Stock Market Update
13-Jun-24 11:30 ET
Rate cut expectations move up after PPI
Dow -213.56
at 38498.65,
Nasdaq +33.17
at 17641.61,
S&P -2.81
at 5418.22
[BRIEFING.COM] The S&P 500 is down just three points and the Nasdaq Composite remains in positive territory.
Rate cut expectations moved up in response to the cooler-than-expected PPI. The fed funds futures market is pricing in a 67.7% probability of 25 basis points rate cut to 5.00-5.25% at the September FOMC meeting, up from 64.7% yesterday, according to the CME FedWatch Tool.
The 2-yr note yield, which is most sensitive to changes in the fed funds rate, remains below 4.70% at 4.69%.
