Rally-mode is back following NVIDIA (NVDA) results, which sent the stock up nearly 15%. Semiconductor names and AI-related stocks are leading the major indices higher.

Mega-cap names have Technology, consumer discretionary and communication services up nearly 2% with safe-haven sectors -Consumer Staples and Utilities- lower.

On the economic front, U.S. Manufacturing Purchasing Managers’ Index (PMI) was expected to be unchanged, but it surprised to the upside to 51.5, from 50.7.

Existing home sales data is up 1.3% m/m as prices set a new record in January.