Stock Market Update

[BRIEFING.COM] The stock market has moved higher in the early going, feeding off a relatively friendly Personal Income and Spending Report for May that featured gains in income and spending and a moderation in inflation pressure. In brief, it was a market-friendly report that fit the script of a soft landing and potentially a rate cut before the November election. The S&P 500 has topped 5,500.

The CME FedWatch Tool shows a 67.7% probability of a 25-basis pints rate cut at the September FOMC meeting versus 65.9% yesterday.

Looking at the early leadership, the information technology (+0.9%), industrials (+0.6%), and energy (+0.5%) sectors are out front, so a bit of a pro-cyclical edge.

Just in, the final June reading for the University of Michigan Index of Consumer Sentiment checked in at 68.2 (Briefing.com consensus 65.6) versus the preliminary reading of 65.6. The final reading for May was 69.1. earlier the June Chicago PMI checked in at 47.4 versus the prior reading of 35.4.