Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.3%), Nasdaq Composite (+0.1%), and DJIA (+0.6%) are modestly higher just after the open as the market responds to yesterday's selloff with broad opening gains.

Nine S&P 500 sectors trade higher, with the materials sector (+2.1%) out in front as precious metal prices rise again this week, helping Freeport-McMoRan (FCX 76.91, +5.69, +7.99%) become one of the best-performing S&P 50 components this morning.

Robinhood Markets (HOOD 107.59, +12.49, +13.13%) and Coinbase Global (COIN 188.70, +16.35, +9.48%) occupy the top spots on the S&P 500's leaderboard, with crypto-related stocks making another run higher as Bitcoin continues to rise following President Trump's push for Congress to pass the CLARITY Act.

Meanwhile, a handful of software names such as AppLovin (APP 303.11, -5.66, -1.83%) and select semiconductor names such as Teradyne (TER 370.44, -12.71, -3.32%) are the worst-performing S&P 500 components this morning, keeping the information technology sector (-0.1%) below its baseline and limiting gains at the index level.

On the data front, the flash August S&P Global U.S. Services PMI checked in at 56.8, from the prior reading of 54.6. The flash August S&P Global U.S. Manufacturing PMI came in at 53.2, from the previous level of 53.9.