Stock Market Update

[BRIEFING.COM] The three major indices trade off session highs, moving mostly sideways over the last half hour.

Rate cut expectations are little changed after this morning's data. The likelihood of a 25 basis points rate cut at the November FOMC meeting is at 85.9% now versus 83.3% yesterday, down slightly from 97.4% a week ago, according to the CME FedWatch Tool.

Separately, buying picked up in the Treasury market. The 2-yr yield is down six basis points to 3.94% and the 10-yr yield is down three basis points to 4.07%.