Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.3%), Nasdaq Composite (+0.5%), and DJIA (+0.2%) hold modest gains shortly after the open as the stock market displays relatively broad early strength. 

Seven S&P 500 sectors trade higher, with the communication services sector (+1.1%) building on yesterday's strength as Alphabet (GOOG 255.59, +3.88, +1.54%) holds another nice gain

The information technology sector (+0.6%) holds a decent gain, supported by strength in chipmaker names after Taiwan Semiconductor Manufacturing (TSM 301.55, -3.16, -1.04%) reported strong AI demand in its Q3 earnings report.

Meanwhile, the financials sector (-0.8%) trades lower, facing pressure in its insurance brokers components. Travelers (TRV 261.12, -8.33, -3.09%) moves lower despite an earnings beat, while Progressive (PGR 225.63, -0.87, -0.38%) was one of yesterday's biggest laggards after an earnings miss. 

Just released, the NAHB Housing Market Index expanded to 37 in October (Briefing.com consensus: 33) from a prior reading of 32.