Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.3%), Nasdaq Composite (+0.3%), and DJIA (+0.3%) maintain their modest early gains as the broader market remains mostly higher. 

Advancers outpace decliners by a roughly 5-to-3 ratio on the NYSE and a roughly 7-to-5 clip on the Nasdaq. The positive breadth is a welcome sight to a market that has seen thin leadership from its largest names as of late.

Though it is still early in the session, the market-weighted S&P 500 (+0.2%), the S&P 500 Equal Weighted Index (+0.3%), and the Vanguard Mega Cap Growth ETF (+0.2%) hold similar gains, reflecting a nice balance of mega-cap strength with parity across the broader market. 

The ISM Services PMI increased to 52.4% in October (Briefing.com consensus 50.9%) from 50.0% in September. The dividing line between expansion and contraction is 50.0%, so the October reading reflects services sector activity accelerating from the prior month.

The key takeaway from the report is that it is not a data point that falls in favor of a rate cut in December. Business activity for the nation's largest sector accelerated in October, while the prices index (which measures prices paid for materials and services by services organizations) hit its highest level in three years.