Stock Market Update

[BRIEFING.COM] The major averages remain at session lows at midday.

Fair Isaac (FICO 616.53, -224.36, -26.68%) is the worst-performing S&P 500 component today following a mortgage-pricing announcement from FHFA Director Bill Pulte. Pulte said Fannie Mae (FNMA 4.32, -0.08, -1.82%) and Freddie Mac (FMCC 3.96, -0.04, -1.00%) will move to a single pricing grid that incorporates VantageScore alongside the existing FICO Classic model, increasing competition in a market where FICO has long held a dominant position. Additionally, Rocket Companies (RKT 11.74, +0.10, +0.82%) said it will adopt VantageScore 4.0 as the default model for all eligible loans beginning in the fourth quarter.

Meanwhile, Walmart (WMT 105.82, -2.91, -2.68%) is the worst-performing Dow component after Target (TGT 155.71, -2.72, -1.72%) announced permanent price reductions on nearly 2,000 apparel, footwear, accessories, and home products ahead of the holiday season. The move arrives as September consumer confidence fell to its lowest level since 2014, signaling that increasingly budget-conscious shoppers may require deeper value propositions before spending on discretionary categories. Target's initiative could pressure Walmart to remain aggressive on general-merchandise pricing, potentially squeezing margins even as lower prices help defend traffic, market share, and its value-leader positioning.