Both the S&P 500 (SPX) and the Nasdaq 100 (NDX) are trading higher on Wednesday and are up by 0.68% and 1.31%, respectively. Earnings from SpaceX (SPCX) and preliminary guidance from Super Micro Computer (SMCI) have boosted sentiment across the tech sector. More results are on the way, as Meta Platforms (META), Tesla (TSLA), and IBM (IBM) are set to report after the closing bell.

SPCX stock rallied after the space exploration company reported third-quarter revenue of $14.6 billion, up 161% year-over-year and above the analyst estimate of $12.72 billion. In addition, CEO Elon Musk said SpaceX and Tesla's boards have formed a committee to discuss a potential merger between the two companies.

Semiconductor Stocks Rise on Strong Server Demand

Meanwhile, Super Micro's guidance helped drive a rally in semiconductor stocks, with Nvidia (NVDA), AMD (AMD), and Dell (DELL) in the green. The server maker guided for revenue of $18.5 to $19.5 billion in the third quarter, up from its previous estimate of $14.5 to $15.5 billion. Super Micro also expects a gross margin of 12% to 12.5%, up from its previous outlook of 10.4% to 10.8%.

Elsewhere, the financial sector is also in the green, highlighted by gains from Goldman Sachs (GS) and American Express (AXP). Looking ahead, the Department of Labor will publish initial jobless claims data tomorrow morning.