Stock Market Update

[BRIEFING.COM] The information technology sector (+0.4%) and PHLX Semiconductor Index (+0.5%) have both given up over half of their early gains, forcing the S&P 500 (flat) and Nasdaq Composite (flat) back to their base lines. Microsoft (MSFT 514.11, +16.18, +3.25%) remains near its opening highs, keeping the DJIA (+0.3%) in positive territory.

The final reading for the University of Michigan Consumer Sentiment Index for September increased to 48.1 (Briefing.com consensus: 47.8) from the preliminary reading of 47.8. The final reading for August was 51.7. In the same period a year ago, the index stood at 55.1. The key takeaway from the report is that high prices continue to adversely affect consumer sentiment, souring the short-run outlook for business conditions and expectations for year-ahead personal finances.