The S&P 500 (+0.9%), Nasdaq Composite (+1.3%), and DJIA (+0.7%) finished firmly higher, holding onto the bulk of their gains throughout the afternoon as semiconductor stocks once again led the advance. Unlike yesterday's rebound attempt, buying interest remained intact into the close despite another rise in oil prices and Treasury yields, with the major averages settling near their session highs.

Semiconductor stocks remained the primary driver of the rally as investors continued buying into the group's recent pullback, which has been widely viewed as a technical correction despite its sharp magnitude. While the move lacked a single broad catalyst, the PHLX Semiconductor Index climbed 5.2%, with memory names such as Sandisk (SNDK 1589.40, +198.45, +14.27%) and Micron (MU 970.82, +105.36, +12.17%) leading the advance after a solid overnight session across related names in Asia.

Teradyne (TER 374.15, +40.39, +12.10%) outperformed for a second consecutive day, while Intel (INTC 105.45, +8.39, +8.64%) and Advanced Micro Devices (AMD 544.43, +40.86, +8.11%) also posted strong gains. Taiwan Semiconductor Manufacturing (TSM 424.44, +22.14, +5.50%) traded higher after Nikkei reported the company plans to raise chip-making prices by roughly 10% in 2027.

The information technology sector (+2.4%) finished with the widest gain, while semiconductor leadership helped the market-cap-weighted S&P 500 (+0.9%) comfortably outperform the S&P 500 Equal Weight Index (+0.2%). Elsewhere among the mega-cap names, Tesla (TSLA 378.88, +9.31, +2.52%) helped limit losses in the consumer discretionary sector (flat), while Alphabet (GOOG 346.19, -5.18, -1.47%) weighed on the communication services sector (-0.9%). Both companies are set to report earnings after the close tomorrow.

SpaceX (SPCX 123.46, +3.61, +3.01%) was also a notable outperformer, snapping a seven-day losing streak and contributing to a solid gain in the Vanguard Mega Cap Growth ETF (+1.0%).

Outside of technology, the latest batch of earnings reports continued to generate some notable stock-specific moves.

3M (MMM 170.76, +11.65, +7.32%) was the top-performing Dow component after delivering a beat-and-raise quarter, while Hasbro (HAS 88.78, +7.19, +8.81%) and General Motors (GM 79.51, +3.71, +4.89%) also posted solid gains.

Conversely, Danaher (DHR 179.14, -21.97, -10.92%), Equifax (EFX 173.06, -7.02, -3.90%), and Halliburton (HAL 33.20, -1.91, -5.44%) lagged after issuing cautious guidance despite topping earnings expectations.

In other corporate news, Coinbase Global (COIN 175.85, +15.42, +9.61%) and Robinhood Markets (HOOD 106.36, +7.08, +7.13%) led the financials sector (+0.1%) amid continued strength in Bitcoin and growing optimism that Congress is nearing passage of the Clarity Act, a bill aimed at establishing a clearer regulatory framework for digital assets.

The energy sector (+1.2%) was the only S&P 500 sector outside of information technology to gain more than 0.5%, as WTI crude oil futures settled $2.40 higher (+2.9%) at $84.99 per barrel. President Trump reiterated during a press conference with Lebanese President Joseph Aoun that he has no interest in ending the conflict until Iran agrees to meet in a "meaningful way." Higher oil prices also contributed to another rise in Treasury yields, though those headwinds did little to derail the broader rally.

A total of six S&P 500 sectors finished higher. The consumer staples sector (-0.9%) finished with the widest loss as investors rotated back into higher beta stocks today. The Invesco S&P 500 High Beta ETF gained 3.1%.

Elsewhere, the Russell 2000 (+1.6%) and S&P Mid Cap 400 (+1.0%) also joined the rebound after yesterday's retreat.

Unlike Monday's rally attempt, which steadily unraveled into the close, today's advance proved considerably more durable. Semiconductor leadership continued to support index-level gains throughout the session, allowing the broader market to shrug off higher oil prices and Treasury yields while maintaining its momentum into the closing bell. The major averages now hold week-to-date gains ahead of a busy stretch of earnings reports, with both the volume and importance of releases set to increase.

U.S. Treasuries saw an extension of their defensive start to the week, lifting the 5-year note yield to a fresh high for the year while yields on other tenors crept closer to 2026 highs of their own. The 2-year note yield settled up five basis points to 4.26%, and the 10-year note yield settled up three basis points to 4.63%. 

There was no economic data of note. 

• Russell 2000: +20.4% YTD
• S&P Mid Cap 400: +14.5% YTD
• Nasdaq Composite: +11.2% YTD
• S&P 500: +9.7% YTD
• DJIA: +8.7% YTD