Stock Market Update

[BRIEFING.COM] The broader market shook out little changed after the Fed released its November Beige Book at the bottom of the hour. The report showed that economic activity was little changed since the previous report, according to most of the twelve Federal Reserve Districts, though two Districts noted a modest decline and one reported modest growth. Overall consumer spending declined further, while higher-end retail spending remained resilient. Currently, the S&P 500 (+0.85%) is in last place, up 58 points.

Outlooks were largely unchanged overall. Some contacts noted an increased risk of slower activity in coming months, while some optimism was noted among manufacturers.

• Employment: Employment edged down as firms mostly managed labor needs through hiring limits, reduced hours, or AI-driven efficiency, while wage growth remained modest amid pockets of skilled labor shortages and rising health insurance costs.
• Prices: Prices rose moderately, driven by widespread input cost pressures from tariffs and other expenses, with varying pass-through to customers, some margin compression, and expectations that cost pressures will persist despite mixed plans for near-term price increases.

Currently, the yield on the benchmark 10-yr Treasury note is up less than a single basis point at 4.002%.