Shares of neocloud firms rose in premarket trading, with Nebius and IREN up about 10% and 6%, respectively.
CoreWeave reversed course and was last down more than 3% after it announced plans to raise capital via stock and convertible bond offerings.
Fluence Energy tumbled more than 22% after lowering its revenue forecast for fiscal-year 2026.
Fed outlook, Treasury yields and oil prices
"Although the argument that energy prices are elevated because of a temporary disruption in the Middle East may be true, inflation has been above target for over five years," said Chris Zaccarelli, chief investment officer at Northlight Asset Management.
Warsh "threaded the needle very well," he said.
At 08:29 a.m. ET, Dow E-minis rose 582 points, or 1.13%, S&P 500 E-minis gained 91.75 points, or 1.21%, and Nasdaq 100 E-minis were up 456.25 points, or 1.58%.
"I think the Fed is likely to maintain a light touch going forward. It doesn't feel like we've entered the type of rate-hiking cycle we saw in 2022 and 2023," said Kim Forrest, chief investment officer at Bokeh Capital Partners.
However, the Fed warned more hikes may be needed in the coming months to control price pressures. Uncertainty over how high interest rates could ultimately rise is likely to keep stocks and bonds volatile in the weeks ahead.
Traders see a near 53% chance of another increase when the central bank next meets in October, compared with about 44% a day ago, according to CME's FedWatch.
"History is clear that once the Fed begins raising rates, they do it multiple times; but the pattern is less clear about whether they will raise rates at consecutive meetings or leave rates unchanged at some of the meetings in between," Zaccarelli said.
The yield on the benchmark 10-year U.S. Treasury also slipped, taking some pressure off equities. High yields on risk-free U.S. Treasuries typically dampen the appeal of stocks.
Meanwhile, oil prices dropped for a second consecutive day, with Brent crude futures down more than 3% to $102.28. US West Texas Intermediate crude futures fell below $100.
Investors also kept close watch on developments in the Middle East. The conflict's spread to Yemen has jeopardized shipping routes through the Red Sea on top of disruptions to Saudi Arabia's East-West Pipeline, adding to worries about global crude supplies and inflation pressures.
Futures rise as oil prices ease and Fed move reassures investors
The major US stock indexes were on course for a higher open on Thursday as retreating oil prices boosted sentiment, with the Federal Reserve's first rate hike under Chair Kevin Warsh reassuring investors of its commitment to reining in inflation.
The policy decision addressed a chronic source of anxiety, allowing investors to return to popular choices. Technology shares gained, with Nvidia and Amazon rising nearly 2% each in premarket trading.
The gains will be crucial for investors in the second half of September, historically a weak month for equities. The benchmark S&P 500 has lost 1.7% so far this month.
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