NEW YORK: Wall Street stocks bounced early Tuesday, winning back some of the prior session's losses as markets monitored ongoing trends in the spike in Covid-19 cases and digested corporate earnings.

US President Joe Biden was set to deliver an address on the pandemic later Tuesday amid the fast spread of the Omicron variant, while White House official said the government will distribute 500 million free Covid-19 tests.

Major indices lost more than one percent on Monday amid worries over Omicron and disappointment after opposition from West Virginia Senator Joe Manchin blocked Biden's $1.75 trillion social spending and climate change package.

About 25 minutes into trading on Tuesday, the Dow Jones Industrial Average was up 0.7 percent at 35,193.68.

US stocks fall on virus spike, Biden bill woes

The broad-based S&P 500 climbed 0.5 percent to 4,592.55, while the tech-rich Nasdaq Composite Index advanced 0.3 percent to 15,058.09.

Among individual companies, Nike jumped 5.8 percent after reporting better-than-expected profits as strong pricing offset a hit from supply chain outages on product availability.

Micron Technology surged 9.3 percent as it scored a 33 percent increase in revenues to $7.7 billion amid strong demand driven by the push for 5G telecommunications and electric vehicles.