The major domestic equity indexes stocks were up more than 1 percent on Tuesday, recovering from the sharp sell-off the previous day as China stepped in to stabilize the yuan, easing concerns that currencies would be the next weapon in the U.S.-China trade war.

China’s overnight intervention came after the Treasury Department labeled Beijing a currency manipulator as it let the yuan slide to a more than decade low on Monday.

The gains came a day after the largest percentage drop in the indexes of the year and a sharp fall in the Chinese currency.

China’s move to fix the yuan at a slightly stronger rate, and a White comment that Trump was planning to host a Chinese delegation for talks in September, allayed fears of a further escalation in the trade war.

The S&P technology index, which includes companies that have a big exposure to China and were at the heart of Monday’s sell-off, provided the largest gains to the S&P index, which was up 1.61%.

After the bell, shares of Disney fell 2.6% following the release of its quarterly results.

During the regular session, Apple gained 1.9% after recent heavy losses, while the Philadelphia Semiconductor index rose 1.28%.

Among other stocks, Take-Two Interactive Software rose 8.0% after the videogame publisher raised its full-year revenue forecast.

Approximately 7.93 billion shares changed hands on the major domestic equity indexes, as compared to the 6.91 billion share average over the past 20 trading days.

A Cooing Off of the Labor Market

The Labor Department indicated on Tuesday that job openings and hiring fell in June, suggesting that demand for labor was cooling in tandem with a slowing economy. The report came against the backdrop of an escalation in the trade war between the United States and China.

Job openings, a measure of labor demand, slipped by 36,000 to a seasonally adjusted 7.3 million in June, the government said in its monthly Job Openings and Labor Turnover Survey, or JOLTS. Since hitting an all-time high of 7.6 million in late 2018, job openings have been flat this year, suggesting some easing in labor market conditions.

The job openings rate dipped to 4.6% from 4.7% in May. There were declines in vacancies in the leisure and hospitality sector, and construction. But job openings increased in the real estate and rental and leasing industry, and state and local government education.

Hiring decreased by 58,000 jobs to 5.7 million in June. The hiring rate was unchanged at 3.8%. Hiring fell in the manufacturing and professional and business services industries. It increased by 76,000 jobs in the accommodation and food services industry.

The moderation in hiring in June suggests a big rebound in job growth in the months ahead is unlikely. Nonfarm payrolls increased by 164,000 jobs in July, down from 193,000 in June, the government reported last Friday.

You could attribute some of the slowdown in hiring to the fading stimulus from last year’s $1.5 trillion tax cut package.

The number of workers voluntarily quitting their jobs dipped to 3.4 million in June from 3.5 million in May. The quits rate was unchanged at 2.3% for the 13th straight month.

The quits rate is viewed as a measure of job market confidence. The decline in the number of workers quitting their jobs was concentrated in transportation, warehousing, and utilities, and state and local government, excluding education. There was, however, an increase in the number of workers quitting their jobs in the construction sector.

Layoffs edged down in June, pushing the layoffs rate to 1.1% from 1.2% in May. Layoffs fell in professional and business services as well as the arts, entertainment, and recreation sector, but rose in the accommodation and food services sector.