[BRIEFING.COM] Stocks posted a strong performance today, with the S&P 500 (+0.8%), Nasdaq Composite (+1.3%), and DJIA (+0.5%) finishing higher across the board for the first time this week. After pronounced volatility in previous sessions, the market trended higher with relative ease today as mega-cap and tech stocks provided strong leadership against a backdrop of broad strength. 

Futures pointed higher this morning as oil prices showed some relief from two consecutive sessions of sharp increases. While the conflict in Iran continues into its fifth day, Treasury Secretary Scott Bessent told CNBC that the Trump administration will be making a series of announcements to mitigate the rise in oil prices. Crude oil futures still settled $0.12 higher (+0.2%) at $74.70 per barrel, though the advance was minimal compared to the outsized gains seen earlier this week.

The market also received several solid economic data readings today, which were particularly welcome, as the recent spike in oil prices has prompted some inflation concerns. The February ISM Non-Manufacturing Index (56.1%; Briefing.com consensus 53.9%) showed solid growth, while the Fed's release of its March Beige Book showed that economic expectations were optimistic, with most districts expecting slight to moderate growth in the coming months.

Strength was broad today, led by the consumer discretionary sector (+2.2%), which moved back into positive territory for the year. 

Amazon (AMZN 216.82, +8.09, +3.88%) and Tesla (TSLA 406.04, +13.61, +3.47%) provided exceptional leadership amid a strong day for the market's weightiest components, which saw the Vanguard Mega Cap Growth ETF finish 1.1% higher. 

Ross Stores (ROST 213.52, +15.88, +8.03%) finished even higher as investors reacted positively to an impressive beat-and-raise earnings report. 

In line with today's rotation back into growth-oriented sectors, the information technology sector (+1.3%) was the other notable standout in today's trade. 

Semiconductor names rebounded from yesterday's sharp retreat, with particular strength across memory storage names such as Sandisk (SNDK 599.06, +33.65, +5.95%) and Micron (MU 400.77, +21.09, +5.55%). Broadcom (AVGO 317.53, +3.69, +1.18%) also captured a nice gain ahead of its earnings release this evening, and the PHLX Semiconductor Index finished 1.9% higher. 

Meanwhile, this week's rebound across software names extended into today's session, sending the iShares GS Software ETF 1.8% higher. 

Gains were limited to 0.6% or less across the remaining six S&P 500 sectors that finished higher, with most sectors trading in a relatively stable range throughout the day. 

The energy sector (-0.7%) lagged as oil prices plateaued today, while the consumer staples (-0.5%) and materials (-0.1%) sectors also finished modestly lower. 

It is worth noting that today's rebound in equities happened alongside a nearly 7% rally in Bitcoin, with the cryptocurrency currently trading above the $73,000 mark. Coinbase Global (COIN 208.93, +26.57, +14.57%) was one of the best-performing S&P 500 names today.

Outside of the S&P 500, the Russell 2000 (+1.1%) performed in line with the major averages, while the S&P Mid Cap 400 (+0.1%) eked out a slight gain. 

Ultimately today's session saw the market breathe a sigh of relief after heightened volatility to start the week. A stalling of oil's sharp increase combined with a handful of solid economic data readings provided a supportive backdrop for investors to step in to recent weakness, with solid leadership from mega-cap names giving the market a lift at the index level. 

U.S. Treasuries endured an extension of this week's losses with some intraday divergence as the long bond recovered some of its starting loss while shorter tenors underperformed after upbeat economic data. The 2-year note yield settled up four basis points to 3.54%, and the 10-year note yield settled up two basis points to 4.08%. 

• S&P Mid Cap 400: +7.2% YTD
• Russell 2000: +6.2% YTD
• DJIA: +1.4% YTD
• S&P 500: +0.4% YTD
• Nasdaq Composite: -1.9% YTD

Reviewing today's data:

• Weekly MBA Mortgage Applications Index 11.0%; Prior 0.4%
• February ADP Employment Change 63K (Briefing.com consensus 42K); Prior was revised to 11K from 22K
• February S&P Global U.S. Services PMI - Final 51.7; Prior 52.3
• February ISM Non-Manufacturing Index 56.1% (Briefing.com consensus 53.9%); Prior 53.8%
  • The key takeaway from the report is the recognition that activity in the nation's largest sector accelerated in February. While this is survey-based data, it will nonetheless create a sense of optimism about Q1 growth prospects.