Uber Technologies saw its shares rise over 5% following a strong Q2 earnings report that exceeded expectations, with gross bookings growing 19% year-over-year to $40 billion.

The company reported a more than doubling of profits in the second quarter, significantly surpassing analysts' revenue forecasts.

In premarket trading, Uber's shares jumped nearly 6% after the announcement of its better-than-expected earnings.

Kenvue's stock also surged by 13.5% due to strong profits, while Uber's shares rose by 4.3% after exceeding profit forecasts.

The positive earnings reports from major U.S. companies like Uber and Kenvue helped bolster market confidence amid recent volatility.

Major Wall Street indices experienced a rally, recovering from significant declines the previous session, with the S&P 500 and Dow Jones both posting gains.

The S&P 500 increased by 1.04% to 5,240.03 points, while the Dow Jones rose by 0.76% to 38,997.66 points after three consecutive days of losses.

U.S. equities rallied on Tuesday following a significant sell-off on Monday, driven by concerns about the U.S. economy.

While there are concerns about the U.S. economy's growth, a recession is not seen as imminent, and stock markets remain significantly up this year.

Despite the recent market recovery, some analysts warn of potential declines due to a slowing U.S. economy and persistent inflation.

U.S. Federal Reserve officials have indicated potential monetary policy adjustments in response to slowing inflation and employment declines.