Stock Market Update

[BRIEFING.COM] The indices remain pinned near their lows for the session (which aren't all that low) in a trade with a sluggish disposition. Buyers have been reluctant to chase prices today, but by the same token sellers haven't shown a great deal of conviction either.

There is only one sector -- energy (-2.3%) -- that is down more than 1.0%. Losses for the other seven sectors trading lower range from 0.2% to 0.5%.

Separately, the 2-yr note yield is back flirting with a 3-handle, sitting right at 4.00% at the moment, down seven basis points from yesterday's settlement. With today's action, the yield on the 2-yr note is down 26 basis points this month as participants look ahead to an imminent 25 basis points rate cut at the September FOMC meeting and perhaps even more after that.

According to the CME FedWatch Tool, the fed funds futures market is expecting three rate cuts by the end of the year.