The stock market experienced a mixed session on Wednesday, with the S&P 500 and Nasdaq managing to eke out small gains, extending their impressive winning streaks. However, the Dow Jones Industrial Average edged lower for the first time in eight sessions, indicating a slight pullback in the market.

Market breadth remained weak, with the Russell 2000, representing small-cap stocks, slumping yet again. This suggests that investors were cautious, focusing on larger companies for potential gains.

Several notable companies reported their quarterly earnings after the closing bell. Duolingo, the popular language-learning platform, along with UK chip giant Arm Holdings, mobile app developer AppLovin, entertainment powerhouse Disney, video game company Take-Two Interactive, fintech firm Affirm Holdings, and analytics software provider Fair Isaac all released their financial results.

Among the winners, Duolingo and Affirm experienced significant earnings growth overnight. Duolingo's stock is poised to reach a two-year high, while Affirm's stock cleared an early entry point. AppLovin also settled near a buy point, indicating positive investor sentiment. However, Take-Two Interactive saw only a slight increase in its stock price, missing quarterly consensus.

On the other hand, Arm Holdings faced a late sell-off due to weak guidance following a beat in their third-quarter results. Fair Isaac's stock fell as well, with mixed results potentially threatening to push it below a buy point.

Looking ahead, investors are eagerly waiting for the earnings reports of two key companies on Thursday morning: Li Auto, a Tesla rival in China, and TransDigm, an aerospace parts giant. Both companies recently broke above their 50-day moving averages, indicating potential early entry opportunities for investors.

In the futures market, Dow Jones futures fell slightly, down 0.1% compared to fair value. S&P 500 futures and Nasdaq 100 futures also declined by 0.2%. It is important to note that overnight movements in futures do not always translate into actual trading during regular market hours.

The stock market rally closed narrowly mixed on the major indexes, with the Dow Jones losing 0.1%, while the S&P 500 and Nasdaq ended the day with a slight increase of 0.1%. However, market breadth remained weaker than expected, as indicated by the 1.1% slump in the Russell 2000.

Despite the weaker breadth, leading stocks continued to perform well. The S&P 500 and Nasdaq are positioned just below their October highs and are slightly above their 50-day moving averages. This level often acts as a resistance and support zone in the short term. Wednesday's session could be seen as a brief pause, albeit a minor one.

In terms of other market indicators, the 10-year Treasury yield fell by 5 basis points to 4.52%, closing below the 50-day moving average for the first time since mid-May.

While growth ETFs such as the iShares Expanded Tech-Software Sector ETF and VanEck Vectors Semiconductor ETF experienced modest gains, ARK Innovation ETF and ARK Genomics ETF, which focus on speculative stocks, faced losses. Tesla, a major holding across Ark Invest's ETFs, may have influenced the decline.

Sector-wise, metals and mining ETFs declined slightly, while homebuilders ETFs remained flat. Energy and healthcare sectors showed mixed performances, while industrial and financial sectors experienced modest gains.

Overall, the stock market remains resilient, with Nvidia stock, in particular, showing positive signs. The stock rose by 1.35%, crossing a downward trendline and offering an early entry opportunity. However, concerns about volume remain, as institutional support for Nvidia stock has been lacking in recent months.

As the stock market rally continues its upward trajectory, investors may look for a minor pullback before making significant new investments. This could allow stocks to form handles and allow moving averages to catch up. Keeping a close eye on the market direction and leading stocks and sectors will be crucial for investors seeking to navigate the current market landscape.