The S&P is cruising into its fourth record close of this year, but it’s the Nasdaq that continues to rocket higher.

Technology is the best performer with heavily weighted stocks reaching new 52-week highs today, including Meta Platforms (META), Amazon.com (AMZN) and Alphabet (GOOG).

Flash PMI came in slightly above the consensus and remains in expansion at 52.3. The services reading of business activity rose to a seven-month high of 52.9 from 51.4 in December, while the manufacturing gauge of output rose to a 15-month high of 50.3 from 47.9 previously.

Semiconductors are seeing incredible strength and pushing back up to new highs.

All eyes continue to be on earnings. After the bell, we get results from Tesla (TSLA), whose reaction hasn’t been so great.

Ugly 5-year auction is sending stocks off highs.

• The high yield of 4.055% was 2 basis points (bps) when issued
• Close to 49.75% allocated at the high