Stock Market Update

[BRIEFING.COM] The stock market got off to a good start, as projected by the equity futures market. The information technology sector (+1.2%) has taken the lead, bolstered by the response to earnings reports from Dell (DELL 113.42, +2.68, +2.4%), Autodesk (ADSK 269.60, +11.37, +4.4%), Marvell (MRVL 74.47, +4.64, +6.6%), and MongoDB (MDB 285.82, +40.10, +16.3%). Separately, NVIDIA (NVDA 120.77, +3.18, +2.7%) is also on the rebound.

All sectors are higher except the energy sector (-0.7%). It is down along with oil prices ($74.09, -1.82, -2.4%), which are under pressure following a Reuters report that OPEC+ is likely to increase its output by 180,000 barrels per day in October.

On the economic front, the August Chicago PMI checked in at 46.1 versus 45.3 in July. A number below 50.0 is indicative of a contraction in activity; however, the improvement versus July suggests the pace of contraction slowed in August.

The final reading for the August University of Michigan Index of Consumer Sentiment crossed at 67.9 (Briefing.com consensus 67.8) versus the preliminary reading of 67.8.