Stock Market Update

[BRIEFING.COM] The stock market opened to broad-based gains that sent the S&P 500 (+0.9%), Nasdaq Composite (+1.2%), and DJIA (+0.9%) to new all-time highs. 

The top-weighted information technology sector (+1.2%) once again provides strong leadership, with chipmakers moving higher after Intel's (INTC 39.66, +1.50, +3.93%) earnings beat. The PHLX Semiconductor Index is up 1.9%. 

The financials (+1.2%) and communication services (+1.4%) sectors also hold gains wider than 1.0%. Only the materials (-0.3%) and consumer staples (-0.1%) sectors trade lower. 

Meanwhile, the small-cap Russell 2000 (+1.4%) and S&P Mid Cap 400 (+1.1%) outperform, with a cooler-than-expected September CPI (0.3%; Briefing.com consensus: 0.4%) adding an additional tailwind by cementing expectations for further policy easing. 

In other data news, the preliminary October S&P Global U.S. Services PMI registered at 55.2, from a prior level of 54.2. The preliminary October S&P Global U.S. Manufacturing PMI checked in at 52.2, from a prior reading of 52.0. 

Just released, the final University of Michigan Consumer Sentiment reading for October checked in at 53.6 (Briefing.com consensus: 55.0) versus the preliminary reading of 55.0.