Global markets are calming today after suffering a rout on Monday on the heels of a weaker-than-expected jobs report in the United States, and the Japanese yen’s reverse carry trade. 

The KBW Nasdaq Bank Index, a benchmark that tracks the performance of 24 publicly traded banks, including JPMorgan Chase, Citi, Bank of America and BNY Mellon, dropped by 2.6% to close at 103.52 points Monday. The KBW index jumped 1.21% on Tuesday and closed the trading session at 104.73 points. 

Major market indices, including the Dow Jones Industrial Average, S&P 500 and Nasdaq composite, closed Monday in the red, down by 2.4%, 2.9% and 3.3%, respectively. The S&P 500 lost nearly $1.3 trillion in value, according to Nasdaq. 

Markets today are showing some recovery, with global stocks back in the green as Japanese stock index Nikkei recovered from its 12.4% Monday decline with a gaining 10%. 

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