Wall Street posts strong gains in early trade led by technology

Major equity indexes in the United States opened sharply higher on Wednesday as the upbeat earnings reports from Apple and Boeing boosted the market sentiment. As of writing, the Dow Jones Industrial Average was up 1% on the day while the S&P 500 and the Nasdaq Composite were adding 0.5% and 1.17%, respectively. Reflecting the high risk appetite, the CBOE Volatility Index, Wall Street's fear gauge, was down 1.6%.

Among the 11 major S&P 500 sectors, technology gains 1.5% on the day to lead the rally while the consumer discretionary trails with 1.2% increase in the early trade. Financials and communication services are the only two sectors in the negative territory at the moment.

Earlier today, the ADP reported that the private sector employment increased by 213K from December to January to beat the market consensus of 175K. Later in the session, investors will be paying close attention to FOMC announcements and Chairman Powell's remarks, which could help stocks push higher if the tone shifts toward the dovish side.