Stock Market Update
02-Aug-24 12:30 ET
Stocks try to climb off lows; Pricing in more rate cuts
Dow -753.28
at 39594.49,
Nasdaq -395.56
at 16798.59,
S&P -105.56
at 5341.12
[BRIEFING.COM] Stocks are trying to climb off session lows. The S&P 500 was down as much as 2.7% earlier, but shows a 1.9% decline now.
Market participants are pricing in more rate cuts now compared to earlier this week. The CME Fed Watch Tool now shows a 79.5% probability of a 50-basis points rate cut at the September FOMC meeting versus 22.0% a day ago.
Also, the CBOE Volatility Index is surging 41.9%, or 7.79, to 26.11 with investors hedging for the possibility of further downside.
