Related: China ETFs Rebound on Round of Stimulus Measures, Trade Talks

Analysts now anticipate S&P 500 technology company earnings to grow 8.5% in the fourth quarter, compared to the earlier estimated 13.7% in October, according to Refinitiv IBES data. Earnings for the overall S&P 500 are expected to rise by 14.8%.

Semiconductors also bucked the broader U.S. market trends Tuesday as major indices eked out slight gains on hopes of progress in the U.S.-China trade talks.

“China news is helping,” Stovall added. “We had a successful retest of the Christmas Eve low last Thursday and investors are piling back in because they think the worst is behind us.”

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