- Stocks closed higher in another volatile session, with investors attempting to make sense of remarks from a slew of Federal Reserve speakers ahead of key US inflation data on Wednesday.
- The S&P 500 recovered from a selloff that wiped out $9 trillion from the US equity market this year, while the tech-heavy Nasdaq 100 outperformed after the worst three-day drop in two decades. Treasury 10-year yields have fallen. Oil fell below $100 per barrel in two days, losing nearly 10%. Investors were waiting for the consumer-price index report, which was expected to show that, while pressures remained high, inflation likely moderated in April.
- Fed officials reaffirmed Chair Jerome Powell's message that half-point hikes are on the table in June and July, but a larger move later in the year may be warranted. "We don't rule out 75 forever," Cleveland Fed President Loretta Mester told Bloomberg Television. Her New York counterpart, John Williams, anticipates the Fed "will move expeditiously in bringing the federal funds rate back to more normal levels this year." Fed Governor Christopher Waller stated that a strong US economy can tolerate higher interest rates.
