Market rebounds in broad-based advance led by the DowDow +556.79 at 26642.59, Nasdaq +97.73 at 10488.67, S&P +42.30 at 3197.52 [BRIEFING.COM] The S&P 500 gained 1.3% on Tuesday, recovering yesterday's decline in a mostly broad-based advance. The Dow Jones Industrial Average (+2.1%) and Russell 2000 (+1.8%) had strong performances with roughly 2% gains, while the Nasdaq Composite (+0.9%) underperformed. The market stumbled out of the gate after JPMorgan Chase ($JPM 98.21, +0.56, +0.6%), Citigroup ($C 50.15, -2.05, -3.9%), and Wells Fargo ($WFC 24.25, -1.16, -4.6%) reported large provisions for credit losses in their Q2 earnings reports. While large provisions reflect a challenging economic environment for the banks, investors were willing to stay in the market. All 11 S&P 500 sectors closed higher, with the best performers found in the cyclical energy (+3.6%), materials (+2.5%), and industrials (+2.2%) sectors. A strong finish in the market carried the consumer discretionary (+0.6%) and financials (+0.7%) sectors into positive territory. Shares of Amazon ($AMZN 3084.00, -20.00, -0.6%) were down as much as 5.0% in early action alongside many of the mega-cap technology stocks, as money appeared to flow out of these crowded names and into beaten-down stocks. Investors, however, gradually returned to the mega-cap space throughout the day, providing a boost for the major indices and leaving AMZN shares down just 0.6%. Separately, Delta Air Lines ($DAL 26.11, -0.71, -2.7%) missed top and bottom-line estimates and issued a cautious revenue outlook for its September quarter. Travelers ($TRV 118.55, +4.31, +3.8%) said it expects a net loss in Q2, primarily due to catastrophic events and civil unrest. TRV shares still closed higher. In the Treasury market, longer-dated tenors saw increased buying interest following the large credit-loss provisions from the banks. The 2-yr yield declined on basis point to 0.15%, and the 10-yr yield declined three basis points to 0.62%. The U.S. Dollar Index declined 0.2% to 96.29. WTI crude increased 0.4%, or $0.16, to $40.24/BBL. Reviewing Tuesday's economic data: The Consumer Price Index (CPI) for June increased 0.6% m/m (Briefing.com consensus 0.5%) following a 0.1% decline in May. Excluding food and energy, CPI rose 0.2% m/m (Briefing.com consensus 0.1%) after a 0.1% decline in May. This was the first increase in core CPI since February.The key takeaway from the report is that shows inflation at the consumer level remains in a subdued state, evidenced by a 0.6% yr/yr increase in total CPI and a 1.2% yr/yr increase in core CPI.The NFIB Small Business Optimism for June increased to 100.6 from 94.4 in May. Looking ahead to Wednesday, investors will receive Industrial Production and Capacity Utilization for June, Export and Import Prices for June, the Empire State Manufacturing Index for July, and the weekly MBA Mortgage Applications Index. Nasdaq Composite +16.9% YTDS&P 500 -1.0% YTDDow Jones Industrial Average -6.6% YTDRussell 2000 -14.4% YTD Market Snapshot Dow26642.59+556.79(2.13%)Nasdaq10488.67+97.73(0.94%)SP 5003197.52+42.30(1.34%)10-yr Note -23/320.629NYSEAdv 1903 Dec 1009 Vol 908.6 mlnNasdaqAdv 1920 Dec 1179 Vol 4.3 bln Industry Watch Strong: Energy, Industrials, Materials, Health CareWeak: Consumer Discretionary, Financials Moving the Market -- Stocks close at session highs in mostly broad-based advance-- Beaten-down cyclical stocks outperformed, while mega-cap technology stocks underperformed-- Treasuries edged higher following large provisions for credit losses from the banksStocks spent much of the morning searching for direction following mixed reports from three of the nation's biggest banks. In addition to earnings season beginning in earnest with the release of the first bank reports today, a variety of cross-currents are at play as California's announcement of a reversal of reopenings rattled Wall Street yesterday and U.S.-China tensions continue to be an area of concern. The Dow managed to post a strong gain, while the S&P and the Nasdaq saw more modest advances. ECONOMIC EVENTS: In the U.S., the Consumer Prices Index rose 0.6% in June, with the core rate 0.2% higher, both of which point to hotter than expected inflation. In Fed news, Federal Reserve Governor Lael Brainard said in a speech that the COVID-19 contraction is "unprecedented" for its severity and speed, and that the recent resurgence in cases is a "sober reminder" that the pandemic remains the key driver of the economy's course. "A thick fog of uncertainty still surrounds us, and downside risks predominate," Brainard said. In other COVID-19 news, Arizona reported a daily increase of 4,273 cases, Nevada reported an increase of 1,104 confirmed cases, and California reported a daily spike of 7,346 cases. Meanwhile, Florida reported 291,629 COVID-19 cases, up form 282,435 yesterday. TOP NEWS: Shares of Wells Fargo ($WFC) finished 4.6% lower after the bank reported worse than expected losses, lower than expected revenues and said it expects to reduce its third quarter 2020 common stock dividend to 10c per share from 51c per share. JPMorgan ($JPM), in contrast, gained 0.6% after the bank reported better than expected earnings and revenue, noting that record Markets revenue and Investment Banking fees in the Corporate & Investment Bank "more than offset" interest rate headwinds and reduced consumer activity. Citi ($C) similarly reported better than expected earnings and revenues that increased 5% from the prior-year period, which it said was primarily reflective of higher revenues in Fixed Income Markets and Investment Banking, partially offset by lower revenues in Global Consumer Banking. In non-bank earnings news, Delta Air Lines ($DAL) reported adjusted earnings and revenue that missed consensus forecasts as its passenger revenues declined 94% from the same period of last year on 85% lower capacity. However, Delta CFO Paul Jacobson said the company removed more than 50% from its adjusted cost base in the June quarter and expects to achieve a similar 50% year-over-year reduction in the September quarter despite a sequential increase in capacity. Among notable research, UBS analyst Eric Sheridan double-downgraded shares of Spotify ($SPOT) to Sell, saying the 47% run-up in the stock price over the past month is pricing in the "entirety of upside optionality" from growth in podcasting that the analyst modeled in the coming years. Following the research note, Spotify announced that it launched in 13 new markets across Europe, bringing the total number of markets to 92. The service is now available in Albania, Belarus, Bosnia and Herzegovina, Croatia, Kazakhstan, Kosovo, Moldova, Montenegro, North Macedonia, Russia, Serbia, Slovenia, and Ukraine. MAJOR MOVERS: Among the noteworthy gainers was Rigel Pharmaceuticals ($RIGL), which rose almost 91% after the company announced an investigator-sponsored trial being conducted by Imperial College London to evaluate the efficacy of fostamatinib for the treatment of COVID-19 pneumonia. Also higher was Endurance International ($EIGI), which gained 26.7% after reporting upbeat preliminary Q2 revenue. Among the notable losers was Equillium ($EQ), which dropped over 47% after filing a $150M common stock sales agreement with Jefferies. Also lower was Verrica Pharmaceuticals ($VRCA), which fell 3.8% after receiving a Complete Response Letter from the FDA regarding the NDA for VP-102.Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so)! Follow us/bookmark us and check back occasionally for additional articles or comments on our page... 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