Stock Market Update

[BRIEFING.COM] The stock market trades modestly higher, building on last week's gains. The S&P 500 shows a 0.3% gain and the Nasdaq Composite sports a 0.3% gain. 

The upside bias is driven by ongoing optimism that the economy is heading for a soft landing and the Fed will adjust rates as needed to secure that outcome. Many stocks are participating in gains, leading the Invesco S&P 500 Equal Weight ETF (RSP) to trade 0.3% higher.

This morning's data featured the preliminary S&P Global US Manufacturing PMI, which declined to 47.0 in September from 47.9 in August, and the preliminary S&P Global US Services PMI, which declined to 55.4 in September from 55.7 in August. 

Treasury yields are higher after the data. The 10-yr yield, at 3.75% earlier, is up six basis points from Friday at 3.79%. The 2-yr yield, at 3.58% earlier, is up four basis points from Friday at 3.62%.