Stock Market Update
15-Aug-24 11:00 ET
Likelihood of 50bps rate cut in September diminishes
Dow +397.47
at 40405.86,
Nasdaq +311.46
at 17504.06,
S&P +66.54
at 5521.75
[BRIEFING.COM] The S&P 500 (+1.3%) and Nasdaq Composite (+1.9%) trade more than 1.0% higher as investors recalibrate rate cut expectations in the wake of pleasing economic data.
According to the CME FedWatch Tool, there is still a 100% probability of a 25 basis points rate cut in September, but the probability of a 50 basis points rate cut has been reduced to 27.5%, down from 36.0% yesterday and 55.0% one week ago.
The 2-yr note yield, which is most sensitive to changes in the fed funds rate, sits at 4.09% in response to this morning's releases, which is 14 basis points higher than yesterday.
