Stock Market Update

[BRIEFING.COM] The major indices wavered following the release of the weaker-than-expected Consumer Confidence Index for September at the top of the hour, but are trying to regain some stability. At the moment, they are standing mixed with the Dow and Russell 2000 outperforming the Nasdaq Composite and S&P 500, which have been weighed down by some weakness in the mega-cap space.

The Vanguard Mega-Cap Growth ETF (MGK) is down 0.6% following an opening 0.3% gain.

The Conference Board's Consumer Confidence Index fell to 98.7 in September (Briefing.com consensus 102.9) from an upwardly revised 105.6 (from 103.5) in August. September's decline was the largest since August 2021. The key takeaway from the report is that consumers' views of the current labor market situation continued to soften and became more pessimistic about future labor market conditions -- a sentiment that could weigh on consumer spending activity.

The 2-yr note yield, at 3.59% just before the release, has slid to 3.55%, down three basis points from yesterday's settlement. The 10-yr note yield, at 3.79% just before the release, has dropped to 3.75%, up one basis point from yesterday's settlement.