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Uber ( UBER ) jumps after Q2 revenue beat

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Caterpillar ( CAT ) rises after Q2 profit beat

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Indexes up: Dow 0.82%, S&P 1.34%, Nasdaq 1.42%

(Updated at 11:24 a.m. ET/1524 GMT)

By Shubham Batra and Shashwat Chauhan

Aug 6 (Reuters) - Wall Street's main stock indexes rose

over 1% on Tuesday, as investors looked for bargains after a

global stock selloff and dovish comments from Federal Reserve

officials lifted market sentiment.

All of S&P 500's sub-indexes advanced, led by the real

estate sector that was up 1.8%.

Among megacap and growth stocks, Nvidia ( NVDA ) made a

sharp recovery with a 4.4% gain after posting similar losses on

Monday, while Apple ( AAPL ) slipped over 1%, extending a nearly

5% drop in the previous session after Warren Buffett's Berkshire

Hathaway ( BRK/A ) cut its stake in the iPhone maker by half.

Both the S&P 500 and the Nasdaq Composite posted

losses of at least 3% each in the previous session after weak

economic data raised worries of a U.S. recession and the

unwinding of sharp positions of carry trades that fund

high-yielding assets.

Goldman Sachs in a note said investors typically profit when

they buy after a 5% selloff in the S&P 500 index.

"We're getting a relief rally specifically because the yen

depreciated a little bit overnight... so the selling pressure

has abated, which provides an opportunity for the market to rise

with some buyers coming to the table," said David Waddell, CEO

and chief investment strategist at Waddell & Associates.

Concerns about the markets were exacerbated by investors

winding down yen-funded trades, used to finance acquisition of

stocks for years, after a surprise Bank of Japan rate hike last

week.

U.S. central bank policymakers pushed back on Monday against

the notion that weaker-than-expected July jobs data means the

economy is in recessionary freefall, but also warned that the

Fed will need to cut rates to avoid such an outcome.

The next big Fed event is Chair Jerome Powell's speech at

the Jackson Hole on Aug. 22-24.

Traders currently see an about 73.5% chance of a

50-basis-point rate cut in September, down from 85% on Monday

and expect the year-end rates at 4.25%-4.50%, according to CME's

FedWatch Tool.

At 11:24 a.m. ET, the Dow Jones Industrial Average

rose 317.78 points, or 0.82%, to 39,021.05, the S&P 500

gained 69.49 points, or 1.34%, to 5,255.82 and the Nasdaq

Composite gained 229.45 points, or 1.42%, to 16,429.53.

Among other movers, Palantir Technologies ( PLTR ) surged

11.8% after the software services provider raised its annual

revenue and profit forecasts for the second time this year.

Uber ( UBER ) jumped 7.7% after it beat Wall Street

estimates for second-quarter revenue and core profit, helped by

steady demand for its ride-sharing and food-delivery services.

Caterpillar ( CAT ) added 3% after beating analyst estimates

for second-quarter profit, as higher prices on its larger

excavators and other equipment countered moderating demand in

North America.

Kenvue ( KVUE ) added 13.2% after beating estimates for

second-quarter profit and revenue, helped primarily by

better-than-expected sales in its essential health products

unit.

Advancing issues outnumbered decliners by a 2.29-to-1 ratio

on the NYSE and by a 1.65-to-1 ratio on the Nasdaq.

The S&P 500 posted six new 52-week highs and five new lows

while the Nasdaq Composite recorded 25 new highs and 96 new

lows.