Stock Market Update from Briefing.com
[BRIEFING.COM] Equity indices have added to their opening gains in early action. The S&P 500 now trades higher by 0.6% after opening with a gain of 0.3%.
Nine of eleven sectors hover in the green with the lightly-weighted utilities (-0.3%) and real estate (-0.1%) spaces being the only exceptions. Chipmakers show relative strength again today, evidenced by the 1.0% increase in the PHLX Semiconductor Index. A win today would mark the SOX's fourth victory of the week. The technology sector (+0.6%) trades just a tick ahead of the broader market.
The energy sector (+0.9%) trades at the top of the day's leaderboard as crude oil climbs above its overnight high. The energy component is up 1.7% at $50.48/bbl.
[BRIEFING.COM] The major averages open Friday's session modestly higher with the S&P 500 (+0.4%) moving above its 50-day simple moving average (2,369).
Cyclical groups have shown relative strength in the early going with the industrials (+0.7%), materials (+0.7%), and technology (+0.7%) groups leading the advance. On the flip side, the utilities (-0.5%), real estate (-0.4%), and telecom services (-0.1%) spaces underperform.
U.S. Treasuries hover a tick below their flat lines with the benchmark 10-yr yield (2.24%) adding two basis points. The CBOE Volatility Index (VIX 13.29, -1.37, -9.4%) also reflects an improvement in risk tolerance.
9:16 am: [BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +21.10.
The equity market is on tr....