Stock Market Update

[BRIEFING.COM] The broader market mostly shrugged off the Fed's September Beige Book, released at the bottom of the hour; the report showed economic activity grew slightly in three Districts, while the number of Districts that reported flat or declining activity rose from five in the prior period to nine in the current period. Currently, the S&P 500 (-0.14%) is in last place among the major averages, down about 8 points.

• Among other notable points from the report, employment levels were steady overall, though there were isolated reports that firms filled only necessary positions, reduced hours and shifts, or lowered overall employment levels through attrition. Still, reports of layoffs remained rare.
• Manufacturing activity declined in most Districts, and two Districts noted that these declines were part of ongoing contractions in the sector.
• On balance, prices increased modestly in the most recent reporting period. However, three Districts reported only slight increases in selling prices.
• District contacts generally expected economic activity to remain stable or to improve somewhat in the coming months, though contacts in three Districts anticipated slight declines.

Currently, the yield on the benchmark 10-yr treasury note is down about six basis points to 3.772%.