Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.8%) trades near its best level of the session with its 50-day moving average (7698) looming just above, thanks in large part to a solid rebound in the top-weighted technology sector (+1.7%), though six of the remaining ten sectors also trade in positive territory.

The market has started this week on an upbeat note with no interference from economic data, but the next few days will feature a full economic calendar. Tomorrow, the market will receive the September Durable Orders (Briefing.com consensus 1.0%; prior 0.0%) and October Consumer Confidence (Briefing.com consensus 80.5; prior 81.9), followed by the latest FOMC Statement on Wednesday. Thursday will also be busy with the market set to receive the advance reading of Q3 GDP (Briefing.com consensus 3.0%; prior 2.2%), September Personal Income (Briefing.com consensus 0.3%; prior 0.2%), and September PCE Prices (Briefing.com consensus 0.5%; prior 0.3%) at 8:30 ET. In addition, nearly 200 S&P 500 companies will report their quarterly results this week.

Treasuries have seen limited movement today, leaving the 10-yr yield (-1 bp to 4.98%) just below its 50-day moving average (4.989%) while the 2-yr yield is up four basis points at 4.72% amid some pressure following today's soft $69 bln 2-yr note offering.