The stock market had another solid session on the heels of yesterday's rebound efforts, with solid tech leadership pushing the S&P 500 (+0.8%), Nasdaq Composite (+1.3%), and DJIA (+0.6%) higher throughout the session. The S&P 500 easily closed above its 50-day moving average (6,895.87), which it had violated on a closing basis on Monday. 

The top-weighted information technology sector (+1.8%) led the advance, supported by strength on multiple fronts. 

The iShares GS Software ETF (+3.1%) captured another solid gain, which saw the ETF return to its flatline for the week after pronounced weakness on Monday. AppLovin (APP 421.93, +28.71, +7.30%) was a standout in the space, while Salesforce (CRM 191.75, +6.33, +3.41%) and Snowflake (SNOW 169.21, +8.15, +5.06%) traded higher ahead of their earnings reports after the close, which are being touted as a key test for this week's improvement in sentiment across the group that has been plagued by concerns of AI disruption. 

Encouragingly, Workday (WDAY 133.16, +2.93, +2.25%) turned an early loss into a nice gain today after topping earnings estimates but issuing cautious guidance. 

While the software earnings after the close are an important test for the group, NVIDIA's (NVDA 195.62, +2.78, +1.44%) earnings this afternoon are likely the most anticipated event of the week. The stock captured a nice gain today as analysts predict another blowout report, though it has struggled to recapture record highs from late October amid valuation concerns across some of the market's largest names. 

NVIDIA's strength contributed to solid gains across the PHLX Semiconductor Index (+1.6%) and the Vanguard Mega Cap Growth ETF (+1.4%). 

Mega-caps played a key role in today's index-level gains, as the S&P 500 Equal Weighted Index (+0.1%) considerably lagged the market-weighted S&P 500 (+0.8%). 

Mega-cap strength helped the communication services sector (flat) capture a nice gain (along with considerable strength in Netflix (NFLX 82.70, +4.66, +5.98%), while the consumer discretionary sector (+0.5%) saw leadership from Tesla (TSLA 417.33, +7.95, +1.94%) and Amazon (AMZN 210.64, +2.08, +1.00%) outweigh broader weakness in the sector.

Homebuilder names such as Lennar (LEN 110.73, -5.67, -4.87%) were particularly weak after cautious guidance from Lowe's (LOW 263.02, -15.57, -5.59%) prompted concerns around housing demand. 

Meanwhile, the financials sector (+1.7%) captured the second widest gain today. Investors bought into recent weakness across major banking and lending names such as Citigroup (C 114.34, +4.78, +4.36%) and Capital One (COF 205.73, +9.17, +4.67%), while Coinbase Global (COIN 183.94, +21.91, +13.52%) posted a monster gain after announcing it will expand into stock trading for U.S. users. 

A nearly 8% rebound in Bitcoin today added to the constructive tone, and pushed Robinhood Markets (HOOD 77.53, +4.14, +5.64%) higher as well. 

Losses were relatively modest today across the five S&P 500 sectors that finished lower.

The industrials sector (-0.8%) lagged as a majority of its components traded lower following a nice gain yesterday, while the defensive consumer staples sector (-0.6%) also traded lower amid the resurgence in mega-cap and growth stocks today. 

Outside of the S&P 500, the Russell 2000 (+0.4%) and S&P Mid Cap 400 (+0.4%) reversed their early weakness as strength broadened throughout the session. 

Overall, today's session marked another constructive day for stocks, with the major averages now sitting mostly higher for the week after pronounced weakness on Monday. Mega-cap and tech stocks saw some rotational interest, which pushed the major averages firmly higher despite mixed strength in the broader market. 

All eyes now turn to a consequential batch of earnigns reports after the close, including the market's weightiest component, NVIDIA. 

U.S. Treasuries recorded modest losses on Wednesday, with most tenors deepening their pullback from their best levels of the year. The early afternoon saw a pullback across the curve after the U.S. Treasury followed yesterday's soft 2-year note sale with a much weaker 5-year note offering. The 2-year note yield settled up one basis point to 3.47%, the 5-year note yield settled up two basis points to 3.62%, and the 10-year note yield settled up two basis points to 4.05%.

• S&P Mid Cap 400: +8.6% YTD
• Russell 2000: +6.3% YTD
• DJIA: +3.0% YTD
• S&P 500: +1.5% YTD
• Nasdaq Composite: -0.4% YTD

Reviewing today's data:

• The weekly MBA Mortgage Index rose 0.4% after increasing 2.8% a week ago. The Refinance Index was up 4.1% while the Purchase Index was down 4.7%.