U.S. stocks charged forward Wednesday as Wall Street attempted to bounce back from a three-week long sell-off across equity markets.

The S&P 500 gained 1.9% into the final hour of trading, while the Dow Jones Industrial Average added 470 points, or roughly 1.5%. The Nasdaq Composite surged 2.1% — its biggest jump in 3 weeks — as the tech-heavy index looked to snap a seven-day losing streak.

In commodity markets, oil slid to a fresh seven-month low. West Texas Intermediate crude oil tumbled 5.7% to settle at $81.93 per barrel, the lowest level since Jan. 24. Brent futures dropped 5.4% to $87.86 per barrel. Declines came on the heels of a report Russian President Vladimir Putin threatened to cut off energy supply if price limits are imposed by the West on Russia's oil and gas exports.

Apple (AAPL) debuted its iPhone 14 and iPhone 14 Pro Wednesday afternoon at its annual product launch in Cupertino, California along with a lineup of other products. Shares hit a session high of as much as 1.1% during the event.

The Federal Reserve's "Beige Book," which offers a periodic gauge of the U.S. economy, suggested growth is expected to slow while inflation cools.

Separately at a speech in New York, Federal Reserve Vice Chair Lael Brainard said Wednesday that U.S. central bank will need to raise interest rates further and for as long as it takes to restore price stability, even as signs emerge that inflation is slowing.

“While the moderation in monthly inflation is welcome, it will be necessary to see several months of low monthly inflation readings to be confident that inflation is moving back down to 2 percent,” Brainard said in remarks.

Earlier in the session, a report from the Wall Street Journal suggested the Fed is likely to deliver another 75 basis-point interest rate hike at its policy meeting later this month.

"Powell’s public pledge to reduce inflation, even if it increases unemployment, appears to have put the central bank on a path to raise interest rates by 0.75 percentage point rather than 0.50 point this month," Timiraos wrote.