Stock Market Today: Nasdaq, S&P 500 Lead Big Market Bounce
Solid gains for mega-cap stocks Nvidia and Meta Platforms helped the main indexes rebound Tuesday.


Joey Solitro
Stocks started slow Tuesday as the hangover from Monday's broad-market beating lingered. However, a buy-the-dip mentality quickly settled in, with all three main indexes boasting big gains by the time the closing bell rang.
Indeed, after suffering their biggest one-day drops in two years, the Dow Jones Industrial Average jumped 0.8% to 38,997 and the S&P 500 added 1% to 5,240. Not to be outdone, the Nasdaq Composite surged 1% to 16,366 on strength in several mega-cap stocks.
Nvidia (NVDA), for instance, jumped 3.8%, gaining $89 billion in market value along the way, as Wall Street brushed off rumors its Blackwell artificial intelligence (AI) chips may be delayed.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Even if the media reports are true, the impact will likely be minimal and short-lived, says Oppenheimer analyst Rick Schafer (Outperform, the equivalent of Buy). "NVDA's competitive position remains sound," he notes, adding that Nvidia is "best positioned in AI, benefiting from full stack [of] AI hardware/software solutions."
Meta pops in market rebound
Meta Platforms (META) was another Magnificent 7 stock that outperformed Tuesday, rising 3.9%. In an early morning note, Morgan Stanley analyst Brian Nowak (Overweight, the equivalent of Buy) warned that internet stocks are at risk if consumer spending slows, but says the Facebook parent is better-positioned to navigate such a scenario compared to its peers.
Nowak has a $575 price target on Meta, representing an implied upside of more than 16% to current levels.
Wall Street isn't worried about Google's antitrust ruling
Elsewhere in the mega-cap space, Alphabet (GOOGL) stock slipped 0.6% after falling more than 4% on Monday following a U.S. federal judge's ruling that Google unlawfully held a monopoly in search and text advertising.
Needham analyst Laura Martin (Buy) thinks the ruling will have a minimal near-term impact on the stock. "We believe consumers give Google Search its monopoly, so even without its exclusive contracts, consumers will download the Google app and its Search market share won't change materially," Martin says, adding that Alphabet remains "our top large-cap stock pick for 2024."
Palantir, Uber climb after earnings
Looking at the earnings calendar, Palantir Technologies (PLTR) stock rallied 10.4% after the data analytics provider beat top- and bottom-line expectations for its second quarter and raised its full-year revenue forecast.
"This was a game changer quarter for the Palantir story as the AIP [Artificial Intelligence Platform] monetization piece on U.S. commercial was front and center as a major growth driver," says Wedbush analyst Daniel Ives, who reiterated a Buy rating on PLTR stock after earnings.
In other earnings news, Uber Technologies (UBER) was one of the best S&P 500 stocks Tuesday, spiking 10.9% after the ride-hailing company topped expectations for its second quarter. It was also the sixth consecutive quarter that trip growth topped 20%.
Related content
- The Fed Is About to Cut Rates. What Should Investors Do?
- More Home Sellers Stuck With Capital Gains Tax Bills: What to Know
- Kiplinger's Economic Calendar for This Week
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
- Joey SolitroContributor
-
Should You Do A Roth IRA Conversion? Nine Things to Consider
The Tax Letter Thinking of converting a traditional IRA to a Roth IRA? The Kiplinger Tax Letter Editor highlights nine factors you should consider before making a move.
By Joy Taylor
-
33 Stocks That Could Rally 50% or More This Year
Analysts say these S&P 500 stocks have at least 50% price upside over the next year or so.
By Dan Burrows
-
33 Stocks That Could Rally 50% or More This Year
Analysts say these S&P 500 stocks have at least 50% price upside over the next year or so.
By Dan Burrows
-
Stock Market Today: Dow Drops 971 Points as Powell Pressure Ramps Up
President Trump is increasing his attacks against Jerome Powell, insisting the Fed chair cut interest rates.
By Karee Venema
-
When Should You Hand Over the Keys — to Your Investments?
The secret to retirement planning? "The best time to hand over the keys is before you’ve realized you need to hand over the keys."
By Maurie Backman
-
Going to College? How to Navigate the Financial Planning
College decisions this year seem even more complex than usual, including determining whether a school is a 'financial fit.' Here's how to find your way.
By Chris Ebeling
-
Financial Steps After a Loved One's Alzheimer's Diagnosis
It's important to move fast on legal safeguards, estate planning and more while your loved one still has the capacity to make decisions.
By Thomas C. West, CLU®, ChFC®, AIF®
-
How Soon Can You Walk Away After Selling Your Business?
You may earn more money from the sale of your business if you stay to help with the transition to new management. The question is, do you need to?
By Evan T. Beach, CFP®, AWMA®
-
Two Don'ts and Four Dos During Trump's Trade War
The financial rules have changed now that tariffs have disrupted the markets and created economic uncertainty. What can you do? (And what shouldn't you do?)
By Maggie Kulyk, CRPC®, CSRIC™
-
I'm Single, With No Kids: Why Do I Need an Estate Plan?
Unless you have a plan in place, guess who might be making all the decisions about your prized possessions, or even your health care: a court.
By Cynthia Pruemm, Investment Adviser Representative