Stock market today: Wall Street rebounds after Hong Kong stocks fall to worst day since 2008

NEW YORK — U.S. stocks rebounded as falling oil prices release some of the pressure that built up on the market. The S&P 500 rose 1% Tuesday and clawed back its loss from the day before. The Dow Jones Industrial Average added 0.3%, while the Nasdaq composite climbed 1.4% as Big Tech stocks led the way.

Helping to support Wall Street was a sharp drawdown in oil prices. They gave back some of the big recent gains they made on worries that worsening tensions in the Middle East could ultimately lead to disruptions in the flow of oil. The 10-year Treasury yield was holding steady at 4.03%, where it was late Monday. The two-year yield, which more closely tracks expectations for what the Federal Reserve will do with overnight interest rates, slipped to 3.97% from 3.99%, late Monday, though it's still near its highest level since August.

Traders have abandoned expectations for the Fed to cut its main interest rate by a larger-than-usual half of a percentage point at its next meeting, for example. Instead, they’re largely betting on a traditional-sized cut of a quarter of a percentage point, according to data from CME Group. Some are even betting on a small possibility the Fed could keep its main rate steady in November.

PepsiCo climbed 1.8% after delivering stronger profit for the latest quarter than analysts expected, though its revenue fell short. In stock markets abroad, trading in mainland China reopened following a national holiday. Before, indexes in Shanghai and Shenzhen had surged on hopes for stimulus from the government and the central bank meant to prop up the economy’s flagging growth.

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