Stock Market Update

[BRIEFING.COM] The stock market opened to mostly upside action. The S&P 500 (+0.3%) and Nasdaq Composite (+0.7%) show gains, boosted by mega cap stocks and buy-the-dip activity after recent declines. 

A big gain in Tesla (TSLA 248.13, +34.45, +16.2%) following impressive Q3 earnings and 2025 vehicle growth estimates. This has bolstered the consumer discretionary sector, which sports a 2.4% gain. 

The next best performing sector is real estate (+0.5%) followed by health care (+0.3%) and information technology (+0.2%). The materials sector (-0.7%) shows the largest decline. 

The Dow Jones Industrial Average (-0.2%) trades slightly lower than its prior close, weighed down by losses in IBM (IBM 219.69, -13.03, -5.6%), Honeywell (HON 211.78, -8.55, -3.9%), and Boeing (BA 153.19, -3.86, -2.5%). IBM and Honeywell reporting earnings results and Boeing trades down on news that workers voted 64% against accepting the latest contract proposal put forth by their employer.

The S&P Global US Manufacturing PMI rose to 47.8 in the preliminary October reading from 47.3 and the S&P Global US Services PMI moved to 55.3 in the preliminary October reading from 55.2. 

New home sales totaled 738,000 in September (Briefing.com consensus 713,000) following a revised count of 709,000 in August (from 716,000).