Good morning moomooers! Here are things you need to know before the opening bell:

• Stocks set to rise after Fed Chair Powell acknowledged the better news flow.

• Stocks making the biggest moves in the premarket: Square, GameStop, Intuit, Tesla & more

• Top global markets news of the day

Market Snapshot

U.S. stock futures rose on Wednesday because Federal Reserve Chairman Jerome Powell told the Senate Banking Committee that inflation is still "soft" and the economic outlook is still "highly uncertain" due to the pandemic. That eased fears of a central bank policy change. 

Contracts tied to the Dow Jones Industrial Average gained 46 points. S&P 500 futures increased 13.75 points, and Nasdaq 100 futures traded 90.75 points higher.

Premovers

Stocks making the biggest moves premarket: Square, GameStop, Intuit, Tesla & more

$Square, INC.(SQ.US)$ - Square beat estimates by 8 cents a share, with quarterly earnings of 32 cents per share. The digital payments company’s revenue also topped Wall Street forecasts. Its stock was under pressure, however, as growth rates appear to be slowing, and shares fell 2.5% premarket. Square also announced it had purchased $170 million in bitcoin during the quarter.

$GameStop Corp(GME.US)$ - GameStop Chief Financial Officer Jim Bell will step down on March 26. A source told Reuters that the move was unrelated to the recent frenzied trading in the videogame retailer's stock, although it was initiated by the company. GameStop said Bell's departure was not due to any disagreement over operations or accounting principles and practices. GameStop fell 2.2% in premarket trading.

$Intuit Inc(INTU.US)$ - Intuit shares dropped 2.3% premarket after it came in 23 cents a share short of estimates, with a quarterly profit of 68 cents per share. The financial software maker’s revenue also fell shy of Street projections. The company behind TurboTax and QuickBooks predicted an upbeat current quarter, which includes tax filing season.

$Tesla, Inc.(TSLA.US)$ - Tesla remains on watch after Tuesday’s 2.2% decline – its fourth in a row – put the stock in negative territory for 2021. The stock is 4.2% higher in premarket trading, partially because of an increase in the value of its bitcoin holdings.

Top News

Biden to address chip shortages with executive action

President Biden plans to order a broad review of supply chains for critical materials from semiconductors to pharmaceuticals and rare-earth minerals, aiming to spur domestic production while strengthening ties with allies.

Tech stocks bounce back as rate fears ease

Tech stocks rebounded from their worst open in months, after prepared testimony from Federal Reserve Chairman Jerome Powell cooled the rate fears that have fueled a late February rout.

Hong Kong stock market's record year slams into a big tax increase

Hong Kong moved unexpectedly to raise taxes on share trading by 30%, putting a damper on the city's stock-exchange operator just as it was unveiling record annual sales and profits.

Why higher rates are hammering big tech

Technology companies that prospered over the course of the pandemic have less appeal as the economy recovers.

Newly reported infections in the U.S. edge up

Newly reported coronavirus cases in the U.S. edged up, as pharmaceutical companies detailed their plans to boost the country's supply of Covid-19 vaccines.

Covid shopping makes card fees a burden for merchants

Swipe fees, which retailers, restaurants and other merchants pay, are often higher on online orders. Visa and Mastercard plan to raise swipe fees for some types of online purchases.