Stock Market Update

[BRIEFING.COM] The stock market opened to mixed action at the index level. The S&P 500 (+0.4%) and Nasdaq Composite (+0.4%) have traded above and below prior closing levels, but market breadth has been positive positive. Advancers lead decliners by a nearly 2-to-1 margin at the NYSE and by a 4-to-3 margin at the Nasdaq. 

The upside bias is driven by buy-the-dip interest after losses in recent sessions.

The S&P Global US Services PMI rose to 51.0 in the final February reading from 49.7. The dividing line between contraction and expansion is 50.0. 

Just in, the ISM Services Index increased to 53.5% in February (Briefing.com consensus 53.0%) from 52.8%. 

Factory orders rose 1.7% in January (Briefing.com consensus 1.3%).