Stock Market Update

[BRIEFING.COM] The major indices dropped and Treasury yields moved higher in response to the 10:00 ET economic data.

The preliminary University of Michigan Index of Consumer Sentiment for February dropped to 67.8 (Briefing.com consensus 71.3) from the final reading of 71.1 for January. In the same period a year ago, the index stood at 76.9.

The key takeaway from the report is that the weakening in sentiment was described as "pervasive" across political, age, and wealth groups, underscoring the worrisome impact of higher inflation expectations.

The 2-yr yield is at 4.28% and the 10-yr yield is at 4.50%.