Stock Market Update

[BRIEFING.COM] As expected, the major indices began today's session on a lower note. The main pressure point from a performance perspective is the information technology sector (-0.7%), which is the market's most heavily-weighted sector.

Added pressure, however, is being applied by the Treasury market, where yields continue to rise. The 2-yr note yield is up three basis points to 4.07% and the 10-yr note yield is up six basis points to 4.26%.

The bump in yields is contributing to valuation concerns that have slowed buying efforts.

Just in, September existing home sales decreased 1.0% month-over-month to 3.84 million units (Briefing.com consensus 3.90M) from an upwardly revised 3.88 million (from 3.86 million) in August.