U.S. stocks are ticking higher ahead of a highly anticipated speech about where interest rates may be heading.

Tesla stock was up in early trading. Then came Powell’s speech, where he noted weakening labor-market conditions, paving the way for a September interest-rate cut. Shares soared, gaining 5.2% by late morning, while the S&P 500 and Dow Jones Industrial Average rose 1.6% and 1.9%, respectively.

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Stocks soared on Friday after Federal Reserve Chair Jerome Powell signaled the central bank may be ready to resume cutting interest rates at its next policy meeting in September.

Federal Reserve Chair Jerome Powell didn't "promise" to cut interest rates in September and may not adjust rates if there are dramatic surprises in the data in the coming weeks, said former Boston Fed President Eric Rosengren.

New Zealand's central bank will likely cut its key interest rate twice more this year, taking it to 2.50%, according to a majority of economists polled by Reuters following the latest policy meeting,

Federal Reserve Chair Jerome Powell delivers a high-profile address at the annual Jackson Hole Economic Policy Symposium.

While Trump frames the issue as consumer pain, Wharton’s Joao Gomes told Fortune that cheaper borrowing would also ease interest payments on the government’s $37 trillion debt burden—likely a central motivation.