Stock Market Update

[BRIEFING.COM] The broader market has held higher ground following the release of the Fed's Beige Book, published at the bottom of the hour; the report across the twelve Federal Reserve Districts indicated that economic activity had declined slightly since the previous report. Half of the Districts reported slight to moderate declines in activity, three Districts reported no change, and three Districts reported slight growth. All Districts reported elevated levels of economic and policy uncertainty, which have led to hesitancy and a cautious approach to business and household decisions. Currently, the S&P 500 (+0.23%) holds firm in second place.

• Among other notable points from the report, employment had been little changed since the previous report. Most Districts described employment as flat, three Districts reported slight-to-modest increases, and two Districts reported slight declines. Many Districts reported lower employee turnover rates and more applicants for open positions. Comments about uncertainty delaying hiring were widespread.
• Some Districts reported layoffs in certain sectors, but these layoffs were not pervasive.
• Prices had increased at a moderate pace since the previous report. There were widespread reports of contacts expecting costs and prices to rise at a faster rate going forward.
• On balance, the outlook remains slightly pessimistic and uncertain, unchanged relative to the previous report. However, a few District reports indicate the outlook has deteriorated while a few others indicate the outlook has improved.

Currently, the yield on the benchmark 10-yr treasury note has held its lines in the last half hour, down about 11 basis points to 4.363%.