US stocks enjoy big relief rally after Monday’s tumble

Investors bought the dip, with major US stock indexes rallying on “turnaround Tuesday”. The SPDR S&P 500 Trust rose 1% today, as did the tech-heavy Nasdaq 100, while the Russell 2000 jumped 1.2 percent.

Japanese stocks rebounded today. After its worst crash since 1987, the Nikkei 225 surged 10.2 percent — though the index is still down 11 percent this month.

Treasury yields rose off their lows. The benchmark 10-year Treasury note is traded at 12 basis points higher at 3.9%, and the 2-year Treasury yield advanced 10 points to 3.989 percent.

All 11 S&P 500 sector ETFs saw positive returns. The real estate sector was the biggest mover, recording a 2.2 percent jump, followed by financials with a 1.6% gain.

Kenvue was the best S&P performer, rising 13.8 percent today after its second quarter earnings beat estimates. While growth in sales was unremarkable for Kenvue, investors had low expectations for the maker of Listerine and Band-Aid amid a broader slowdown of consumer spending. Uber rose 10.9 percent, thanks to solid earnings. 

Several Magnificent Seven stocks also rebounded, with Nvidia recording a 3.8 percent increase and Meta jumping 3.9 percent.

Henry Schein was the worst S&P performer, down 8.1 percent, after lowering profit guidance during the earnings report. The company still suffers from a cybersecurity incident in October, which disrupted manufacturing and sales.