US stocks jump as British pound shows signs of stabilizing and Treasury yields ease

• US stocks jumped on Tuesday as major US indices attempt to end a 5-day losing streak.
• The British pound and US Treasuries showed signs of stabilizing, potentially helping risk assets.
• Fed President Charles Evans said he's getting "a little nervous" about the speed of recent rate hikes.

US stocks moved higher on Tuesday as the British pound and US Treasury yields show some signs of stabilizing following their wild moves over the past few days.

The British pound, which hit its lowest level on record over the weekend following the UK government's decision to launch new fiscal stimulus measures, jumped nearly 1% to 1.08 relative to the US dollar on Tuesday. Meanwhile, the 10-year US Treasury yield fell as much as 10 basis points to 3.80% in early Tuesday trades.

The major US stock indices, including the Dow Jones and S&P 500, are on track to break a five-day losing streak if stocks close higher on Tuesday.

Potentially lifting risk assets include comments from Chicago Fed President Charles Evans, who told CNBC on Tuesday that he is "cautiously optimistic" the US economy can avoid a recession, and said he's "a little nervous" about the Fed raising interest rates too quickly.

Here's where US indexes stood shortly after the 9:30 a.m. ET open on Tuesday:

• S&P 500: 3,697.26, up 1.16%
• Dow Jones Industrial Average: 29,507.73, up 0.84% (246.92 points)
• Nasdaq Composite: 10,981.38, up 1.71%

Here's what else is happening this morning:

• President Joe Biden has once again urged gas stations to cut their prices at the pump for American drivers ahead of Hurricane Ian, as he took a jab at them for delays in passing on a drop in oil prices.
• Part of the British pound's gain on Tuesday happened as investors assessed the chances of an emergency intervention by the Bank of England.
• The crash in the British pound has lifted expectations that the UK central bank will hike interest rates — and that's prompted a wave of UK banks to pull mortgage deals.
• Three men behind Hometown International, the parent company of a New Jersey-based deli that saw its market capitalization soar to $100 million last year, have been charged with alleged stock market manipulation.

In commodities, bonds and crypto:

• West Texas Intermediate crude oil jumped 2.32% to $78.49 per barrel. Brent crude, oil's international benchmark, rose 2.28% to $85.98.
• Gold rallied 0.70% to $1,644.90 per ounce.
• The yield on the 10-year Treasury fell three basis points to 3.89%.
• Bitcoin rose 0.14% to $20,127, while ether fell 0.06% to $1,384.