Stock Market Update

[BRIEFING.COM] The broader market didn't break stride following the release of the government's budget which showed a consistent rise these past few months in outlays related to the global coronavirus pandemic. The major averages are at session lows at this point with the benchmark S&P 500 (-1.82%) firmly in second place.

The Treasury Budget for April showed a deficit of $225.58 bln versus a deficit of $738.02 bln a year ago. The Treasury Budget data is not seasonally adjusted, so the April deficit cannot be compared to the deficit of $659.60 bln for March.

Total receipts of $439.19 bln increased 81.6% compared to last year while total outlays of $664.77 bln were down about 32.2% compared to last year.

The total year-to-date budget deficit now stands at $1.93 trln, up some +67% y/y, vs $1.48 trln at this point a year ago.