Stock futures rose on Wednesday night after the Dow Jones Industrial Average and S&P 500 turned lower following a Federal Reserve update by chair Jerome Powell, at the conclusion of its two-day meeting.

Futures linked to Dow gained 128 points or 0.3%. S&P 500 futures and Nasdaq 100 futures gained 0.5% and 0.8%, respectively.

After the swings of the regular session, some tech shares rose in extended trading. Netflix was up more than 4% after Pershing’s Bill Ackman news. bought 3.1 million shares. Tesla saw a nearly 3% increase in sales after a strong earnings report. Meanwhile, Intel lost 2%, despite strong earnings.

The Dow closed the day with a loss of 129 points in regular trading after having gained more than 500 points during one period following the Fed update. The S&P 500 lost 0.2% and the Nasdaq Composite was little changed, with a boost from Microsoft’s post-earnings gain.

On Wednesday, volatility continued and stock prices fell after Fed officials concluded their two-day meeting. They signaled that they would raise interest rates to address persistent inflation. Powell indicated that the central bank has “quite enough room” to increase rates before it hurts the labor market. After Powell’s remarks, the benchmark 10-year Treasury yield rose above 1.8%.

Charlie Ripley from Allianz Investment Management, Senior Investment Strategist, stated, “While providing some clarity as to how the Fed would initiate the process of withdrawing policy accommodation,”.

Some investors started betting on it. as many as five rate hikes this yearFollowing Powell’s press conference. The uncertainty surrounding the Fed’s plans for tightening monetary policy has grown since December’s meeting.

Ripley stated, “Today’s meeting has market participant fully convinced that March raise is certain. However, with Powell making no timing commitments it is possible for the Fed to move slowly.”

Robert Cantwell of Upholdings said markets saw a relief rally after Microsoft’s strong earnings reported Tuesday night. He stated that it was a “good indicator” about the future for gaming and social media before the Fed updates.

Cantwell stated that the Fed rates are “totally overshooting and losing it mind” in his view. “Since the end of last year the market has been most aggressively discounting companies that are going to generate more cash in the future than they’re generating today… We’re a little upside down now.”

Thursday will be a busy day for earnings. Mastercard and Deutsche Bank as well Blackstone, Southwest Air, JetBlue, Blackstone, Southwest Air, and Southwest Air all have quarterly reports before the bell. Danaher Valero and Northrop Grumman will also report.