Stock Market Update

[BRIEFING.COM] The stock market has exhibited lackluster action thus far. There's not a lot of conviction from buyers or sellers after a big run in equities in recent weeks. Advancers lead decliners by a 3-to-2 margin at the NYSE and decliners lead advancers by a 4-to-3 margin at the Nasdaq. 

Market participants are still optimistic about a soft landing scenario for the economy and about the Fed cutting rates as needed to help ensure that outcome. There's also some consolidation interest, though, following solid gains last week. 

The Russell 2000 has exhibited consolidation activity, trading 0.4% lower after rising 2.1% last week. 

Today's lackluster action has also been influenced by the ebb and flow of mega cap stocks. NVIDIA (NVDA 115.52, -0.47, -0.4%) is a standout in that respect, trading up as much as 0.8% at its high and trading down as much as 1.0% at its low. 

This price action has weighed down the S&P 500 information technology sector, which trades 0.3% lower. The health care (-0.4%) and communication services (-0.03%) sectors are also lower.

The remaining eight sectors show gains ranging from 0.1% (financials) to 1.0% (consumer discretionary).

The 10-yr yield is unchanged at 3.73% and the 2-yr yield is unchanged at 3.57%.

Reviewing today's economic data:

• September S&P Global US Manufacturing PMI - Prelim 47.0; Prior 47.9
• September S&P Global US Services PMI - Prelim 55.4; Prior 55.7