After starting the day with some weakness, all major indices have rebounded into the green today. The Russell 2000 is currently in the lead, up 0.43%.

The only two sectors in the red are Technology (XLK), down 1.03%, and Health Care (XLV), down 0.51%. Communication Services (XLC) is in the lead, up 1.49%.

The Ten-Year Treasury Yield (TNX) is giving back some territory today, down 1.4 basis points (bps).

Homebuying demand bounced back to 7.4% in September, its highest level since March. Rates started to drop in September after the Fed cut its rates at its meeting that month. In the press statement National Association of Realtors (NAR) chief economic Lawrence Yun affirmed, “contract signings rose across all regions of the country as buyers took advantage of the combination of lower mortgage rates in late summer and more inventory choices.”

The focus is on Meta Platforms (META) and Microsoft (MSFT) quarter results after the bell today.

We will get more color to the AI question this evening with the release of the third quarter financials from Microsoft (MSFT). The Street has been cautious toward mega cap technology names due to the big spending on AI, slowing earnings growth, and expensive valuations.

Historically, the financial release hasn’t moved the stock much in recent quarters.

Meta Platform (META) third quarter results come on the heels of a solid earnings report from Alphabet (GOOG/GOOGL) and a mixed report from Snap (SNAP). The company has outperformed its competition due to its AI advancements that have resulted in a higher return on investment for its advertisers.

Historically, the stock has soared during five earnings releases in a row until April this year when the Street began to demand more from the company.