Stock Market Update

[BRIEFING.COM] The major indices have moved off their lows, with many stocks having pared larger losses after a steady barrage of selling interest during the morning session.

Fed Governor Miran (FOMC voter) stating that he thinks there will be a rate cut in December, CNN reporting that the Senate is moving closer to setting up votes to end the shutdown but that there are still some sticking points to work out, and OpenAI's Sam Altman saying the company expects to be above $20 billion in an annualized revenue run rate this year and growing to hundreds of billions by 2023 provided some headline material to mitigate some of today's negativity.

The Vanguard Mega-Cap Growth ETF (MGK), down as much as 1.9%, is down 1.1%; the Russell 3000 Growth Index, down as much as 1.9%, is down 1.1%; and the Philadelphia Semiconductor Index, down as much as 3.0%, is down 1.4%.

Concurrently, breadth figures have improved but remain negative at the NYSE and Nasdaq.