The market is moving higher today, driven by gains in the Technology sector following strong results from TSM overnight. The broader AI/Semi trade is also seeing strength, with our CapEx Beneficiaries basket (GSXUCAPX) up 3.1%. Elements of the broadening out trade are still present, with RTY>NDX>SPX continuing to hold. Semis are in demand today, with notable buying in NVDA, AVGO, WDC, and INTC. The Generalist bid for Memory is also holding early gains. Meanwhile, Bank weakness from the past two days is being reversed, with the sector up 4-6%.

The White House has released a Fact Sheet on “The Great Healthcare Plan,” which includes proposals to expand the scope of Medicare pricing, increase OTC availability, redirect enhanced subsidies directly to consumers, announce a cost-sharing reduction program, end PBM rebates, and increase transparency/disclosure from insurance companies and HC providers. The CEOs of UNH, CVS, CI, and ELV are expected to participate in House E&C and W&M committee hearings next Thursday.

In other news, the XLF is looking to break a 4-day losing streak today, with the sector up 4-6%. The market is likely being driven by optimism around the ongoing economic recovery and the potential for increased spending in the Technology and Healthcare sectors. However, investors are also keeping an eye on valuations and the potential for a correction, especially given the recent run-up in prices.

Overall, today’s market action is reflective of the ongoing optimism around the economy and the potential for growth in certain sectors. However, investors are also keeping a cautious eye on valuations and potential risks ahead.