Stocks emerged across the board on Tuesday, gaining momentum after Monday’s rebound as unexpectedly weak economic data bolstered hopes for a potential Federal Reserve rate cut by the end of the summer .
What Happened: The S&P Global’s Purchasing Managers’ Index (PMI) for April indicated a significant deceleration in private sector growth—the slowest in four months—also highlighting reduced inflationary pressures from wages and services.
Market-implied probabilities for a rate cut by the Fed as early as September jumped to 72%, up from 67% on Monday, according to CME Group’s FedWatch Tool.
Meanwhile, corporate earnings have generally exceeded expectations, with investors now eagerly anticipating results from Visa Inc. V and Tesla Inc. 
TSLAslated for release after market close.
By midday trading in New York, the S&P 500 climbed 1.2%, setting the stage for its best performance in over a month. The Nasdaq 100 outperformed the broader market, up 1.5%, while the Dow Jones Industrial Average saw a more modest increase of 0.6%.
The iShares Russell 2000 ETF 
IWM outperformed its large-cap counterparts, jumping 1.7% and marking its most significant gain since late March.
The dollar declined by 0.4%, and Treasury yields slightly fell. In the commodities market, gold remained steady following its sharpest drop in years on Monday, while oil prices inched 1% higher. Bitcoin edged down slightly by 0.3% to $66,640.
Tuesday’s Performance In Major US Indices, ETFs
| Major Indices | Price | 1-day %chg |
| Russel 2000 | 2,002.50 | 1.7% |
| Nasdaq 100 | 17,463.15 | 1.5% |
| S&P 500 | 5,068.20 | 1.1% |
| Dow Jones | 38,468.74 | 0.6% |
The SPDR S&P 500 ETF Trust 
SPY rose 1.2% to $505.50, the SPDR Dow Jones Industrial Average DAY rose 0.6% to $384.94 and the tech-heavy Invesco QQQ Trust 
QQQ rallied 1.5% to $425.11, according to Benzinga Pro data .
Sector-wise, the Communication Services Select Sector SPDR Fund 
XLC outperformed, up 1.8%. The Materials Select Sector SPDR Fund 
XLB was the biggest laggard, down 0.5%.
Tuesday’s Stock Movers
- Spotify Technology S.A.
SPOT saw its shares surge 17% following a robust earnings beat, setting the stock on course for its best single-day performance since its 2018 IPO. - Other companies reacting to recent earnings were Globe Life Inc.
G.L.up 13%, GE Aerospace 
G.E.,up 7.3%, Danaher Corp. 
DHRup 7.3%, General Motors Corp. 
G.M.up 5%, Novartis AG 
NVSup nearly 3%, PepsiCo. 
PEPdown 2.2%, United Parcel Service, Inc. 
UPSup 2%, Xerox Holdings Corporation 
XRXdown 11%, MSCI Inc. 
MSCIdown 14%, LKQ Corp. 
LKQdown 14%, Halliburton Company 
HALflat, and Lockheed Martin Corporation 
LMTup 0.5%, - Notable names reporting after the close other than Tesla Inc. and Visa, Inc. are Texas Instruments, Inc.
TXN, Steel Dynamics, Inc. 
STLD, Seagate Technology Holdings plc 
STX, Mattel, Inc. 
MAT, Chubb Limited 
C.B., Canadian National Railway Company 
CNI and Baker Hughes Company 
BKR.
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