Stock Market Update

[BRIEFING.COM] The stock market opened to gains after a much stronger than expected jobs report for September. The report has the market feeling good about a soft landing scenario for the economy and about the Fed's rate cuts. The major indices show gains ranging from 0.4% to 0.6%.

Only three S&P 500 sectors trade lower, including the rate-sensitive real estate (-1.0%) and utilities (-1.0%) sectors amid rising market rates. The 10-yr yield is up nine basis points to 3.94% and the 2-yr yield is up 14 basis points to 3.85%.

The jump in rates hasn't deterred buying in the stock market, which also reflects some buy-the-dip interest after this week's losses. Advancers lead decliners by a nearly 2-to-1 margin at the NYSE and by a 5-to-2 margin at the Nasdaq. 

The equal-weighted S&P 500 shows a 0.6% gain versus a 0.5% gain in the market-cap weighted index.