Stock Market Update

[BRIEFING.COM] The S&P 500 trades near its flat line, the Nasdaq Composite sports a 0.1% gain, and the Dow Jones Industrial Average trades fractionally higher.

The Conference Board's Consumer Confidence Index jumped to 108.7 in October (Briefing.com consensus 99.0) from an upwardly revised 99.2 (from 98.7) in September. The increase in October marked the strongest monthly gain since March 2021.

The key takeaway from the report is that the increase in confidence in October was broad-based across all age groups and most income groups, and featured a substantially more optimistic view about future business conditions than the prior month. That sets up to be a supportive component for consumer spending.

Treasury yields moved slightly lower after the data. The 10-yr yield moved from 4.33% to 4.30% and the 2-yr yield moved from 4.17% to 4.13%.