In Asian markets, South Korea's Kospi surged 6.87% and Japan's Nikkei 225 index jumped 5.39%.
US futures declined as the Brent crude prices rose above USD 109 per barrel.
Brent crude futures for May rose over 1% after Wall Street Journal reported that Trump is willing to end the conflict.
Markets decline as the contradictory messages from the US and Iran over ceasefire talks have kept investors on edge.
European and Asian equity benchmarks headed for their steepest two-day decline since April.
Fed frontrunner Kevin Warsh is viewed as one of the more hawkish candidates, raising concerns that interest rates could remain higher for longer.
Investors are also awaiting a likely US Supreme Court decision on Trump-era tariffs.
In Europe, the benchmark STOXX 600 slipped 1.5 percent. France’s CAC 40 fell 1 percent and Germany’s DAX declined 2.1 percent.
The annual conference began on Thursday, with traders closely tracking Powell’s remarks for indications of a possible rate cut in September.
The rebound is seen as most of the markets globally advanced on Tuesday, recouping some of the losses from previous sessions on global trade war fears.
DeepSeek's AI model is seen as a very strong competitor to OpenAI and Meta Platforms. For Wall Street investors, this may mean the stratospheric valuations of AI-related companies could come under question.
Nasdaq describes the Nasdaq 100 as a "modified market capitalization-weighted index," with company weights depending on their stock market value, while also applying rules to limit the influence of the largest stocks in the index.
The US stocks were up after the closing bell on Wednesday. At the close of US trade, the Dow Jones Industrial Average rose 1.21%, the S&P 500 index gained 1.79%, while the Nasdaq 100 index climbed 2.52%.
Nitin Rakesh of Motilal Oswal in an interview on CNBC-TV18 says that India has been one of the best performing markets from a global perspective. "It's ironical that with all the news coming out of Japan etc, we have still performed well. Obviously, there is some amount of value buying coming in."