Major indices are seeing a modest rebound, following yesterday’s retreat. There is solid performance across Technology (XLK) and mega-cap names, which is helping the S&P 500 and Nasdaq to recover some of yesterday’s losses.

It’s a growth sectors day with notable strength in Communication Services (XLC) and Technology. Semiconductors and storage names are among the best performing names in the Technology sector. Seagate (STX) is the best performing stock after news SK Hynix is aiming to increase HBM4 supply prices by 50%.  

Tariffs Update

There is a sizable divergence occurring in the betting markets, regarding the SCOTUS decision. According to Polymarket, there is only a 29% chance that IEEPA tariff authority will be upheld, and only 10% chance SCOTUS will require Treasury to refund revenue already collected.

On the economic front, the ISM Service PMI came in hot at 52.4, surpassing consensus of 50.8. The index showed big increase in New Orders and Business Activity.