Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.78%) is in second place on Thursday afternoon, little changed following the release of the Treasury's August budget from the bottom of the hour.

The Treasury Budget for August showed a deficit of $344.8 billion compared to a deficit of $380.1 billion in the same period a year ago.

The August deficit resulted from outlays ($689.1 billion) exceeding receipts ($344.3 billion). The Treasury Budget data are not seasonally adjusted so the August deficit cannot be compared to the July deficit of $291.1. The fiscal year-to-date deficit is $1.973 trillion versus $1.897 trillion in the same period a year ago.

The key takeaway from the report is that it underscores the large budget deficit the Treasury is running and how much larger it would be if not for the ramp-up in customs duties ($165 billion) this fiscal year.