Stocks traded higher on Tuesday following a broad market rally after the Food and Drug Administration granted full approval for Pfizer (PFE  )-BioNTech's (BNTX  ) COVID vaccine on Monday. All major averages rose throughout the session, with the S&P 500 Index and Nasdaq both closing at fresh record highs.

Beyond the broader market, meme stocks led a monsterous rally on Tuesday, with GameStop (GME  ) rising 27%, AMC Entertainment (AMC  ) jumping over 20%, Clover Health (CLOV  ) climbed nearly 10%, Robinhood (HOOD  ) rose 9%, and Bed Bath & Beyond (BBBY  ) increased more than 4%.

Here's how the market settled Tuesday:

S&P 500 Index (SPY  ): +0.15% or +6.70 points to 4,486.23

Dow Jones Industrial Average (DIA  ): +0.09% or +30.55 points to 35,366.26

Nasdaq Composite Index (QQQ  ): +0.52% or +77.15 points to 15,019.80

Microsoft to launch cloud gaming service on Xbox consoles later this year:

Microsoft (MSFT  ) announced Tuesday that it is bringing its cloud gaming service--Xbox Cloud Gaming--to Xbox consoles later this year, letting players stream games rather than having them installed.

The new service will arrive on Microsoft's new Xbox Series X and Xbox Series S consoles, as well as the Xbox One, this holiday season through its Xbox Game Pass, a subscription service that gives players access to over 100 game titles for about $15 a month.

New home sales rise in July:

New home sales rose by a rate of 1.0% in July compared to June, according to the Commerce Department's report published Tuesday, bringing sales to a seasonally adjusted annual rate of 708,000.

Sales in June were also upwardly revised to a seasonally adjusted annualized rate of 701,000, from the 676,000 previously reported.

Peloton to begin selling Tread again after safety recall:

Peloton (PTON  ) announced Tuesday that its lower-priced connected treadmill will go on sale in the United States, United Kingdom and Canada starting Aug. 30, marking the end of the product's recall after a series of reported injuries earlier this year. The Tread will cost $2,495.

"We've worked hard to make sure the new Tread truly earns its spot in Members' homes," Peloton CEO and co-founder John Foley said in a press release. "We'll always continue to innovate our hardware, software and safety features to live up to our commitment to Member safety and to improving the full Member experience."

Here's how market benchmarks started trading after opening bell:

S&P 500 Index: +0.11% or +4.86 points to 4,484.40

Dow Jones Industrial Average: +0.13% or +47.01 points to 35,382.72

Nasdaq Composite Index: +0.24% or +35.49 points to 14,978.14