The Fed, which has cut interest rates in the last two meetings, will release its “Badge Book” later on Wednesday describing economic conditions around the United States.
The last two rate cuts stemmed from heightened concerns about the employment market.
About five minutes into trading, the Dow Jones Industrial Average was up 0.5 percent at 47,322.63.
The broad-based S&P 500 also rose 0.5 percent to 6,800.31, while the tech-rich Nasdaq Composite Index rose 0.7 percent to 23,177.12.
“The market is rebounding from deeply oversold levels,” said Adam Sarhan of 50 Park Investments.
The latest data “opens the door for the Fed to cut, and for now, it’s bullish,” Sarhan said.
Among individual companies, computer and printer maker HP Inc. It rose 0.5 percent after announcing it would cut about 10 percent of its workforce globally as it moves to artificial intelligence to boost efficiency.
Deere & Co. fell 5.1 percent after reporting a drop in fourth-quarter profit and forecast a decline in revenue for 2026 compared to 2025.
CEO John May said the company believes 2026 will “mark the bottom of the big ag cycle,” referring to cyclical trends that affect demand for Deere’s agricultural products.
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