It’s a new day and the three major indices are rebounding from yesterday’s selloff that caused the Nasdaq Composite to move into a correction.

S&P 500 Technology sector, which is near correction, has now 22% of members trading above their 50-day moving average.

Technology (XLK) leads the rally train with strong gains in semiconductors driven by a significant rally in Nvidia (NVDA).

Breadth is decidedly bullish this afternoon with more advancers than decliners.

The U.S Treasury auctioned off $58B of 3-year notes. The high auction yield came in at 3.81%, lower than the previous auction of 4.399%, as rate cuts expectations continue to grow.

Key Points:

• Bid-to-cover ratio 2.55 
• High yield 3.810% vs When issued yield 3.812%
• Awards 92.12% of bids at high
• Primary dealers take 15.35% 
• Direct 20.25%
• Indirect 64.39%