Stock Market Update

[BRIEFING.COM] There hasn't been much up or down movement at the index level in recent trading. The S&P 500 is 0.2% higher than yesterday's close. 

Some of the hesitation is related to the market being in a short-term overbought condition (up 21.8% from the April 7 low coming into today).

Market participants are also monitoring the price action in Treasuries after the 10-yr yield moved up 4.52%. There is some burgeoning concern that the pickup in yields is related to the Joint Committee on Taxation's projection that the reconciliation bill, in its current form, will add $3.7 trillion to the budget deficit between 2025 and 2034.