Stock Market Update

[BRIEFING.COM] The stock market has lost some of its swagger with breadth figures showing a narrowing margin for advancers over decliners. Earlier, they led by a better than 4-to-1 margin at the NYSE, but now it is a roughly 8-to-5 margin.

Tech stocks have continued to be weak. They haven't gotten significantly weaker than before, it's just that many other stocks have faded away from stronger levels.

An item that is catching some increased attention today is the yen strengthening against the dollar. The stronger yen is drawing attention as participants recognized it forced a dislocation in the stock market in early August from an unwinding of yen-based carry trades.

Today's move followed the news of Shigeru Ishiba winning the election to be leader of the LDP, which puts him on course to be Japan's prime minister. Mr. Ishiba prevailed over another candidate who was seen to be more dovish with respect to policy. USD/JPY is down 1.8% to 142.25.