Stock Market Update

[BRIEFING.COM] The stock market opened to upside action, boosted by gains in the mega cap space after Meta Platforms (META 526.53, +51.87, +10.9%) reported pleasing earnings results. 

Nine of the S&P 500 sectors are higher led by communication services (+3.3%), real estate (+1.2%), and materials (+0.8%). The energy sector shows the largest decline, down 0.9%. 

Earlier, the S&P Global US Manufacturing PMI rose to 49.6 in the final July reading from 49.5.

Construction spending decreased 0.3% in June (Briefing.com consensus 0.1%) following a revised 0.4% decline in May (from -0.1%).

The ISM Manufacturing Index dropped to 46.8% in July  (Briefing.com consensus 48.5%) from 48.5% in June.