Stock Market Update

[BRIEFING.COM] The stock market opened higher, benefitting from buy-the-dip interest after yesterday's tech-led selloff. The S&P 500 sports a 0.8% gain and the Nasdaq Composite trades 1.1% higher. Amazon.com (AMZN 198.06, +11.67, +6.3%) is an influential winner after reporting earnings, providing some support to offset the earnings-related decline in Apple (AAPL 224.35, -1.55, -0.7%).

Many names are participating in upside moves, which have been aided by dropping market rates. The equal-weighted S&P 500 sports a 0.5% gain and nine of the 11 S&P 500 sectors trade higher.

The 10-yr yield is at 4.28% and the 2-yr yield is at 4.13%. The market responded favorably to the soft October jobs report. Other data today include the ISM Manufacturing Index for October, which dropped to 46.5% (Briefing.com consensus 47.6%) from 47.2% in September. 

The S&P Global US Manufacturing PMI rose to 48.5 in the final October reading from 47.8 in the prior reading. Construction spending rose 0.1% in September (Briefing.com consensus 0.0%) following a 0.1% increase in August (from -0.1%).