Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.9%), Nasdaq Composite (+0.9%), and DJIA (+0.0%) maintain their solid opening gains an hour after the open. 

Strength in the broader market sees the S&P 500 Equal Weighted Index (+1.1%) slightly outperform its market-weighted counterpart.

However, the market's weightiest names are still posting a solid rebound effort from considerable weakness yesterday. The Vanguard Mega Cap Growth ETF is up 0.6%. Tesla (TSLA 427.42, +8.16, +1.95%) is a top-mover, providing solid leadership for the consumer discretionary (+1.0%) sector. 

The Department of Commerce released construction spending data for September and October as it continues to play catch-up from the government shutdown. For September, construction spending declined 0.6% month-over-month following an upwardly revised 0.4% increase (from 0.2%) in August. For October, construction spending jumped 0.5% month-over-month (Briefing.com consensus: 0.2%).

Total private construction was up 0.6% month-over-month in October, while total public construction was up 0.1% month-over-month.

On a year-over-year basis, total construction spending was down 1.0%.The key takeaway from the report is that the rebound in October was driven by residential spending and specifically private residential improvements.