Stock Market Update

[BRIEFING.COM] The stock market is in rally mode and Treasury yields are lower after news that President-elect Trump nominated Scott Bessent for Treasury Secretary. The S&P 500 sports a 0.5% gain and the 10-yr yield is down 11 basis points to 4.30%.

Volume is slightly below-average thus far at the NYSE in front of the holiday this week. Markets will be closed Thursday for Thanksgiving Day and the stock market will close at 1:00 p.m. ET on Friday. 

Many stocks have participated in upside move, leading the Invesco S&P 500 Equal Weight ETF (RSP) to trade 1.1% higher and nine of the S&P 500 sectors to trade up. The consumer discretionary sector trades at the top of the leaderboard (+1.5%) followed by real estate (+1.2%), which is responding to the drop in yields. 

The information technology sector is one of the only sectors trading lower, clipped by losses in NVIDIA (NVDA 137.74, -4.21, -3.0%) and Microsoft (MSFT 415.92, -1.08, -0.3%).