Stock Market Update

[BRIEFING.COM] The market opened mostly higher, powered by gains in mega cap names and inflows on the first trading day of the new month and quarter. The market-cap weighted S&P 500 is up 0.2% and the equal-weighted S&P 500 sports a 0.1% gain.

Market participants are digesting some economic data, including the S&P Global US Manufacturing PMI, which declined to 51.6 in the final June reading from 51.7. Construction spending dropped 0.1% in May (Briefing.com consensus +0.1%) following a 0.3% increase in April (revised from -0.1%). 

The ISM Manufacturing Index dropped to 48.5% in June (Briefing.com consensus 49.1%) from 48.7% in May.

Treasury yields turned higher in response. The 10-yr note yield, at 4.41% shortly before the data, sits at 4.44% now, which is nine basis points higher than Friday's settlement.