02:26 PM EDT, 08/06/2024 (MT Newswires) -- US benchmark equity indexes were higher intraday after posting steep losses in the previous two sessions, while Treasury yields saw sizable gains.

The Nasdaq Composite was up 2.2% at 16,557.5 after midday Tuesday, while the S&P 500 rose 2.1% to 5,295.3. The Dow Jones Industrial Average advanced 1.6% to 39,307.8. All sectors were in the green, led by real estate and technology.

Stock markets saw sharp declines on Friday and Monday, triggered mainly by a weaker-than-expected US jobs report for July released Friday. The report stoked recession fears.

The market has priced "aggressive" cuts in interest rates by the Federal Reserve following recent jobs data, Morgan Stanley said in a Tuesday note to clients. "We maintain a call for (75 basis points) of cuts this year on a view that the economy is not slumping."

San Francisco Fed President Mary Daly said she's "more confident" that inflation in the US is headed toward the Federal Open Market Committee's 2% target, Reuters reported Monday. "It's clear inflation is coming down closer to our target," Daly reportedly said.

The US 10-year yield jumped 12.2 basis points to 3.90% intraday Tuesday, while the two-year rate surged 12.3 basis point to 4%.

In company news, Kenvue ( KVUE ) shares jumped nearly 13%, the best performer on the S&P 500, following a second-quarter beat.

Uber Technologies ( UBER ) was the second-top gainer on the S&P 500, up 11%, after the ride-hailing company logged stronger-than-expected gains in second-quarter results amid robust demand.

Caterpillar ( CAT ) shares rose 3.9%, the best performer on the Dow, after the heavy equipment manufacturer's second-quarter earnings unexpectedly rose year over year while revenue fell. The company lowered its full-year revenue expectations.

Amgen ( AMGN ) , Airbnb ( ABNB ) and Devon Energy ( DVN ) are among the companies scheduled to post results after Tuesday's closing bell.

West Texas Intermediate crude oil rose 0.8% to $73.52 a barrel intraday.

Gold was down 0.5% at $2,432.70 per troy ounce, while silver was little changed at $27.21 per ounce.