Stock Market Update

[BRIEFING.COM] The stock market opened to solid gains. The major indices are higher by 1.0% or more. Market participants are reacting to the June Personal Income and Spending report, which went the market's way in terms of inflation numbers.

Broad buying activity has 25 of the 30 Dow components trading higher, led by 3M (MMM 119.39, +16.05, +15.9%) after reporting earnings. 

Positive responses to other earnings news has contributed to the upside bias, along with rebound action in some mega cap names and semiconductor shares. 

The 11 S&P 500 sectors show gains ranging from 0.1% (communication services) to 1.8% (industrials).

The University of Michigan Consumer Sentiment survey rose to/fell to x in the final July reading (Briefing.com consensus 66.0) from 66.0 in the preliminary reading.

Treasury yields moved lower after the 8:30 ET data, acting as support for equities.