"While it is too soon to assume that this is a turning point, it does suggest that a recession is unlikely in the near term," JPMorgan said.

The S&P 500 was 0.1% higher in morning trading and drifting close to its all-time high set last week. The Dow Jones Industrial Average was up 155 points, or 0.4%, as of 10 a.m. Eastern time, and the Nasdaq composite was 0.2% lower.

U.S. stocks hold steady near records as Asian markets experience wild swings, with Japan tumbling and China soaring.