US stock indexes closed higher on Wednesday, with the S&P 500 up +0.38%, Dow Jones up +0.10%, and Nasdaq up +0.56%. Tech stocks like Nvidia and Alphabet led gains. The cancellation of the Oct employment report by the BLS lowered Fed rate-cut expectations, reducing the chance of a cut to 30%. Q3 earnings exceeded expectations by 82%.

MBA mortgage applications fell -5.2%, with a rise in the average 30-year fixed rate mortgage to 6.37%. The US Aug trade deficit shrank to -$59.6 billion. The economic schedule is heavy, with key reports delayed. European bond yields rose, while the UK’s CPI eased. The ECB is expected to keep rates steady.

Semiconductor stocks like Broadcom and Lam Research surged, while energy producers like APA Corp and Valero Energy fell. Crypto stocks tumbled as Bitcoin hit a 6.75-month low. Block Inc and GE Vernova led gainers. Constellation Energy plans to restart a nuclear plant with US government backing.

Alphabet and Lowe’s closed higher, while Agios Pharmaceuticals and Eversource Energy fell. Boeing dropped after Flydubai’s order with Airbus. Gitlab Inc was downgraded, and earnings reports are due on 11/20. The author did not hold positions in mentioned securities.

Read more at Nasdaq: Stocks Settle Higher Before Nvidia Earnings