Stock Market Update

[BRIEFING.COM] The stock market opened to mixed action at the index level. The S&P 500 and Nasdaq Composite trade up 0.1% and 0.7%, respectively, thanks to gains in chipmakers and mega caps. The underlying vibe is negative, though, leading the equal-weighted S&P 500 to trade 0.5% lower. 

Rising market rates have kept pressure on equities after a stellar showing in November that led the S&P 500 and DJIA to record highs last week. The 2-yr yield is at 4.22% and the 10-yr yield is at 4.23%.

Rates were already elevated compared to Friday and moved up again in response to the S&P Global US Manufacturing PMI, which rose to 49.7 in November from 48.5. A sub-50 reading indicates contraction in the manufacturing sector. 

The ISM Manufacturing Index rose to 48.4% in November (Briefing.com consensus 47.6%) from 46.5%. Also, construction spending rose 0.4% in October (Briefing.com consensus 0.1%) following a 0.1% increase in September.