US stocks up despite poor ISM data, tech shares gain on Nasdaq rebalancing

US stocks are up despite the poor ISM Services PMI data. The market is being led by tech shares that benefited from the Nasdaq 100 index’s announced rebalancing.

The Dow Jones Industrial Average is unchanged at 12,399.43 at 10:55 a.m. EST. The S&P 500 Index is up 1.16 points, or 0.09 percent, to trade at 1,334.03. The Nasdaq Composite rose 0.32 percent.

Tech shares are up as the announced rebalancing of Nasdaq 100 index will give several large tech companies a boost. The rebalancing takes weighting away from Apple (NASDAQ:AAPL) and shifts it to companies like Microsoft (NASDAD:MSFT), Cisco (NASDAQ:CSCO), and Intel (NASDAQ:INTC),

Apple is down 0.02 percent, Microsoft is up 1.47 percent, Cisco is up 1.70 percent, and Intel is up 1.64 percent.

At 10:00 a.m., disappointing ISM Services PMI data was released; it was below expectations and below the reading in the previous month. However, the market, which was trading negative before the release of the ISM report and for a short period after it, has shrugged off this disappointment.