By Yasin Ebrahim

Investing.com – The S&P 500 jumped sharply as investors piled into big tech, shrugging off an ongoing rise in yields amid growing expectations for the Federal Reserve to turn more aggressive on rate hikes. 

It rose by 1% and gained 0.6% or 200 points. The rose 1.8%

James Bullard, President of Federal Reserve Bank of St. Louis stressed that the Fed must move quicker and more aggressively to reduce inflation.

The remarks arrived a day after Fed Chairman Jerome Powell said the central bank would be prepared to hike by more than 25 basis points at upcoming meetings to “ensure a return to price stability.”

Wall Street was quick to price in steeper hikes following Powell’s comments, with Goldman Sachs now forecasting a 50 basis point hike at the Fed’s May and June meetings.

Some of the losses suffered by regional banks were paired with others to help the wider financial sector grow more than 1%, as higher rates increase the bank’s net interest margin.

SVB Financial (NASDAQ:), Wells Fargo (NYSE: ), First Republic Bank (NYSE:) was the leader in moving higher.

Growth sectors of the market including tech didn’t waver under the pressure of the rising yields.

Meta Platforms (NASDAQ) Amazon (NASDAQ) Microsoft (NASDAQ) and Alphabet (NASDAQ) rose more than 2%.

Chinese tech stocks are also on the rise, thanks to a surge of in Alibaba After e-commerce, Group (NYSE) announced that it had increased its share buyback program by a record $72 billion.

JD.com (NASDAQ) Pinduoduo On Tuesday, the (NASDAQ) stock rose as well.

Tesla (NASDAQ:) climbed more than 5% in the meantime after its Gigafactory opened in Berlin. The move is expected to boost Tesla’s market share in Europe.

The opening of Giga Berlin “should further vault its [Tesla’s] market share within Europe over the coming years as more consumers aggressively head down the EV path,” Wedbush said in a note Monday.

The earnings side of things Nike After reporting higher-than-expected quarterly results, (NYSE:) a large component of the Dow Jones index rose by more than 3% 

“Recent results and commentary from senior leadership of the company show clearly that NKE is managing well various external headwinds, including ongoing supply chain distributions and geopolitical tensions, across the globe,” Oppenheimer said in a note. “We are optimistic that money will soon flow back into NKE shares.”

Oil prices turning negative caused some energy stocks to lose their gains. Fears of an oil shortage kept losses under control as the European Union considers joining the U.S. to ban Russian oil.