Stock Market Update

[BRIEFING.COM] Stocks built on opening gains in recent action, boosted by broad buying interest and upside moves in mega caps and chipmakers.

Participants are also digesting the preliminary October University of Michigan index of Consumer Sentiment, which slipped to 68.9 (Briefing.com consensus 70.1) from the final reading of 70.1 for September. In the same period a year ago, the index stood at 63.8.

The key takeaway from the report is that consumers remain frustrated over high prices; nonetheless, sentiment is still higher than it was a year ago and is close to 40% above the trough seen in June 2022.