TWTR - Stocks Gain Aiming to Snap Slump

Stocks rose Wednesday as Wall Street tried to shake off a three-week slide.

The Dow Jones Industrials regained 198.77 points to kick off the session at 31,344.07,

The S&P 500 recaptured 26.9 points to 3,935.09

The NASDAQ Composite served notice it wanted an end to its seven-day losing streak, grabbing 85.92 points to 11,630.83.

The moves reversed an earlier dip into negative territory in futures trading. Stock futures slumped after a Wall Street Journal article suggested that Federal Reserve Chairman Jerome Powell's commitment to reduce inflation could mean that the central bank hikes rates by 0.75 percentage points in September, which would be the third consecutive increase of that size.

On Wednesday, the Federal Reserve will give its summary on current economic conditions, also known as the Beige Book. Elsewhere, Fed presidents Loretta Mester of Cleveland and Tom Barkin of Richmond, as well as Fed Vice Chair Lael Brainard are scheduled to speak at various events.

Markets have been hoping that the Fed would start to hand out smaller increases starting in September, but are now pricing in an 86% chance of a 0.75 percentage point hike.

Shares of Twitter jumped 4.5% Wednesday morning after a Delaware court denied Elon Musk's request to delay the trial over his attempt to back out of buying the company for $44 billion. The trial is expected to begin Oct. 17.

Treasury prices withered, raising yields to 3.29% from Tuesday's 3.34%. Treasury prices and yields move in opposite direction.

Oil prices dropped $3.24 to $83.64 U.S. a barrel.

Gold prices regained $3.50 to $1,716.40 U.S. an ounce.