Stock Market Update

[BRIEFING.COM] The broader market consolidated afternoon gains following the release of the Fed's February Beige Book, released at the bottom of the hour; the report showed that overall economic activity rose slightly since mid-January. Consumer spending was lower on balance, with reports of solid demand for essential goods mixed with increased price sensitivity for discretionary items, particularly among lower-income shoppers. Currently, the S&P 500 is in last place, albeit on gains of 68 points vs. losses of 36 points at today's lows.

• Among other notable points from the report, employment nudged slightly higher on balance, with four Districts reporting a slight increase, seven reporting no change, and one reporting a slight decline.
• Contacts in multiple Districts said rising uncertainty over immigration and other matters was influencing current and future labor demand.
• Prices increased moderately in most Districts, but several Districts reported an uptick in the pace of increase relative to the previous reporting period. Many Districts noted that higher prices for eggs and other food ingredients were impacting food processors and restaurants. Firms in multiple Districts noted difficulty passing input costs on to customers. However, contacts in most Districts expected potential tariffs on inputs would lead them to raise prices, with isolated reports of firms raising prices preemptively.
• Overall expectations for economic activity over the coming months were slightly optimistic.

Currently, the yield on the benchmark 10-yr treasury note is is about 4 basis points at 4.283%.