Solid open amid encouraging earnings news, economic data
The major indices are off to positive starts, supported by positive-sounding earnings news and economic data. The S&P 500 is up 0.9%, the Nasdaq Composite is up 1.0%, and the Dow Jones Industrial Average is up 1.1%. All 11 S&P 500 sectors are trading higher, led by health care (+1.6%), information technology (+1.0%), energy (+1.0%), and materials (+1.0%). The utilities sector (+0.4%) underperforms on a relative basis with a 0.4% gain. The 10-yr yield is down two basis points to 1.53% amid better-than-feared PPI data for September and better-than-expected weekly claims data. The 2-yr yield is down one basis point to 1.36%. The U.S. Dollar Index is down 0.1% to 93.95. WTI crude futures are up 0.5% to $80.81/bbl.