Stock Market Update

[BRIEFING.COM] As expected, the stock market started today's session with a higher orientation, riding the enthusiasm for Micron's (MU 112.12, +16.36, +17.1%) better-than-expected earnings results and guidance, and China touting the possibility of additional policy stimulus.

It didn't hurt either that the economic releases before the open -- weekly initial and continuing jobless claims, Q2 GDP third estimate, and August Durable Goods Orders -- all corroborated a soft landing/no landing economic view.

Given the main news drivers, it is only fitting that the early outperformance is found in the information technology (+1.3%), materials (+1.8%), and industrials (+1.0%) sectors. The Philadelphia Semiconductor Index is up 3.5%. The S&P 500 has vaulted to a new record high.

Just in, pending home sales were up 0.6% in August (Briefing.com consensus 1.0%) versus -5.5% in July.