Stock Market Update
31-Oct-24 12:00 ET
Rate cut expectations little changed after data
Dow -332.26
at 41809.28,
Nasdaq -453.89
at 18154.04,
S&P -89.75
at 5723.92
[BRIEFING.COM] Stocks remain near session lows.
Rate cut expectations haven't changed much following this morning's economic releases, which were supportive of a soft landing scenario for the economy. The fed funds futures market sees a 94.6% probability of a 25 basis points rate cut at the November FOMC meeting next week and a 71.9% probability of an additional 25 basis points rate cut at the December 17-18 meeting, according to the CME FedWatch Tool.
The 2-yr yield, which is most sensitive to changes in the fed funds rate, is at 4.16% now.
