Wall Street bounces back from its worst day in nearly 2 years and rallies, as Japanese stocks soar

NEW YORK — U.S. stocks are bouncing back, and calm is returning to Wall Street after Japan’s market soared earlier Tuesday to claw back losses from its worst day since 1987.

Stronger-than-expected profit reports from several big U.S. companies helped drive the market. Kenvue, the company behind Tylenol and Band-Aids, jumped 13.5% after reporting stronger profit than expected thanks in part to higher prices for its products. Uber rolled 7.4% higher after easily topping profit forecasts for the latest quarter.

That scrambled trades where investors had borrowed Japanese yen at low cost and invested it elsewhere around the world. The resulting exits from those investments may have helped accelerate the declines for markets around the world. The stock market's “dip is not a blip,” he warned in a report, and called it “too soon to jump back in.”

The S&P 500 has romped to dozens of all-time highs this year, in part due to a frenzy around artificial-intelligence technology, and critics have been saying that's sent stock prices too high in many cases.

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