Chewy (NYSE: CHWY) shareholders beat the market on Wednesday. The pet supply specialist's stock jumped 6% by 3 p.m. ET, compared to a 1.9% rise in the S&P 500. The boost only erased a small part of Chewy's recent losses, though, and the stock remains lower by almost 30% so far in 2022.

Wednesday's rally came as investors processed new comments from the Federal Reserve indicating a potential slowdown in the pace of interest rate increases.

Federal Reserve Chair Jerome Powell said in a speech on Wednesday that the Fed will likely raise rates at a slower rate in December than investors have seen in recent months. That suggestion was enough to spark a strong rally in the Nasdaq Index, which jumped about 3%.

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Source Fool.com