U.S. stocks .
 traded higher on Wednesday ahead of Federal Reserve Chairman Jerome Powell's  appearance on Capitol Hill.

Stocks jumped after Powell signaled a rate cut is possible, noting “crosscurrents have reemerged, creating greater uncertainty” in the U.S. economy.

Powell's comment came in prepared remarks.

His testimony begins at 10 a.m. ET, with full coverage on FOXBusiness.com.

Shares of Levi Strauss & Co fell after the company reported that sales growth  would slow in the second half of the year due to weakness in its wholesale business.