The S&P 500 gained 1.1% to 4,511.61 and the Nasdaq Composite surged nearly 2% to 14,108.82. The Dow Jones Industrial Average rose 0.7% to 34,807.46,
The 10-year US Treasury yield rose 7 basis points to 2.38%, the highest since May 2019. West Texas Intermediate crude futures slipped $0.36 to $111.76 per barrel.
Powell said Monday the Fed would act as needed to control inflation, even if that meant 50-basis-point increases in the federal funds rate at one or more meetings or moving the rate above the long-term neutral rate. In Powell's view, "nothing can stop the Fed from implementing bigger rate hikes," Commerzbank analyst Daniel Briesemann said in a research note. Powell and St. Louis Federal Reserve Bank President James Bullard were scheduled to speak Wednesday.
In company news, Nike (NKE) beat fiscal third-quarter earnings and revenue estimates and said it expects margins to continue expanding amid growth in its direct-sales business. Shares rose 2.2%.
Tesla (TSLA) was 8% higher, the top-performing stock in the S&P 500, amid reports that it will start delivering electric vehicles from its new factory in Germany Tuesday.
Regulators in China have told some Chinese companies listed in the US to draw up audit documents for 2021 in line with a request from US authorities for additional disclosure, Reuters reported, citing anonymous sources. Shares of Pinduoduo (PDD) soared 19%, the most on the Nasdaq 100. Alibaba (BABA) jumped 11%.
Gold for April delivery fell $9 to $1,925.80 per troy ounce, while silver was down $0.43 to $24.89 an ounce.
|Insider Sell: Block|
|Insider Sell: Berkshire Hathaway|
|Insider Sell: Trupanion|
|Insider Buy: Ikena Oncology|
|Insider Sell: Apellis Pharmaceuticals|