Stock Market Update

[BRIEFING.COM] The stock market opened mostly higher, building on yesterday's post-election rally. The ongoing positive bias is supported by strength in the mega caps and chipmakers. The market-cap weighted S&P 500 sports a 0.5% gain while the equal-weighted S&P 500 shows a 0.1% gain.

Qualcomm (QCOM 176.79, +3.66, +2.1%) is a standout from the semiconductor space after reporting earnings. The PHLX Semiconductor Index (SOX) shows a 2.0% gain. This price action has contributed to the move in the information technology sector (+1.2%). It's among the leaders in the S&P 500, along with the consumer discretionary (+1.4%) and communication services (+1.0%) sectors. 

The financial sector is the worst performer so far, down 1.2% following yesterday's 6% surge. 

Market participants are waiting on the FOMC policy decision at 2:00 ET and Fed Chair Powell's press conference at 2:30 ET. Treasury yields are sinking in front of the announcement in response to economic data. The 10-yr yield is at 4.37% and the 2-yr yield is at 4.21%.

Wholesale inventories dropped 0.2% in September (Briefing.com consensus -0.1%) following a revised 0.2% increase in August (from 0.1%).