Wall Street mixed amid inflation fears; Powell-Biden talks in focus

Energy outperformed with a 1.1% gain as Brent crude climbed above $120 a barrel

US stocks traded mixed on Tuesday as soaring oil prices and hawkish comments from a Federal Reserve official spooked investors, with focus on talks between U.S. President Joe Biden and Fed Chair Jerome Powell later in the day.

Seven of the 11 major S&P 500 sectors declined.

Communication services and energy stocks outperformed, both rising 1.2%, with the latter tracking Brent crude that rose above $120 a barrel after the European Union agreed to a partial ban on Russian oil.

Fed Governor Christopher Waller said on Monday the U.S. central bank should be prepared to raise rates by a half percentage point at