Investors are awaiting the release of February's consumer price index Thursday morning.
Other commodities that have seen significant rallies since the war in Ukraine also pulled back Wednesday, including silver and wheat. Investors have been worried about the impact of high prices on economic growth.
Wednesday's rally in the stock market was broad-based, with nine out of 11 sectors positive, led by technology. Gains in Big Tech names like Meta and Alphabet boosted the major averages. "It is somewhat typical of a high volatility environment where you can get just wicked swings in both directions," said Liz Ann Sonders, Charles Schwab chief investment strategist. "A relief rally is probably the best way to describe what happened in the markets. ... It doesn't surprise me to see a very sharp countertrend move."
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