Stock Market Update

[BRIEFING.COM] The information technology sector (-0.4%) is sitting things out so far, but that hasn't stopped the market. Presumably, other parts of the market are benefiting at the expense of the outperforming information technology sector, which is up 29.5% year-to-date.

A welcome sight is that the cyclical sectors continue to exhibit relative strength, as soft landing/no landing optimism persists. That would include the energy (+1.7%), industrials (+0.7%), financial (+0.7%), and materials (+0.6%) sectors.

China's stimulus party and today's economic data, which featured an easing in PCE price pressures and better than expected consumer sentiment, have been underpinning factors.

The final reading for the September University of Michigan Index of Consumer Sentiment checked in at 70.1 (Briefing.com consensus 69.0) versus the preliminary reading of 69.0. The final reading for August was 67.9. In the same period a year ago, the index stood at 67.8. The key takeaway from the report is that consumer sentiment picked up in September, and has been picking up as inflation pressures have moderated.