Stock market news today: Stocks rally to snap 3-day market rout as S&P 500, Nasdaq lead comeback

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US stocks finished Tuesday's session solidly in the green following a three-day rout that wiped a healthy chunk of 2024's market gains.
The benchmark S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) led the day's session, each rising about 1%. The Dow Jones Industrial Average (^DJI) closed up around 0.8%, or roughly 300 points.
Stocks got crushed on Monday, part of a tailspin on Wall Street that served as a boisterous reaction to fresh concern over the health of the US economy and its labor market. The S&P 500 had its worst day since 2022 and capped its worst start to any month since 2002.
The benchmark had shed around 6% in the past three sessions, but Tuesday's rally helped push year-to-date gains to around 10%.
Wall Street's "fear gauge" - the CBOE Volatility Index (^VIX) - touched its highest level since the early days of the COVID-19 pandemic on Monday. On Tuesday, it fell back to earth, to levels seen often in 2022.
Some of the market's biggest names also were aiming for a rejuvenation. The "Magnificent 7" stocks lost more than $650 billion in market cap on Monday. On Tuesday, that looked set to change. Nvidia (NVDA), which led the way down, rose over 3% before the market open. Tesla (TSLA), Microsoft (MSFT), and Meta (META) all rose more than 1%.
Cryptocurrencies, which weren't spared from the rout, also rose in tandem with the optimism. Bitcoin (BTC-USD) was up 7%, rising back above the $55,000 level. Meanwhile, the global sell-off also steadied: Japan's Nikkei (^N225) index closed up over 10%.
The coming days - and weeks - will provide key signals for what comes next. As Yahoo Finance's Myles Udland writes, stocks still have the same problem waking up Tuesday that they did Monday: the Federal Reserve. The Fed has come under mounting pressure to act, as around three-quarters of traders now expect a 50-basis-point rate cut at its next meeting.
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