Global markets largely rebounded from yesterday's selloff, which was triggered by a flash crash in Japan and growing concern over the health of the U.S. economy.

Between the lines: "I think people realize that was a little bit of a panicked reaction yesterday to a big fall in Japan," David Kelly, chief global strategist at J.P. Morgan Asset Management, tells Axios in an interview this afternoon.

By the numbers: All three major U.S. stock market indexes pared declines from yesterday, led by the S&P and Nasdaq finishing up 1.0% today and the Dow up 0.8%.

• Overnight, Japan's major stock index recorded its best day since October 2008 — rising 10.2%, after suffering a 12.4% drop Monday.

The intrigue: Fresh economic data released yesterday about the U.S. services sector showed a bounce back in new orders and employment growth.

• While that data had little impact on the bloodletting yesterday, it shows that not every indicator is saying that the economy is falling off a cliff, says Kelly.

The big picture: Big market swings are normal.

• The U.S. stock market has seen a correction almost every year over the past 95 years.
• But because we've had relatively low volatility prior to the last few days, the whiplash seems more pronounced.

What we're watching: As for the strength of the U.S. economy, Kelly believes there shouldn't be as much worry there: "We've actually got a very strong economy in terms of corporate profits. ... and inflation has proven to be on a down track."

Fast food is slowing down.

Why it matters: Some of the biggest brands in the industry are trying to regain traction as customers recoil from price hikes.

Between the lines: Yum Brands chains KFC and Pizza Hut today posted 3% comparable sales declines in the second quarter versus a year earlier.

• McDonald's and Starbucks earlier recorded 1% and 3% declines, respectively, in the same period.

Yes, but: Taco Bell continues to be a bright spot for Yum, delivering a 5% jump.

• TD Cowen analyst Andrew Charles said "menu innovation and value tactics" are bolstering Taco Bell.

🚙 Uber's stock soared nearly 11% after the company reported a rebound to profitability. (WSJ)

👉 👈 Microsoft hit back at Delta Air Lines in an escalating blame game over the impact of last month's CrowdStrike IT outage. (Bloomberg)

Hims & Hers plans to acquire a compounding pharmacy as the telehealth company doubles down on weight-loss drugs.

Why it matters: The growing GLP-1 space offers significant sales potential for Hims & Hers, but the company has come under scrutiny over the alternatives it's offering customers.

Driving the news: Hims & Hers, which said in May that it would begin selling compounded versions of GLP-1 injections, disclosed on Monday a plan to buy an undisclosed U.S.-based compounding facility registered with the FDA.

Friction point: Compounded drugs have come under fire recently for quality standards. And hedge fund Hunterbrook reported in June that Hims & Hers was relying on a supplier "with previously unreported ties to fraud."

• The supplier said it was following safety protocols.

Hims & Hers acknowledged Monday in the SEC filing that "certain compounding pharmacies" have experienced product quality issues in recent years.

• It did not say whether the supplier it's working with or the one it's acquiring are among those.

The latest: In an interview this afternoon with Hope for "Leading Indicator," a show from investing platform Public, Hims & Hers co-founder and CEO Andrew Dudum said that safety is the company's "utmost focus."

Disclosure: Hope was a paid moderator for the Hims & Hers CEO conversation.

Four historically Black medical schools are getting $600 million from Michael Bloomberg's philanthropic organization to bolster their endowments.

Why it matters: The medical profession needs more diversity to ensure it's adequately serving the public and avoiding blind spots.

• And Black people are particularly underrepresented among physicians.

Driving the news: Bloomberg Philanthropies today announced $175 million each for Howard University College of Medicine, Meharry Medical College and Morehouse School of Medicine, and $75 million to Charles R. Drew University of Medicine & Science.

• A new medical school in New Orleans, Xavier Ochsner College of Medicine, is also getting $5 million in seed funding.