Stocks rise ahead of more Fedspeak

U.S. stocks moved higher Tuesday as investors awaited scheduled remarks from Federal Reserve officials for clues on the U.S. central bank’s path forward for interest rates.

The S&P 500 (^GSPC) climbed 1%, while the Dow Jones Industrial Average (^DJI) jumped 300 points, or about 0.9%. The technology-heavy Nasdaq Composite (^IXIC) added 0.8%.

Wall Street will tune into speaking engagements by Cleveland Federal Reserve President Loretta Mester and St. Louis Fed President James Bullard on Tuesday for any potential hints on monetary policy moves in the coming months.

On Monday, Federal Reserve Bank of San Francisco President Mary Daly said officials may lift the U.S. central bank’s key policy rate above 5% if inflation does not ease. Daly also noted that writing off a 75-basis-point hike in December is “premature,” and “nothing is off the table.”

In commodities markets, oil pared Monday’s losses after plunging to January lows on fears that fresh lockdowns in China and a reported output increase by Saudia Arabia and OPEC may weigh on demand. Energy minister Prince Abdulaziz bin Salman has since refuted the prospect of an increase in production, helping oil climb back from declines. West Texas Intermediate (WTI) crude futures rose to around $81 per barrel after hitting $75 per barrel on Monday.