Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+1.0%), and Dow Jones Industrial Average (+0.01%) trade above prior closing levels, fueled by gains in mega cap stocks and semiconductor shares. 

The PHLX Semiconductor Index (SOX) shows a 0.8% gain and the Vanguard Mega Cap Growth ETF (MGK) shows a 1.0% increase. 

Treasury yields are relatively steady in the wake of this morning's economic releases, which has acted as support for equities. The 10-yr yield and 2-yr yield sit at 3.75%, which is two basis points lower than yesterday. 

Earlier, the S&P Global US Services PMI rose to 55.7 in the final August reading from 55.5. 

The ISM Services Index rose to 51.5% in August (Briefing.com consensus 51.0%) from 51.4%.