Stock Market Update

[BRIEFING.COM] The broader market was unfazed by the release of the Fed's Beige Book, published at the bottom of the hour; the report showed that economic activity was little changed since the previous report, but uncertainty around international trade policy was pervasive across reports. Just five Districts saw slight growth, three Districts noted activity was relatively unchanged, and the remaining four Districts reported slight to modest declines. Currently, the S&P 500 (+1.96%) is in second place, consolidating afternoon gains.

• Among other notable points from the report, employment was little changed to up slightly in most Districts, with one District reporting a modest increase, four reporting a slight increase, four reporting no change, and three reporting a slight decline. his is a slight deterioration from the previous report with a few more Districts reporting declines. Hiring was generally slower for consumer-facing firms than for business-to-business firms.
• Several Districts reported that firms were taking a wait-and-see approach to employment, pausing or slowing hiring until there is more clarity on economic conditions. In addition, there were scattered reports of firms preparing for layoffs.
• Prices increased across Districts, with six characterizing price growth as modest and six characterizing it as moderate, similar to the previous report.
• The outlook in several Districts worsened considerably as economic uncertainty, particularly surrounding tariffs, rose.

Currently, the yield on the benchmark 10-yr treasury note has now turned positive on the session, but only just at 4.399%.