Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.4%) and Nasdaq Composite (+0.8%) hold on to their decent opening gains shortly after the open, while the DJIA (-0.1%) has retreated beneath its flatline.

The information technology sector (+1.0%) leads the four advancing S&P 500 sectors, with the PHLX Semiconductor Index adding 1.4% in the early going. 

Strength in mega-cap names also seats the communication services (+0.8%) and consumer discretionary (+0.3%) sectors with early gains. 

Meanwhile, the energy sector (-1.6%) lags as crude oil prices have fallen $1.93 to $63.79 per barrel, a decrease of 2.9%. Bloomberg reports that OPEC+ is considering at least a 137,000-barrel-per-day increase in its output in November.

The defensive utilities (-0.5%), health care (-0.4%), and consumer staples (-0.4%) are also under pressure.

In earnings news, Carnival (CCL 29.98, -0.64, -2.09%) beat EPS expectations by $0.11, reported revenues in-line, and guided Q4 and FY25 EPS above consensus. 

Just released, pending home sales increased 4.0% month over month in August (Briefing.com consensus 0.5%) following an upwardly revised 0.3% decline in July (from -0.4%).