Stock Market Update

[BRIEFING.COM] Losses in major indices are mounting as the session has progressed. The small cap Russell 2000 shows a 1.2% decline.

Rate cut expectations have adjusted following the October Retail Sales Report, which featured modest increases in retail sales that were stronger than they appeared given the healthy upward revisions to the September data. Also, the New York Fed Empire State Manufacturing Survey for November surged to 31.2 -- its highest reading in nearly three years -- from -11.9 in October. A number above 0.0 is indicative of expansion. 

The fed funds futures market is pricing in a 62.1% probability of a 25-basis points rate cut at the December FOMC meeting versus 72.2% yesterday and 85.5% a month ago, according to the CME FedWatch Tool.