Stocks closed solidly higher again yesterday, led by the tech-heavy Nasdaq and S&P 500 with 1.60% and 1.31%.

AI stocks helped lead the advance after Tuesday afternoon's quarterly results by CoreWeave. Additionally, management's commentary eased some of the concerns over the sustainability of the infrastructure spending boom. The company outlined a path to profitability in 2028, giving investors something more encouraging to focus on after the recent wave of AI worries. The stock was up 24.71% yesterday.

The enthusiasm spread across the industry. Micron jumped 11.89%, and Sandisk added 13.69%. The iShares Semiconductor ETF (SOXX) gained 6.01%, underscoring the strength of the chip rebound. Nvidia rose 2.87%.

But after the close, reports surfaced that NVIDIA's board was preparing to oust CEO Jensen Huang after it was alleged that he had an additional affair with an executive at the company. NVDA was trading lower by more than -9% in after-hours trade.

The Treasury market was closed yesterday for Veterans Day. With bond trading resuming today, yields will be worth watching for their potential influence on stocks.

In other news, this morning brings Weekly Jobless Claims and the Existing Home Sales report.

On the earnings front, we'll hear from another 495 companies in queue to report, including Cisco and Applied Materials after today's close. Their results and outlooks will give investors additional information on networking demand and semiconductor equipment spending -- two areas closely watched as the market evaluates the next phase of the AI buildout.

Tomorrow we'll get another 341 companies on deck to report.

And we'll get another look at inflation with the Producer Price Index (PPI - wholesale) inflation report.

In the meantime, I'll end today like I did yesterday -- with a reminder that the bullish seasonal tendencies and bullish cyclical tendencies all bode well for the market.

And we've been seeing that start to come to fruition over the last several days.

Seasonally, the fourth quarter is historically the best quarter of the year for stocks. Since 1950, the S&P has gone up 79% of the time, with an average gain of 4.1%. Yes, Q4 is off to a rough start. But things are starting to look up.

And cyclically, regardless of politics, stocks typically rally after midterms. Since 1950, between election day and the end of the year, it's higher 68% of the time. And looking out over a 12-month period from midterms, the odds improve even more dramatically with the S&P up every time with an average gain of more than 15%.

So, I'm expecting a strong end-of-year rally, and another double-digit gain next year.

See you tomorrow,