Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.3%) and Nasdaq Composite (+0.5%) continue to hold modest gains as mega-cap and tech names move higher, while the DJIA now sits flat for the day. 

IBM (IBM 276.36, -11.14, -3.88%) is a notable laggard within the Dow, moving lower despite posting strong Q3 upside results, as investors appear uneasy about Red Hat's deceleration, limited guidance increases, and possible FX tailwinds boosting results.

Existing home sales increased 1.5% month-over-month in September to a seasonally adjusted annual rate of 4.06 million (Briefing.com consensus 4.05 million) from an unrevised 4.00 million in August. Sales were up 4.1% on a year-over-year basis.

The key takeaway from the report is that home sales in September were aided by falling mortgage rates, which eased (but did not negate) affordability constraints for some home buyers.