Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.3%), Nasdaq Composite (+0.1%), and DJIA (+0.4%) opened higher this morning, though the gains are modest in comparison to yesterday's retreat. 

Stocks received a boost after dovish commentary from New York Fed President John Williams (voting FOMC member) reinvigorated hopes of a December rate cut. 

Eight S&P 500 sectors trade higher, led by the communication services sector (+2.1%), which is supported by a strong gain from Alphabet (GOOG 300.34, +10.36, +3.57%). In comparison to other mega-cap names, the stock has been largely resilient to the recent AI momentum unwind. 

The health care sector (+1.0%) has also outperformed this month and continues to see some rotational interest early in today's trade. 

Meanwhile, the information technology sector (-0.3%) oscillates around its flat line.  

The preliminary November S&P Global U.S. Services PMI registered at 55.0, from a prior level of 54.8.

The preliminary November S&P Global U.S. Manufacturing PMI registered at 51.9, from a prior level of 52.5. 

Just released, the final University of Michigan Consumer Sentiment reading for November rose to 51.0 (Briefing.com consensus: 50.3) from the preliminary reading of 50.3.