Powell's Confidence Brought the Green | Mooovers

Morning mooers! It is Thursday, May 2nd, and wouldn't' you know it, the FOMC and Powell's comments brought the market back to the green.

My name is Kevin Travers, and it is hitting 80* in Jersey City today, the warm air must have helped equities rise. Here are your morning moovers today:

Crude oil futures climbed after a month of decline, up just 0.13%. WSJ reported the pick up is cautious from yesterday's selloff brought on by the Fed signaling interest rates will likely stay high for longer, as expected, and by a surprisingly large 7.3 million barrel build in U.S. crude oil stocks that raised concerns about demand.

Gold and silver futures were falling. Bitcoin climbed slightly, leading to a jump in crypto stocks.

Indexes were green after open. 7700 equities in the green, winning out over just 3900 in the red.

Nonfarm productivity rose just 0.30% in Q1 after a 3.5% gain in Q4, below expectations for a 0.5% gain in a survey compiled by Bloomberg. Blomberg reported that labor costs increased by the most in a year during the first quarter.

Federal Reserve Chairman Jerome Powell said it's unlikely that policymakers will increase interest rates, even though he acknowledged that bringing inflation down to their 2% target remains uncertain.

"I think it's unlikely that the next policy rate move will be a hike," Powell said in the press conference following the announcement. "We need persuasive evidence that our policy stance is not sufficiently restrictive to bring inflation down to 2%. That's not what I think we're seeing, as we mentioned."