The broad market rally continues today with the tech-heavy NASDAQ leading the charge. 

Hot off a lighter-than-expected inflation report this morning, stocks are moving higher, putting the three major indices near previous three-month highs. 

It’s certainly nice to see the broad market rallying today with tech in front. The rally today also puts SPDR S&P 500 ETF Trust (NYSE: SPY) at a very interesting spot, a close above 4,200 in the S&P would put us in good shape on the long side through the rest of the week barring any unforeseen hiccups.

Even semiconductors are rallying after tanking earlier this week on Nvidia Corp. (NASDAQ: NVDA) and Micron Technology Inc. (NASDAQ: MU) both hinting at lowered guidance. Sure, those reports dragged down the entire sector yesterday, but look at things today: 

Nvidia has bounced around quite a bit these past few weeks… Just a few weeks ago there were plenty of headlines when Nancy Pelosi and her husband bought heavily into the company, sending the stock higher alongside the passing of the CHIPS Act. 

Earlier this week, Nvidia got quite a different treatment… 

In a preliminary financial report ahead of earnings, Nvidia announced that second-quarter revenues are coming quite a bit lower than originally expected. 

They are chalking up the shortfall to weaker gaming revenue, which makes sense given that many people are back outside for the summer and they aren’t stuck at home playing video games as much. 

But that doesn’t mean that Nvidia is down and out for the count… Especially with the CHIPS Act in the works, there’s plenty of potential for Nvidia, and other semiconductor names, to rally.