CORRECTED-US STOCKS-Wall Street rebounds on rate-cut hopes

(Corrects paragraph 6 to remove reference to Apple, Alphabet
and Amazon)
* Powell says Fed to act "as appropriate" to trade war risks
* Nine of 11 major S&P sectors trading higher
* Financials gain as U.S. Treasury yields rise
* Utilities, real estates sector down over 1%
* Indexes up: Dow 1.66%, S&P 1.47%, Nasdaq 1.85%

By Medha Singh and Amy Caren Daniel
June 4 (Reuters) - U.S. stocks rose on Tuesday, led by a
rebound in the technology sector, as Federal Reserve Chair
Jerome Powell said the central bank would act "as appropriate"
to trade war risks, leaving the door open for a possible rate
cut.
A day after St. Louis Fed chief James Bullard said a rate
cut may be warranted soon, Powell said the Fed was "closely
monitoring the implications" of a trade dispute that has
disrupted global markets and posed risks to growth. Wall Street's main indexes have shed more than 6 percent in
May on fears of a recession as trade tensions between the United
States and China show little signs of easing.
"Investors are taking comfort in what appears to be a Fed
that is contemplating on cutting rates if the economy materially
slows down," said Michael Geraghty, equity strategist at
Cornerstone Capital Group in New York City.
Also helping sentiment was a Washington Post report that
Republican lawmakers may vote to block new tariffs on Mexican
goods threatened by President Donald Trump. The technology sector .SPLRCT rose 2.46%. FAANG stocks
also rebounded from Monday's tech selloff, which was triggered
by fears of heightened scrutiny from antitrust regulators.
The tech-heavy Nasdaq confirmed correction territory on
Monday, having lost 10.3% since its record closing high on May
3. The S&P 500 is 6% away from its all-time high hit on May 1.
At 11:24 a.m. ET the Dow Jones Industrial Average .DJI was
up 412.29 points, or 1.66%, at 25,232.07, the S&P 500 .SPX was
up 40.48 points, or 1.47%, at 2,784.93 and the Nasdaq Composite
.IXIC was up 135.40 points, or 1.85%, at 7,468.42.
Interest-rate sensitive financial stocks .SPSY gained
2.19%, eyeing their biggest one-day rise in two-months, as U.S.
Treasury yields extended gains.
Utilities .SPLRCU and real estate .SPLRCR , considered
defensive sectors, lost more than 1% and were the only two among
the 11 S&P sectors in the red.
Advancing issues outnumbered decliners by a 3.33-to-1 ratio
on the NYSE. Advancing issues outnumbered decliners by a
2.81-to-1 ratio on the Nasdaq.
The S&P index recorded 24 new 52-week highs and one new
lows, while the Nasdaq recorded 30 new highs and 49 new lows.