throw cold water on the idea that inflation is trending closer to the Fed's target," Kevin Gordon, a senior investment strategist for Charles Schwab, said in a note on Tuesday. "It's unlikely that will necessitate a rate hike, but pausing for longer would not be out of the question."

For now, investors largely anticipate at least three 25 basis point rate cuts by the end of 2024, according to the CME FedWatch tool, in-line with what the Fed projected in the dot plot of rate projections published at this month's policy meeting.  

Here's where US indexes stood at the 9:30 a.m. opening bell on Wednesday: 

• S&P 500: 5,231.90, up 0.54% 
• Dow Jones Industrial Average: 39,537.85, up 0.63% (+247.76 points)
• Nasdaq Composite: 16,391.13, up 0.48% 

Here's what else is going on today: 

• Donald Trump is now richer than George Soros and on track to overtake Mark Cuban, thanks to his big stake in his social media firm, which merged with Digital World Acquisition Corp. and began trading under the ticker DJT on Tuesday.
• Runaway government debt could sink markets and slam the economy, according to two watchdogs.
• Ripple Labs just accused the SEC of trying to "punish and intimidate" by seeking $2 billion, its chief legal officer said.

In commodities, bonds, and crypto: 

• Oil prices were little changed. West Texas Intermediate crude dropped 0.5% to $81.20 a barrel. Brent crude, the international benchmark, edged lower 0.5% to $85.80 a barrel. 
• Gold climbed 0.30% to $2,185.63 per ounce. 
• The 10-year Treasury inched lower to 4.22%.
• Bitcoin gained 0.49% to $71208.