Live News Markets News Markets News, August 6, 2024: US Stocks Close Higher to Snap Three-Session Selloff By Stephen Wisnefski Updated August 06, 2024 05:48 PM EDT Illustrated collage of financial symbols, including gold, barrels of oil, a bear and a bull. Julie Bang / Investopedia Major U.S. indexes closed higher Tuesday amid a broad-based recovery, one day after recording their biggest declines in nearly two years. The S&P 500 and Nasdaq Composite each gained 1%, while the Dow Jones Industrial Average added 0.8%. The indexes, which finished well off their intraday highs, snapped a three-session streak of big losses stemming from sharp declines in big-name tech stocks and growing investor concerns about the health of the U.S. economy. On Tuesday, every sector of the S&P 500 rose, a sharp contrast to the previous session when every sector had fallen at least 1.7%. Mega-cap tech stocks stabilized on Tuesday, with AI investor favorite Nvidia (NVDA) and Meta Platforms (META) both finishing nearly 4% higher, while Microsoft (MSFT), Amazon (AMZN) and Tesla (TSLA) also gaining ground. Shares of Palantir Technologies (PLTR) jumped 10% after the data analytics company reported better-than-expected earnings and lifted its guidance on strong demand for its AI platform. Dow component Caterpillar (CAT) rose 3% after the heavy equipment manufacturer's quarterly profit topped analysts' estimates. Traders work on the floor of the New York Stock Exchange during morning trading on August 06, 2024 in New York City. Traders work on the floor of the New York Stock Exchange during morning trading on Tuesday. Michael M. Santiago / Getty Images The yield on 10-year Treasurys rose to 3.90% on Tuesday, after dropping below 3.70% on Monday to its lowest level in more than a year as expectations mounted that the Federal Reserve will have to cut interest rates swiftly and deeply in the coming months to address a weakening economy. The data calendar was light Tuesday, so there was little for investors to react to on the economic news front. The Fed's policy committee decided last week to leave its benchmark lending rate at a 23-year high but opened the door to cutting the rate as soon as the next committee meeting in September. Traders are pricing in about a 70% likelihood that the Fed will cut the rate by half a percentage point next month, according to the CME Group's FedWatch tool, which forecasts interest rate movements based on fed funds futures trading data. That's up from 13% a week ago but down from 99% early Monday when the stock market opened sharply lower. The price of bitcoin rose to around $56,500, after falling below $50,000 on Monday for the first time since February as investors adopted a risk-off approach. Gold futures were down 0.6% to around $2,430 an ounce, while crude oil prices were slightly higher amid ongoing concerns about tensions in the Middle East. S&P 500 Top Movers on Tuesday August 06, 2024 05:48 PM EDT Advancers Shares of Kenvue (KVUE), parent company of Band-Aid, Tylenol, and other consumer health care products, posted the strongest performance in the S&P 500, soaring 14.2%. The former unit of Johnson & Johnson (JNJ) beat second-quarter sales estimates and affirmed its above-consensus guidance for the full year. CEO Thibaut Mongon said Kenvue remains in the early stages of a transformation "into a bolder, more agile organization." Band-Aid brand bandages Bloomberg / Contributor / Getty Images Uber Technologies (UBER) shares added 11.8% after the ridesharing company drove past analysts' revenue and net income estimates for the second quarter. Gross bookings jumped 19% from a year ago, while profits more than doubled, reaching $1.02 billion. Shares of Royal Caribbean Cruises (RCL) sailed 8.5% higher after analysts at JPMorgan called Royal Caribbean "best in class" in the cruise industry. The analysts cited Royal Caribbean's popularity among travelers, cost discipline, and growth plans as support for their "overweight" rating on the stock. Decliners Shares of Henry Schein (HSIC), a distributor of dental and medical equipment, dropped 8%, marking the heaviest losses of any S&P 500 constituent. Henry Schein's second-quarter sales and profits fell short of expectations, and the company said it could take longer than expected for it to recuperate from a cybersecurity breach that disrupted its operations last year. Expeditors International of Washington (EXPD) shares fell 4.6% after the freight forwarding and logistics firm reported a year-over-year decline in profits, pressured by higher costs. Although Expeditors International posted an increase in airfreight tonnage volume from a year ago, its ocean container volume declined. Vulcan Materials (VMC) shares sank 4.3% after the provider of construction materials reported lower-than-expected quarterly sales and profits. The maker of construction aggregates also cut its forecast for full-year adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). Vulcan noted that high interest rates remain a drag on the housing sector, which lowers demand for its products. -Michael Bromberg