In prepared testimony released before his official appearance before the House of Representatives, Fed Chairman Powell reiterated that it may be appropriate to start cutting interest rates at some point this year and that the Fed needs to be more confident about inflation before cutting interest rates. Commentators said there was nothing new in Powell's testimony and that, as the market expected, he was in no rush to cut interest rates.

After the testimony was released, U.S. Treasury bond prices turned higher and yields fell, with the benchmark 10-year U.S. bond yield hitting a new low in nearly three weeks. The major U.S. stock indexes opened higher, and chip stocks, which stalled on Tuesday, generally resumed their gains. Nvidia, AMD, and TSMC U.S. stocks all hit intraday record highs. The rebound momentum of Chinese concept stocks was even better than that of the broader market. JD.com, whose revenue in the fourth quarter was higher than expected and planned to launch a US$3 billion buyback, jumped over 10% higher.

Bitcoin, which crashed by nearly $10,000 on Tuesday, rebounded and once reached $67,000 during the session, but it is still far from the all-time high of $69,000 it set before Tuesday's decline.

The three major U.S. stock indexes collectively opened higher, giving up at least half of their gains in early trading. At the beginning of the session, the Nasdaq Composite Index rose slightly more than 1%, the S&P 500 Index rose more than 0.7%, and the Dow Jones Industrial Average rose more than 250 points or more than 0.6%.

The chip sector continued to strengthen, with AMD opening up 2.4%, TSMC up 2.8%, Nvidia up 2.1%, and ASML also up 1.6%, despite reports that ASML plans to expand overseas, which worries the Dutch government. Tesla continued to fall by about 0.4% at the opening.

Driven by the rebound of Bitcoin, related concept stocks surged. Coinbase (COIN), the largest cryptocurrency trading platform in the United States, rose more than 6% at the opening.

JD.com surged nearly 16% at the opening, leading the popular Chinese concept stocks. The company's fourth-quarter revenue exceeded expectations, and. Bilibili opened up nearly 8%, Alibaba rose nearly 3%, and Baidu also rose more than 2%.