Stock Market Update

[BRIEFING.COM] The stock market opened higher, reflecting ongoing buy-the-dip interest after the S&P 500 (+0.4%) entered correction territory last week. 

Gains in some mega caps names have provided support to the broader equity market, yet many stocks have participated in upside moves thus far. Nine of the 11 S&P 500 sectors trade higher led by energy (+1.4%), real estate (+1.1%), and consumer staples (+1.0%).

The market is overlooking some soft economic data in the form of Retail Sales for February, which showed a smaller-than-expected increase following a soft report last month. Also, the New York Fed Empire State Manufacturing Survey contained some unnerving inflation news juxtaposed with a disappointing reading on business activity.

Other data this morning include business inventories, which rose 0.3% in January (Briefing.com consensus 0.3%).

The NAHB Housing Market Index dropped to 39 in March (Briefing.com consensus 43) from 42.