The stock market is weaker today following the big rally to kick off October. The major averages opened to modest losses and headed lower from there before reversing course and climbing towards the highs of the day. Stock prices are still rolling back, however, despite the market recovering some of today's losses. The climb off session lows coincided with selling impulse in the Treasury market subsiding. There hasn't been any noticeable improvement there, but importantly, the selling pressure abated with the retest of Friday's settlement levels.The 2-yr note yield is up seven basis points to 4.16% and the 10-yr note yield is up 16 basis points to 3.77%.The October rally is being rolled back as the stock market has been forced to re-think its hopeful speculation that the Fed may soon pause its rate hikes. The drivers behind the re-think include: The September ISM Non-Manufacturing Index, which checked in at a stronger-than-expected 56.7% (Briefing.com consensus 56.0%) and was little changed from 56.9% in August.An ADP Employment Change Report for September that showed an estimated 208,000 jobs were added to private-sector payrolls following an upwardly revised 185,000 (from 132,000) in August.Another bump in oil prices ($87.96/bbl, +$1.45, +1.7%) after OPEC+ agreed to a 2 million barrel per day production cut starting in November.The latter point is boosting the S&P 500 energy sector (+2.4%), which sits alone in positive territory. Real estate (-2.7%) and utilities (-2.2%) suffer the biggest losses for the sectors.Market breadth reflects the broad selling efforts. Decliners lead advancers by a greater than 3-to-1 margin at the NYSE and a greater than 2-to-1 margin at the Nasdaq. Semiconductors are a bright spot in the market. The PHLX Semiconductor Index, down 2.6% at today's low, is up 0.1% currently. TSMC (TSM 74.20, +1.39, +1.9%) is a winning standout for the group after Morgan Stanley named the stock as a top pick this morning. Reviewing today's economic data:Weekly MBA Mortgage Application Index showed a 14.2% decline compared to last week's 3.7% declineSeptember ADP Employment Change totaled 208,000 (Briefing.com consensus 198,000) after the prior revised total of 185,000 (from 132,000)U.S. trade deficit narrowed to $67.4 billion in August (Briefing.com consensus -$67.9 billion) from an upwardly revised -$70.5 billion (from -$70.6 billion) in JulyThe key takeaway from the report is that it does point to some softening in global economic activity as both imports and exports were less than they were in July.September IHS Markit Services PMI final reading came in at 49.3 following the prior 49.2 reading. September ISM Non-Manufacturing Index fell to 56.7% (Briefing.com consensus 56.0%) from 56.9% in AugustThe key takeaway from the report is that business activity for the non-manufacturing sector held pretty steady in September and was stronger than expected. While a slightly lower reading versus August connotes some slowing, the slowdown for the largest sector of the economy isn't significant enough to fuel a belief that the Fed is about to pivot soon with its monetary policy.