Stock Market Update

[BRIEFING.COM] The major indices are mixed in early action, restrained somewhat by valuation concerns that are percolating with long-term rates rising and a general sense that they are due for a period of consolidation after a big run.

Relative strength in the semiconductor space, along with some of the mega-cap stocks, has been an underpinning factor in the early going for the stock market, which has also turned its attention to a wave of policy stimulus measures out of China.

The People's Bank of China said the 7-day reverse repurchase rate will be lowered by 20 basis points to 1.50%, the required reserve ratio will be cut by 50 basis points, the down payment requirement for second-home buyers will be reduced to 15% from 25%, and there will be a CNY800 bln ($113 bln) liquidity support facility for stocks. China's Shanghai Composite soared 4.2% today on the news.

That sentiment has carried over to Chinese ADRs and can be seen as well in the iShares China Large-Cap ETF (FXI 29.40, +1.71, +6.1%).

Just in, the Conference Board's Consumer Confidence Index checked in at 98.7 for September (Briefing.com consensus 102.9) following an upwardly revised 105.6 (from 103.5) in August.

The 2-yr note yield is down one basis point to 3.57% and the 10-yr note yield is up three basis points to 3.77%