The U.S. stock market experienced a midday rally in New York, driven by advancements in the tech sector as investors anxiously awaited Nvidia Corp.’s quarterly earnings report. The session was influenced by lower-than-expected Purchasing Managers’ Index (PMI) data and downward revisions in payroll projections. This alleviated concerns about potential interest rate hikes by the Federal Reserve. Treasury yields and the dollar both declined, providing relief to the market. The S&P 500, Nasdaq 100, Dow Jones Industrial Average, and Russell 2000 all performed positively. The current market pullback may be limited in depth and duration, according to LPL Financial Chief Technical Strategist Adam Turnquist. Over half of the S&P 500 index still remained above its 200-day moving average, with cyclical sectors outperforming. In terms of ETFs, the SPDR S&P 500 ETF Trust, SPDR Dow Jones Industrial Average ETF, and Invesco QQQ Trust all experienced gains. All sectors of the S&P 500 traded positively, except for the Energy Select Sector SPDR Fund. The Technology Select Sector SPDR Fund performed the best, while the Communication Services Select Sector SPDR Fund lagged behind. Economic data showed a decline in the S&P Global US Manufacturing PMI and Services PMI, but an increase in sales of new single-family houses. Nvidia, Foot Locker, Apellis Pharmaceuticals, Williams-Sonoma, Peloton Interactive, and Nike were among the companies in focus. Crude oil, Treasury yields, and the U.S. dollar all declined, while gold and silver prices rose. European equity indexes closed on a positive note.