Stock Market Update

[BRIEFING.COM] The three major equity indices opened higher. The S&P 500 sports a 0.4% gain, the Dow Jones Industrial Average is 0.1% higher than yesterday, and the Nasdaq Composite trades 0.7% higher. 

Strength in the semiconductor space, stemming from a huge earnings-related gain in Broadcom (AVGO 219.93, +39.31, +21.7%), has boosted the major indices. The PHLX Semiconductor Index (SOX) shows a 3.9% gain. 

There's a negative bias under the index surface amid rising market rates, which has kept buying efforts in check. The 10-yr Treasury note yield is up four basis points to 4.36% and the 2-yr yield is up three basis points to 4.22%.

Decliners lead advancers by a 2-to-1 margin at the NYSE and by a 3-to-2 margin at the Nasdaq. Eight of the S&P 500 sectors trade lower. The materials (-0.9%) sector shows the largest decline while the information technology sector trades 1.3% higher thanks to AVGO and other semiconductor-related names. Apple (AAPL) also trades higher.