Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+1.0%), and DJIA (+0.1%) hold gains shortly after the open as several mega-cap and tech names trade higher, while the broader market is mixed.

Amazon (AMZN 248.96, +26.10, +11.71%) surges to a double-digit gain after topping earnings estimates, pushing the consumer discretionary sector (+4.7%) remarkably higher. Tesla (TSLA 448.93, +8.83, +2.01%) also contributes to the gain, as does Netflix (NFLX 1121.26, +32.26, +2.96%), which announced a 10-to-1 stock split and has shown interest in acquiring Warner Bros. Discovery (WBD 22.06, +0.44, +2.06%). 

The information technology sector (+0.3%) holds a more modest gain. Apple (AAPL 270.48, -0.92, -0.34%) trades slightly lower after beating earnings expectations, while Microsoft (MSFT 520.51, -5.25, -1.00%) continues to see post-earnings weakness. 

NVIDIA (NVDA 205.65, +2.76, +1.36%) is up nicely, with the PHLX Semiconductor Index up 1.0% in the early going. 

In total, five S&P 500 sectors trade higher. Losses are relatively modest across the six retreating sectors, with the materials sector (-0.9%) holding the widest loss.

The October Chicago PMI expanded to 43.8 (Briefing.com consensus 42.0) from a prior level of 40.6.