Stock Market Update

[BRIEFING.COM] The broader market is little changed following the Fed's January Beige Book, released at the bottom of the hour; the report showed economic activity increased slightly to moderately across the twelve Federal Reserve Districts in late November and December. Also, employment ticked up on balance, with six Districts reporting a slight increase and six reporting no change; additionally, prices increased modestly overall, with growth rates ranging from flat to moderate. Currently, the S&P 500 (+1.81%) is in second place, up about 105 points.

• Among other notable points from the report, manufacturing decreased slightly on net, and a number of Districts said manufacturers were stockpiling inventories in anticipation of higher tariffs.
• The spread of avian flu reduced egg supplies and pushed up prices.
• More contacts were optimistic about the outlook for 2025 than were pessimistic about it, though contacts in several Districts expressed concerns that changes in immigration and tariff policy could negatively affect the economy.

Currently, the yield on the benchmark 10-yr treasury note is down about 14 bps to 4.656%.