Stock Market Update

[BRIEFING.COM] The stock market opened to gains as investors wait on today's election results. The S&P 500 sports a 0.8% gain and the Nasdaq Composite trades 1.1% higher. Gains in the mega cap and semiconductor spaces have contributed to the upside moves.

The PHLX Semiconductor Index (SOX) shows a 1.6% gain and the Vanguard Mega Cap Growth ETF (MGK) shows a 1.1% gain. Many stocks are participating in upside moves, leading all 11 S&P 500 sectors to trade higher. 

Three sectors are higher by more than 1.0% led by information technology (+1.3%). The health care sector shows the slimmest gain, up 0.1%. 

Treasury yields are slightly higher following some economic releases, but that hasn't deterred buyers in the stock market. The 10-yr yield is up four basis points to 4.35% and the 2-yr yield is up five basis points to 4.23%.

The S&P Global US Services PMI declined to 55.0 in the final October reading from 55.2. Also, the ISM Services PMI jumped to 56.0% in October (Briefing.com consensus 53.5%) from 54.9%.