U.S. stocks started off Tuesday heading for a sixth straight down session, but the broader market averages rallied to close 1% to 1.25% higher across the board. Energy and materials names led the way. Elsewhere, the yield on the benchmark 10-year U.S. Treasury note bounced back 3.4 basis points to 2.252%. The CBOE S&P 500 Volatility Index (VIX) lost more than 13%, to 13.43.
NantKwest (NK) was the big winner of the session, gaining 38% in its first day of trading. The company marks the largest biotech initial public offering. Elsewhere, Cadence Design (CDNS) and Masco (MAS) both gained 10% after reporting quarterly results on Tuesday.
In after-hours action, Yelp (YELP) is down 14% after posting a surprise quarterly loss. Twitter (TWTR) and Gilead Sciences (GILD) are up 5% and 3%, respectively, after delivering quarterly results. (Twitter and MasterCard are part of TheStreet's Action Alerts PLUS portfolio.)
Looking ahead to Wednesday morning, Altria (MO), Hilton (HLT), MasterCard (MA) and Northrop Grumman (NOC) headline the earnings calendar. The FOMC will announce its next interest rate decision at 2 p.m. ET. According to the CME Group, Fed funds futures are pricing in a 19% chance of an interest rate hike by September and 54% by December. (Altria is part of TheStreet's Dividend Stock Advisor portfolio.)