Stock Market Today: Market Rises As UM Consumer Sentiment Surprises

Economic Data - The preliminary University of Michigan Consumer Sentiment report for October showed a top-line figure of 55, slightly down from 55.1 in September, but above the expected 54.2 [2][3] - Current expectations increased to 61 from 60.4, indicating a stable confidence in the present economy, while future expectations declined to 51.2 from 51.7, reflecting a more pessimistic outlook [3] - Inflation expectations remained stable, with consumers anticipating a 4.6% rise over the next year and 3.7% over the next five years [4] Stock Market Performance - The U.S. stock market opened with the Dow up by 0.59%, while the S&P 500, Nasdaq, and Russell 2000 also showed positive movements [5] - Strong earnings reports from companies like Delta, PepsiCo, and Levi Strauss contributed to a positive sentiment, with Delta benefiting from premium seat revenue and higher airfares, PepsiCo seeing increased volume, and Levi Strauss leveraging e-commerce and price hikes [6] Market Sentiment - Despite positive earnings reports, there was a tepid mood among tech stocks, particularly following news of a potential cyberattack affecting enterprises using certain Oracle software [6][7]