The stock market saw some choppy action today in reaction to an abundance of catalysts, though a rebound in sentiment across tech names ahead of NVIDIA's (NVDA 186.52, +5.16, +2.85%) earnings ultimately saw the S&P 500 (+0.4%), Nasdaq Composite (+0.6%), and DJIA (+0.1%) close higher. 

Mega-cap and tech names got off to a solid start as Alphabet (GOOG 292.99, +8.03, +2.82%) traded to a new record high, pushing the communication services sector (+0.7%) to an early gain that exceeded 3.0%. 

Concurrently, the information technology sector (+0.9%) held a gain just past 2.0% that was supported by a nearly 3.0% surge in the PHLX Semiconductor Index (+1.8%) ahead of NVIDIA's earnings. Broadcom (AVGO 354.42, +13.92, +4.09%) was a standout throughout the session. 

While there were some early pockets of weakness in the broader market that kept the DJIA near its baseline, the market took a clear downward turn just after midday as the BLS announced it will not release the October Employment Situation Report. The BLS also confirmed that the September JOLTS report will not be published, and the October JOLTS report will be released Tuesday, December 9. Meanwhile, the November Employment Situation Report will be published Tuesday, December 16.

Expectations for a December rate cut fell sharply as labor-market concerns have been the main catalyst behind the Fed's recent easing. The decision to withhold or delay key data releases is seen as further clouding the already murky labor market picture.

Following the announcement, the CME FedWatch tool lowered its odds for a 25-basis point rate cut to around 38%, down from 50.1% yesterday. 

Stocks slipped in response, with the major averages collectively moving into negative territory for the day. At one point, the communication services sector was the only S&P 500 sector to hold a gain, as even the information technology sector ceded the entirety of its 2.0% advance. 

The market hit session lows around 12:45 PM ET before rebounding. Stocks traded in a choppy fashion before hitting another roadblock at 2:00 PM ET, this time in the form of the October FOMC meeting minutes. The minutes did not reveal any particularly new opinions from Fed officials regarding a December cut. Some participants see that a December rate cut could be the appropriate course of action, some participants believe keeping the target rate unchanged for the rest of the year is likely most appropriate, and nearly all expressed a need to proceed with caution as both sides of the Fed's dual mandate come under pressure. 

Nonetheless, the CME FedWatch Tool indicated another decline in the likelihood of a December rate cut, which fell to 31.6% this afternoon. At the moment, a 33.5% probability is attached to the Fed cutting again in December. 

Stocks hit another trough before mounting a turnaround effort at 3:00 PM ET. This would prove to be the last large swing of the day and helped the S&P 500 snap a four-day losing streak. 

NVIDIA helped pace the gains, trading toward session highs late in the afternoon as sentiment improved ahead of its earnings release. The information technology (+0.9%) and communication services (+0.7%) sectors finished at the top of a leaderboard that ultimately saw six sectors close higher. 

The consumer discretionary sector (+0.1%) eked out a gain as Amazon (AMZN 222.69, +0.14, +0.06%) closed slightly higher, while Lowe's (LOW 228.40, +8.83, +4.02%) added support following an upbeat earnings report. 

The Vanguard Mega Cap Growth ETF closed with a 0.8% gain, its best finish since last Monday. Today's session was the first in which the major averages closed higher across the board since last Monday as well, with a rebound in confidence across semiconductor and mega-cap names playing a pivotal role in restoring momentum. 

All eyes now turn to NVIDIA's earnings release. If the world's largest company delivers a strong report and, more importantly, issues strong guidance, the market could be poised for a stronger rebound from its recent slide. 

U.S. Treasuries had a quiet showing on Wednesday, resulting in slim losses across the curve. The 2-year note yield settled up two basis points to 3.60%, and the 10-year note yield settled up one basis point to 4.13%. 

• Nasdaq Composite: +16.9% YTD
• S&P 500: +12.9% YTD
• DJIA: +8.5% YTD
• Russell 2000: +5.3% YTD
• S&P Mid Cap 400: +1.2% YTD

Reviewing today's data:

• MBA Mortgage Applications Index -5.2% wk/wk, with refinance applications down 7% and purchase applications down 2%
• The trade deficit was $59.6 billion in August (Briefing.com consensus: -$61.0 billion) versus an upwardly revised $78.2 billion (from $78.3 billion) in July. That was the result of exports being $0.2 billion more than July exports and imports being $18.4 billion less than July imports.
  • The key takeaway from the report is that it will factor favorably into the Q3 GDP report, given the positive contribution from the net export component.