Wall Street major indices gained on Tuesday amid a lack of major catalysts, picking up after a rough start to the week as investors looked past concerns over COVID resurgence in China.
Of the 11 S&P 500 sectors, 10 were higher, led by a recovery in energy stocks as oil prices inched higher. The only exception was the real estate sector.
Meanwhile, Cleveland Federal Reserve President Loretta Mester told CNBC that inflation needs to show more signs of progress before she can stop advocating for rate hikes. But she noted that recent data has been encouraging.
“Yesterday’s Fed speakers hinted at a slower pace of continued rate hikes,” UBS’ Paul Donovan wrote. “Fed Chair Powell may be kicking the prostrate form of the economy more gently, but the obsessive chant of ‘hike, hike, hike’ means Powell is still kicking.”
The economic calendar is light again, but Wednesday will have more data to digest – durable goods, new home sales and the much-awaited FOMC minutes.
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