Wall Street opens higher as S&P 500 gains 0.60% and Nasdaq 100 rises 0.74%

US stocks opened higher on Monday, November 2, with the S&P 500 at 7625.29 at 09:45 in New York, up 0.60%. The Nasdaq 100 gained 0.74% to 28596.13.

What happened

The S&P 500 gained 45.22 points from its previous close of 7580.07. The Nasdaq 100 added 211.28 points from 28384.85. Technology-heavy shares led the early advance, as the larger percentage move in the Nasdaq 100 shows.

The CBOE Volatility Index stood at 18.98 in intraday trading, down 0.44 points, or 2.27%, from 19.42 at the previous close. A lower reading means options markets priced slightly less near-term turbulence than at the end of the prior session.

In single-stock news, The Estée Lauder Companies reported results before the opening bell. Earnings per share were 0.72 USD, against an estimate of 0.51 USD. Revenue was 3.72 billion USD, against an estimate of 3.65 billion USD.

Why it matters

The first minutes of a session show how investors position after the weekend. A broad gain across both main US indexes, together with a softer volatility gauge, points to a calm start rather than a defensive one.

The Estée Lauder report gives a read on consumer-facing companies in the beauty sector. Quarterly earnings and revenue are both figures that markets track closely, because they show whether demand and pricing are holding up.

The day also brings a key economic release. The ISM Manufacturing PMI for October is scheduled for 15:00 UTC. The previous reading was 54.5, and the estimate is 54.6. The survey is one of the earliest monthly gauges of US factory activity.

For investors, the opening data describe where the main indexes and volatility stand. They are a snapshot of one early moment, and levels can change as the session develops.

What to watch next

The ISM Manufacturing PMI is the main scheduled event of the morning. Market participants will compare the actual figure with the 54.6 estimate and the 54.5 previous reading. Any move in the index after the release will show how the market reads the data.

The VIX is the second reference point. It stood at 18.98 at 14:45 UTC, below the previous close of 19.42. Its direction after the PMI release will show whether the calm start holds.

Further company reports and the rest of the session will show whether the early gains in the S&P 500 and the Nasdaq 100 are kept through the afternoon until the 16:00 close.