Stock market today: US stocks try to claw back deep losses after 3-day meltdown

• US stocks staged a minor rebound on Tuesday after Monday's dramatic decline.
• Gains were a fraction of Monday's drop, with the Dow clawing back just 300 points of its more-than-1,000-point loss.

US stocks rallied on Tuesday as shaken investors looked to claw back some of the losses incurred in a historic three-day rout.

The Dow Jones industrial average made back about a third of its 1,000-point loss a day earlier. The Nasdaq Composite rose 0.7%, while the S&P 500 rose 0.8%.

Traders are grasping for a catalyst that could reverse the losses that kicked off last Thursday with a streak of weak economic data, then continued on Friday and into Monday amid disappointing tech earnings and a troubling unwind in a long-running carry trade. With little new data scheduled for this week, investors may find it difficult to flip the bullish switch.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday:

• S&P 500: 5,228.06, up 0.8%

• Dow Jones Industrial Average: 5,228.06, up 0.7% (283 points)
• Nasdaq composite: 16,317.90, up 0.7%

As the dust settled following the big sell-off, observers said they're not convinced the economy is headed for a recession, even as the unemployment rate clocked in at 4.3% in June.

"The September rate cut is now all but cemented, with some extending their concerns to the possibility of a hard landing based on the SAHM rule," Bank of America analysts wrote Tuesday. "While the suddenness of the 'crack' in the labor market is unideal, this portends near-term rate-cuts, but not necessarily a hard landing."

Others throughout Monday's session echoed that, with market veterans like Ed Yardeni pointing to the collapsing "carry trade" in the yen as the big culprit behind the soaring volatility.

Jobless claims on Thursday will be the next clue about the health of the labor market. If weekly claims come in well past the 245,000 estimated by economists, it could spark another decline for stocks.

In commodities, bonds, and crypto:

• Oil futures were down. West Texas Intermediate crude oil fell 0.6% to $72.53 a barrel. Brent crude, the international benchmark, declined 0.5% to $75.90 a barrel.
• Gold was lower by 1.51% to $2,432.40 per ounce.
• The 10-year Treasury yield rose three basis points to 3.815%.
• Bitcoin jumped 9% to $54,727.