Stock Market Update

[BRIEFING.COM] The stock market opened to solid gains that pushed the S&P 500 (+1.9%), Nasdaq Composite (+2.5%), and DJIA (+1.8%) back above their 50-day moving averages. 

Stocks rallied in response to NVIDIA's (NVDA 195.16, +8.64, +4.63%) earnings report yesterday after the close. The company topped expectations and delivered robust guidance, which has restored some momentum to the AI trade. 

The PHLX Semiconductor Index is up 2.6%, and the Vanguard Mega Cap Growth ETF is up 2.4%, driving the index-level gains. The information technology (+2.8%) and communication services (+2.7%) sectors are at the top of this morning's leaderboard, as Alphabet (GOOG 305.12, +12.13, +4.14%) is yet again a standout.

The broader market is also trending higher, with all eleven S&P 500 sectors holding gains. Seven of those sectors hold gains of 1.0% or wider. 

Stocks are also boosted by an increase in December rate-cut odds. This morning's batch of employment data was a mixed bag that showed recent improvements to the labor market but some hefty downward revisions to previous levels. All told, the CME FedWatch Tool now assigns a 43.8% probability to a December rate cut after odds had slipped below 30% this morning. 

Just released, October Existing Home Sales increased to 4.10 mln (Briefing.com consensus 4.08 mln) from a downwardly revised prior level of 4.05 (from 4.06 mln).