Stock Market Update
14-Aug-24 12:05 ET
Stocks climb; expectations for 50bps rate cut decreases
Dow +267.56
at 40033.20,
Nasdaq +55.43
at 17243.04,
S&P +27.50
at 5461.93
[BRIEFING.COM] The market has been in a steady climb in recent action. The three major indices trade at or near session highs.
Many stocks are participating in upside moves, leaving the S&P 500 with a 0.5% gain and the equal-weighted S&P 500 trading 0.3% higher.
Separately, this morning's CPI print has the market repricing the likelihood of a 50 basis points rate cut at the September FOMC meeting. According to the CME FedWatch Tool, there is still a 100% probability of a 25 basis points rate cut in September after today's release, but the probability of a 50 basis points rate cut has been reduced to 43.5% from 53.0%.
