The S&P 500 is trading higher after Federal Reserve Governor Christopher Waller indicated he would support holding interest rates steady, provided upcoming inflation data is favorable. This news has led to a drop in Treasury yields, easing concerns about further aggressive monetary tightening that could hinder economic growth. While escalating geopolitical tensions between the U.S. and Iran are causing a spike in oil prices, the market is currently focusing on the more dovish outlook from the Federal Reserve.