Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.32%) is in second place on Wednesday afternoon following the release of the Treasury's February budget from the bottom of the hour.

The Treasury Budget for February showed a deficit of $307.5 billion compared to a deficit of $307.0 billion in the same period a year ago.

The February deficit resulted from outlays ($620.6 billion) exceeding receipts ($313.1 billion). The Treasury Budget data are not seasonally adjusted so the February deficit cannot be compared to the January deficit of $94.6 bln.

Overall, February's U.S. budget deficit was little changed from a year earlier as increases in receipts and outlays were nearly matched, while tariff-related revenue tied to President Donald Trump's duties had yet to reflect last month's Supreme Court ruling striking down many of those measures. Receipts rose 6%, helped by higher withheld income taxes tied in part to year-end bonuses, while outlays increased 3%, with gains partially offset by larger corporate and individual tax refunds following last year's Republican tax cut legislation.