Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.8%), Nasdaq Composite (+1.1%), and DJIA (+0.5%) hold solid gains shortly after the open as the top-weighted information technology sector (+1.7%) surges higher. 

The opening gains put the sector in modestly positive territory for the week as the sector expands on yesterday's strength. 

In particular, Micron (MU 267.02, +18.47, +7.43%) continues its post-earnings surge, while Oracle (ORCL 192.97, +12.94, +7.19%) holds a similar gain after reports that TikTok has finalized a binding agreement to transfer its U.S. operations to an American-led investor group.

Similar to yesterday's action, a strong majority of the sector's largest components trade higher. However, the mega-caps are relatively flat elsewhere. 

Eight S&P 500 sectors hold gains, though the technology sector is the only sector with a gain wider than 0.7%. Losses in the three sectors that trade lower are contained to 0.2% or narrower. 

Just released, existing home sales increased 0.5% month-over-month in November to a seasonally adjusted annual rate of 4.13 million (Briefing.com consensus 4.10 million) from an upwardly revised 4.11 million (from 4.10 million) in October.

The final University of Michigan Consumer Sentiment reading for December decreased to 52.9 (Briefing.com consensus: 53.3) from the preliminary reading of 53.3.