[BRIEFING.COM] 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%.

[BRIEFING.COM] The S&P 500 (+0.8%), Nasdaq Composite (+1.3%), and DJIA (+0.6%) are firmly higher heading into the final half hour of the session. 

NVIDIA (NVDA 197.00, +4.14, +2.15%) continues to tick higher ahead of its earnings, which is arguably the most anticipated market event of the week. The stock has been on a nice run this week (+5.7%) leading into the earnings print but remains about 5.0% lower from late-October record highs. 

NVIDIA has now delivered 12 consecutive quarters of upside EPS and revenue, setting an exceptionally high bar. Guidance is the key. While another strong Q4 print is widely expected, sentiment hinges on whether Q1 guidance reinforces the narrative of accelerating and compounding AI demand across both training and inference. Investors will watch closely for any signs of deceleration in Data Center growth, margin compression, or incremental China-related headwinds. At the same time, continued commentary that Blackwell demand is "sold out" and that hyperscaler spending remains robust would likely support the stock's premium valuation. With expectations elevated and shares having delivered substantial gains, even a subtle moderation in outlook could prompt profit-taking.

[BRIEFING.COM] The S&P 500 (+0.9%), Nasdaq Composite (+1.3%), and DJIA (+0.6%) continue to trade higher as the market enters the final hour of the session. 

In addition to NVIDIA's (NVDA 197.18, +4.32, +2.24%) earnings release after the close, investors will receive the earnings reports of several high-profile software names, including Salesforce (CRM 192.06, +6.64, +3.58%) and Snowflake (SNOW 169.75, +8.69, +5.40%). 

With recent concerns of AI disruption weighing heavily on software names so far in 2026, the reports are being treated as a read-through on whether the software group's "AI destroys SaaS" narrative is fading as oversold buyers re-emerge (helped by Workday's (WDAY 132.72, +2.49, +1.91%) post-guidance dip and recovery). 

[BRIEFING.COM] The S&P 500 (+0.80%) is in second place on Wednesday afternoon, up about 55 points.

Briefly, S&P 500 constituents Axon (AXON 522.90, +80.39, +18.17%), Western Digital (WDC 290.12, +19.55, +7.23%), and Super Micro Computer (SMCI 33.27, +2.14, +6.87%) pepper the top of the standings. AXON is firmly higher after last night's Q4 beat, while SMCI jumps after announcing a new enterprise AI platform with VAST Data, combining Supermicro GPU/storage servers with VAST's AI software stack. Investors cheered the move as it positions SMCI at the forefront of rapidly deployable AI infrastructure for enterprises.

Meanwhile, GoDaddy (GDDY 78.50, -13.80, -14.95%) is underperforming as its Q1 and FY26 revenue guidance came in slightly below Wall Street estimates, signaling slower growth ahead. Despite a Q4 EPS beat, investors focused on the softer forward outlook, triggering a sharp selloff.

[BRIEFING.COM] The Nasdaq Composite (+1.19%) is in the lead on Wednesday afternoon, up about 272 points.

Gold futures settled $49.90 higher (+1.0%) at $5,226.20/oz, as investors sought safe-haven exposure amid renewed U.S. tariff uncertainty and geopolitical risk, with a softer dollar adding support. Ongoing debate following the Supreme Court of the United States tariff ruling, combined with steady rate expectations from the Federal Reserve and bullish longer-term outlooks from banks like JPMorgan Chase, helped reinforce the bid for bullion.

Meanwhile, the U.S. Dollar Index is now down about -0.2% to $97.70.

[BRIEFING.COM] The Dow Jones Industrial Average (+0.58%) is in last place on Wednesday afternoon, still up about 285 points.

A look inside the DJIA shows that IBM (IBM 238.33, +9.01, +3.93%), Salesforce (CRM 190.98, +5.56, +3.00%), and Microsoft (MSFT 398.62, +9.62, +2.47%) are some of today's top gain getters.

Meanwhile, Home Depot (HD 374.53, -9.95, -2.59%) is lagging.

The DJIA holds losses of about -0.34% on the week.

Elsewhere, U.S. Treasuries have inched up off their morning levels, though the 10-yr note and shorter tenors are still slightly lower for the day while the long bond has maintained its early resilience, turning positive. The 30-yr bond has outperformed from the start while shorter tenors followed its lead in recent trade. However, shorter tenors have dipped from their rebound highs in immediate reaction to today's $70 bln 5-yr note sale, which met weaker demand than yesterday's mediocre 2-yr note offering. Today's sale drew a high yield of 3.615%, which tailed the when-issued yield by 0.7 bps, while the bid-to-cover ratio (2.32x vs 2.42x average) and indirect takedown (62.5% vs 65.7% average) were below average. The U.S. Treasury will cap this week's note auction slate with a $44 bln 7-yr note offering tomorrow.

[BRIEFING.COM] The S&P 500 (+0.8%), Nasdaq Composite (+1.2%), and DJIA (+0.6%) hold solid gains for the second consecutive session amid strong leadership from mega-cap and tech names today. The S&P 500 quickly reclaimed its 50-day moving average (6,895.87), and the Nasdaq Composite is now knocking on the door of positive year-to-date territory. 

Leadership is relatively narrow, with only three S&P 500 sectors trading more than 0.1% above their baselines. However, the broader market has seen its losses narrow over the past hour, while a move into positive territory from the Russell 2000 (+0.4%) and S&P Mid Cap 400 (+0.3%) suggests strength may be broadening. 

Still, the information technology sector (+1.9%) remains a clear standout, supported by gains across the majority of its components. Software names continue to see some bargain hunting and a continuation of yesterday's strength that was somewhat attributed to headlines that Anthropic's Claude Cowork suite will now include plugins for traditional productivity software applications. The gains are still just a drop in the bucket compared to this year's losses, but they are a welcome reprieve. Oracle (ORCL 149.72, +3.58, +2.45%) holds a nice gain after Oppenheimer upgraded the stock to Outperform from Perform. 

Meanwhile, the PHLX Semiconductor Index (+1.7%) is also decently higher as NVIDIA's (NVDA 197.29, +4.44, +2.30%) earnings loom after the close. The market is looking for a decisive beat and raise performance, though that has at times proven not to be enough when it comes to post-earnings mega-cap price action so far this year. 

Mega-cap stocks elsewhere are also higher today, which helps the communication services (+0.5%) and consumer discretionary (+0.1%) sectors trade modestly higher despite broader weakness. The Vanguard Mega-Cap Growth ETF is up 1.3%, and the market-weighted S&P 500 (+0.8%) decidedly outperforms the S&P 500 Equal Weighted Index (-0.1%). 

Elsewhere in the consumer discretionary sector, homebuilders are particularly weak, lagging in response to disappointing guidance from Lowe's (LOW 262.81, -15.78, -5.66%) in its earnings report. The iShares U.S. Home Construction ETF is down 3.7%.

Cyclical sectors as a whole tilt lower, though the financials sector (+1.6%) is a standout. Coinbase Global (COIN 183.54, +21.52, +13.28%) is one of the best-performing S&P 500 names today after announcing an expansion into stock trading for U.S. users, while a 7.5% rebound in Bitcoin certainly adds to the positive tone. 

Major banking names are also mostly higher after a soft start to the week. 

Meanwhile, the energy sector (-0.9%) is the biggest laggard as the price of oil decreases $0.11 (-0.2%) to $65.52 per barrel. 

So far the market has displayed a clear rotation back into its weightiest tech components, reflecting high expectations for NVIDIA to deliver a blowout earnings report. 

Reviewing today's data:

• Weekly MBA Mortgage Applications Index 0.4%; Prior 2.8%

[BRIEFING.COM] The major averages continue to hold solid gains shortly after midday. 

After two consecutive days of solid tech gains, the S&P 500 has reclaimed its 50-day moving average (6,895.87), and the Nasdaq Composite has narrowed its year-to-date loss to 0.5%. 

The information technology sector (+1.8% today, -1.7% year-to-date) remains further below its baseline amid sharp sell-offs across software names and a relatively stagnant showing from mega-cap names this year. 

[BRIEFING.COM] The S&P 500 (+0.7%), Nasdaq Composite (+1.1%), and DJIA (+0.5%) now sit near session highs as the broader market begins to show a little more strength. 

CAVA Group (CAVA 83.98, +16.18, +23.87%) is soaring following its Q4 results last night. The Mediterranean fast-casual chain returned to EPS upside after a miss last quarter, while revenue increased 20.9% yr/yr to $275 mln, ahead of expectations. The standout was guidance, particularly CAVA's call for 3-5% same-restaurant sales growth in FY26, which contrasts sharply with peer Chipotle Mexican Grill (CMG 37.08, +0.59, +1.62%), which recently guided for FY26 comps to be about flat.

Meanwhile, Workday (WDAY 130.21, -0.02, -0.01%) is now little changed following its 4Q26 report, as a conservative FY27 subscription revenue outlook weighs against better-than-expected profitability in Q4. The company had already reaffirmed Q4 guidance on February 9 alongside the leadership transition that brought co-founder Aneel Bhusri back as CEO, so revenue of $2.53 billion and subscription revenue of $2.36 billion were largely in-line with expectations. However, non-GAAP operating margin of 30.6% topped prior guidance of 28.5% and improved from 26.4% a year ago, driving upside to EPS. While Q4 execution was solid and AI momentum is building, the deceleration implied in FY27 guidance and stepped-up AI investments are weighing on sentiment.

[BRIEFING.COM] The S&P 500 (+0.6%), Nasdaq Composite (+1.0%), and DJIA (+0.4%) have expanded upon yesterday's rebound effort, trading higher shortly before midday. 

Unlike yesterday's advance that ended up encompassing most of the broader market, today's index level gains are largely powered by solid leadership across mega-cap and tech names. As a result, the Russell 2000 (-0.2%) and S&P Mid Cap 400 (-0.2%) trail the major averages.

The Vanguard Mega Cap Growth ETF is up 1.1%, helping the market-weighted S&P 500 (+0.6%) distance itself from the S&P 500 Equal Weighted Index (-0.4%), which lags amid negative breadth figures. 

Only three S&P 500 sectors trade more than 0.1% above their flatlines, with the top-weighted information technology sector (+1.5%) out in front. Investors are continuing to buy into the recent weakness across software names, sending the iShares GS Software ETF 2.1% higher. 

Elsewhere, NVIDIA (NVDA 196.00, +3.14, +1.63%) is a mega-cap standout ahead of its earnings report this afternoon. 

Meanwhile, the financials sector (+1.0%) also outperforms amid a rebound across major banking names, while Coinbase Global (COIN 179.24, +17.21, +10.62%) trades sharply higher as the company expands into stock trading while Bitcoin rebounds 5%. 

So far, the action reflects a clear rotation back into leadership groups that have struggled to gain traction in 2026, with NVIDIA's earnings looming as a pivotal test to the durability of the rebound. 

[BRIEFING.COM] The major averages are little changed from previous levels, continuing to trade with decent gains despite the broader market skewing lower. 

The financials sector (+1.0%), however, is among the outperformers today. Coinbase Global (COIN 177.52, +15.49, +9.56%) leads the advance following a release late yesterday that the company is expanding into stock trading for all U.S. customers. A nice 5% bounce in bitcoin adds to the positive tone and sends Robinhood Markets (HOOD 76.29, +2.90, +3.95%) higher as well. 

Elsewhere in the sector, major banking names such as Citigroup (C 112.54, +2.98, +2.72%) and Wells Fargo (WFC 86.60, +2.03, +2.40%) trade higher after a tough start to the week. 

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+1.1%), and DJIA (+0.2%) hold varying gains as broader weakness weighs against a strong start across mega-cap and tech stocks. 

Lowe's (LOW 265.66, -12.93, -4.64%) is trading sharply lower following its 4Q26 report, as investors focus on a softer-than-expected FY27 EPS outlook despite the company delivering beats on earnings, revenue, and comparable sales. In the wake of Home Depot (HD 372.46, -12.02, -3.13%) better-than-expected Q4 results and in-line FY26 guidance, the bar was raised for Lowe's, particularly with shares up roughly 15% year-to-date heading into the print. While Q4 results showed improving demand trends and solid execution, management's more cautious profit outlook appears to be tempering enthusiasm.

Despite a fundamentally solid Q4-including a stronger comp than HD-Lowe's is being penalized for cautious FY27 EPS guidance, suggesting margin pressure or limited operating leverage in a still muted housing environment. 

That guidance weighs heavily on homebuilder names today, such as Lennar (LEN 109.96, -6.44, -5.54%) and PulteGroup (PHM 133.25, -7.65, -5.43%), which are among the worst performers in the consumer discretionary (+0.1%) sector. The iShares U.S. Home Construction ETF is down 4.2%. 

[BRIEFING.COM] Stocks are off to another good start today, with solid tech leadership lifting the S&P 500 (+0.5%), Nasdaq Composite (+1.2%), and DJIA (+0.3%) higher across the board. The S&P 500 reclaimed its 50-day moving average (6,895.87), which was violated on a closing basis on Monday. 

The information technology sector (+1.3%) leads the early advance, supported by broad strength throughout the sector. The iShares GS Software ETF (+1.7%) looks to get back another chunk of recent prolonged weakness, with Oracle (ORCL 150.58, +4.44, +3.04%) a standout after being upgraded to Outperform from Perform at Oppenheimer. 

Semiconductors are also off and running ahead of NVIDIA's (NVDA 195.63, +2.78, +1.44%) earnings release after the close. The PHLX Semiconductor Index is up 1.9%. 

Gains across other mega-cap names help the communication services (+0.9%) and consumer discretionary sectors (+0.3%) despite mixed strength within the sectors. The Vanguard Mega Cap Growth ETF is up 1.3%, helping the market-weighted S&P 500 (+0.5%) outperform the S&P 500 Equal-Weighted Index (+0.1%).

Meanwhile, there is some weakness across defensive sectors today as growth stocks post solid gains, with the consumer staples (-1.1%) and utilities (-0.9%) sectors among the worst performers. 

Separately, the energy sector (-1.2%) also lags as the price of oil decreases $0.30 (-0.5%) to $65.33 per barrel.

The stock market remains poised for a higher opening this morning, as mega-cap and tech names are largely on pace to extend their bounce off of Monday's lows. 

Several consequential earnings reports await after the close, including the market's weightiest name, NVIDIA (NVDA 194.55, +1.70, +0.9%). While the mega-cap group has largely struggled so far in 2026 (The Vanguard Mega Cap Growth ETF is down 5.7% year-to-date), semiconductor names have continued last year's trend of outperformance, with the PHLX Semiconductor Index rising 17.6% year-to-date. 

NVIDIA itself is somewhere in between, up a more modest 3.4% year to date.

The S&P 500 futures currently trade 25 points above fair value. 

It was a sea of green across Asia, as all the region's major markets advanced with Japan's Nikkei (+2.2%) and South Korea's Kospi (+1.9%) reaching fresh records. China's Ministry of Commerce threated to impose countermeasures after the new global tariff took effect. In addition, China's Foreign Ministry has not confirmed President Trump's visit, which is expected at the end of March/start of April. Australia's CPI was a touch hotter than expected in January (3.8%; expected 3.7%), prompting speculation about three rate hikes from the Reserve Bank of Australia before the end of the year.

• In economic data:
  • Japan's January Corporate Services Price Index 2.6% yr/yr, as expected (last 2.6%). December BoJ Core CPI 1.7% yr/yr (expected 1.8%; last 1.9%)
  • Hong Kong's Q4 GDP 1.0% qtr/qtr, as expected (last 0.9%); 3.8% yr/yr, as expected (last 3.7%). January CPI 0.2% m/m (last 0.3%); 1.1% yr/yr (expected 1.2%; last 1.4%)
  • Australia's January CPI 3.8% yr/yr (expected 3.7%; last 3.8%) and Q4 Construction Work Done -0.1% qtr/qtr (expected 1.2%; last 0.1%)

---Equity Markets---

• Japan's Nikkei: +2.2%
• Hong Kong's Hang Seng: +0.7%
• China's Shanghai Composite: +0.7%
• India's Sensex: +0.1%
• South Korea's Kospi: +1.9%
• Australia's ASX All Ordinaries: +1.2%

Major European indices trade in the green with U.K.'s FTSE (+0.9%), France's CAC (+0.5%), and Italy's MIB (+1.0%) reaching fresh records with cyclical names leading the way. HSBC reported strong results while distilling giant Diageo lowered its outlook and cut its dividend. German Chancellor Merz called for deeper economic ties with China during his visit to Beijing.

• In economic data:
  • Eurozone's January CPI -0.6% m/m (expected -0.5%; last 0.2%); 1.7% yr/yr, as expected (last 1.9%). January Core CPI 2.2% yr/yr, as expected (last 2.3%)
  • Germany's Q4 GDP 0.3% qtr/qtr, as expected (last 0.0%); 0.4% yr/yr, as expected (last 0.3%). March GfK Consumer Climate -24.7 (expected -23.0; last -24.2)
  • France's February Consumer Confidence 91 (expected 90; last 90)
  • Spain's January PPI -2.9% yr/yr (last -3.0%)
  • Swiss February ZEW Expectations 9.8 (last -4.7)

---Equity Markets---

• STOXX Europe 600: +0.5%
• Germany's DAX: +0.3%
• U.K.'s FTSE 100: +0.9%
• France's CAC 40: +0.5%
• Italy's FTSE MIB: +1.0%
• Spain's IBEX 35: +0.8%

The S&P 500 futures currently trade points above fair value. 

Six of the "magnificent seven" stocks currently trade higher, adding to the constructive tone ahead of the open. 

On the earnings front, TJX Companies (TJX 156.13, -1.53, -1.0%) beat EPS expectations by $0.13 and beat revenue expectations. The company guided Q1 and FY27 EPS below consensus, increased its dividend by 13%, and authorized a share repurchase of up to $3.0 billion in common stock. 

Equity futures point to a higher opening this morning after stocks advanced in broad fashion yesterday, with the major averages taking back a meaningful chunk of Monday's weakness. The S&P 500 enters today's session just a few points below its 50-day moving average (6,895.87). 

Software stocks saw a nice rebound yesterday, as some bargain hunting after Monday's slump combined with headlines that Anthropic's Claude Cowork will now include plugins to pair with traditional productivity software suites. 

Investors will have several high-profile software stock earnings reports to assess after the close, including that of Salesforce (CRM 183.80, -1.62, -0.9%).

Chipmaker giant NVIDIA (NVDA 194.20, +1.35, +0.7%) will also deliver its earnings after the close. 

On the trade front, Treasury Secretary Scott Bessent, in an interview, says the 15% global tariff will not be permanent. The global tariff will act like a bridge to other tariff authorities, such as 301 investigations. He expects 301 investigations will reach the previous IEEPA tariff level, according to NBC News. 

In corporate news:

• HP Inc. (HPQ 17.16, -1.04, -5.7%) beat EPS expectations by $0.02 and beat revenue expectations, guided Q2 EPS in line and reaffirmed FY26 EPS guidance but now expects to be at the low end of it.
• Lowe's (LOW 268.50, -10.09, -3.6%) beat EPS expectations by $0.04, beat revenue expectations, and guided FY27 EPS below consensus with revenues in-line. 
• Oracle (ORCL 149.59, +3.45, +2.4%) was upgraded to Outperform from Perform at Oppenheimer.
• Workday (WDAY 117.58, -12.65, -9.7%) beat EPS expectations by $0.15 and reported revenues in-line. 

Reviewing overnight developments:

It was a sea of green across Asia, as all the region's major markets advanced with Japan's Nikkei (+2.2%) and South Korea's Kospi (+1.9%) reaching fresh records. Japan's Nikkei: +2.2%, Hong Kong's Hang Seng: +0.7%, China's Shanghai Composite: +0.7%, India's Sensex: +0.1%, South Korea's Kospi: +1.9%, Australia's ASX All Ordinaries: +1.2%.

In news:

• China's Ministry of Commerce threated to impose countermeasures after the new global tariff took effect. In addition, China's Foreign Ministry has not confirmed President Trump's visit, which is expected at the end of March/start of April.
• Australia's CPI was a touch hotter than expected in January (3.8%; expected 3.7%), prompting speculation about three rate hikes from the Reserve Bank of Australia before the end of the year.

In economic data:

• Japan's January Corporate Services Price Index 2.6% yr/yr, as expected (last 2.6%). December BoJ Core CPI 1.7% yr/yr (expected 1.8%; last 1.9%)
• Hong Kong's Q4 GDP 1.0% qtr/qtr, as expected (last 0.9%); 3.8% yr/yr, as expected (last 3.7%). January CPI 0.2% m/m (last 0.3%); 1.1% yr/yr (expected 1.2%; last 1.4%)
• Australia's January CPI 3.8% yr/yr (expected 3.7%; last 3.8%) and Q4 Construction Work Done -0.1% qtr/qtr (expected 1.2%; last 0.1%)

Major European indices trade in the green with U.K.'s FTSE (+1.0%), France's CAC (+0.4%), and Italy's MIB (+1.0%) reaching fresh records with cyclical names leading the way. STOXX Europe 600: +0.5%, Germany's DAX: +0.4%, U.K.'s FTSE 100: +1.0%, France's CAC 40: +0.4%, Italy's FTSE MIB: +1.0%, Spain's IBEX 35: +0.8%.

In news:

• HSBC reported strong results while distilling giant Diageo lowered its outlook and cut its dividend.
• German Chancellor Merz called for deeper economic ties with China during his visit to Beijing.

In economic data:

• Eurozone's January CPI -0.6% m/m (expected -0.5%; last 0.2%); 1.7% yr/yr, as expected (last 1.9%). January Core CPI 2.2% yr/yr, as expected (last 2.3%)
• Germany's Q4 GDP 0.3% qtr/qtr, as expected (last 0.0%); 0.4% yr/yr, as expected (last 0.3%). March GfK Consumer Climate -24.7 (expected -23.0; last -24.2)
• France's February Consumer Confidence 91 (expected 90; last 90)
• Spain's January PPI -2.9% yr/yr (last -3.0%)
• Swiss February ZEW Expectations 9.8 (last -4.7)

[BRIEFING.COM] Stocks had a solid session today, with the major averages closing higher across the board amid increasingly broad participation throughout the session. The S&P 500 (+0.8%) and Nasdaq Composite (+1.0%) reclaimed the bulk of yesterday's weakness, with the S&P 500 trading above its 50-day moving average (6,895.59), but closing just under the technical level. Meanwhile, the DJIA (+0.8%) posted a similar gain, though it only amounted to just under half of yesterday's losses. 

Software stocks saw some buying interest after a particularly weak session yesterday, with the iShares GS Software ETF (+1.9%) clawing back some of its nearly 5.0% decline. While there was certainly an element of bargain hunting in today's trade, Anthropic's announcement of new partnerships in its Claude Cowork space helped quell some of the broader fears of AI disruption. FactSet (FDS 201.49, +11.23, +5.90%) was among the names listed and finished as one of the top-performing names in the financials sector (+0.5%), which had previously slid 3.3% on Monday.

Financial services companies and asset managers were among the outperformers after particular weakness yesterday, while PayPal (PYPL 47.01, +2.96, +6.73%) surged after Bloomberg reported that Stripe Inc. is interested in acquiring the company. 

Unsurprisingly, the information technology sector (+1.2%) was among today's top performers amid the bounce in software stocks. The sector was also supported by solid gains across chipmakers, sending the PHLX Semiconductor Index 1.5% higher. Advanced Micro Devices (AMD 213.84, +17.24, +8.77%) was a standout after announcing a landmark multi-year agreement to deploy up to 6 gigawatts of custom MI450/Helios AI systems with Meta Platforms (META 639.30, +2.05, +0.32%). 

Meanwhile, the consumer discretionary sector (+1.6%) also rebounded nicely from yesterday's lows, notching the widest gain today. Travel names such as Expedia Group (EXPE 198.12, +9.61, +5.10%) and Booking Holdings (BKNG 4068.56, +197.73, +5.11%) were among the top performers, while stocks that were particularly affected by President Trump's implementation of a 10% Section 122 tariff rate also finished higher, including Williams-Sonoma (WSM 209.00, +7.12, +3.53%) and NIKE (NKE 64.09, +1.00, +1.59%). 

Home Depot (HD 384.48, +7.49, +1.99%) notched a solid gain after posting an EPS beat following three consecutive misses.

The sector also benefitted from strong mega-cap leadership from Tesla (TSLA 409.38, +9.55, +2.39%) and Amazon (AMZN 208.56, +3.29, +1.60%) amid a strong day for the market's weightiest names that saw the Vanguard Mega Cap Growth ETF finish 1.1% higher. 

The industrials sector (+1.2%) notched a solid finish as well, while broadening strength throughout the session saw the defensive utilities (+1.1%) and consumer staples (+0.7%) sectors finish higher despite a weaker start. 

Meanwhile, the health care sector (-0.5%) finished with the widest loss, with particular weakness across managed care names such as Molina Healthcare (MOH 148.31, -7.90, -5.06%) and Humana (HUM 174.64, -6.52, -3.60%).

Only the energy sector (-0.1%) would also finish slightly lower as crude oil futures settled today's session $0.64 lower (-1.0%) at $65.66 per barrel.

Outside of the S&P 500, the Russell 2000 (+1.2%) and S&P Mid Cap 400 (+1.0%) outperformed as the market saw a considerable improvement in risk sentiment today. 

All told, today's session marked a solid start in reversing Monday's weakness. Though the rebound certainly was technical in some aspects, it was encouraging to see investors buy the dip across software and tech names, while a smattering of headlines around productivity software integration to the Claude Cowork model also offered some reprieve. 

Investors will have another sizable batch of earnigns reports to assess after the close while awaiting President Trump's State of the Union address this evening, which is expected to extensively feature the economy and affordability.

U.S. Treasuries had a subdued showing on Tuesday, keeping yields near their closing levels from Monday. The 2-year note yield settled up two basis points to 3.46%, and the 10-year note yield finished unchanged at 4.03%. 

• S&P Mid Cap 400: +8.2% YTD
• Russell 2000: +6.9% YTD
• DJIA: +2.3% YTD
• S&P 500: +0.7% YTD
• Nasdaq Composite: -1.6% YTD

Reviewing today's data:

• December FHFA Housing Price Index 0.1% (Briefing.com consensus 0.4%); Prior was revised to 0.7% from 0.6%
• December S&P Case-Shiller Home Price Index 1.4% (Briefing.com consensus 1.4%); Prior 1.4%
• February Consumer Confidence 91.2 (Briefing.com consensus 86.0); Prior was revised to 89.0 from 84.5
  • The key takeaway from the report is that the month-over-month improvement was driven by increased expectations, with all three components of the index-income, business, and labor market conditions-advancing from January.
• December Wholesale Inventories 0.2% (Briefing.com consensus 0.2%); Prior 0.2%