Stock Market Update

[BRIEFING.COM] The stock market remains near session highs.

Existing home sales decreased 2.5% month-over-month in August to a seasonally adjusted annual rate of 3.86 million (Briefing.com consensus 3.90 million) from an upwardly revised 3.96 million (from 3.95 million) in July. Sales were down 4.2% from the same period a year ago.

The key takeaway from the report is that more inventory is becoming available with mortgage rates dropping, yet it is still a tight market, evidenced by the ongoing increase in the median home price.

The 10-yr yield sits at 3.73% and the 2-yr yield is at 3.59%.