Stock Market Update

[BRIEFING.COM] Conviction on both sides of the tape has been lacking in today's market. That is understandable with a three-day weekend calling and today's "main events" off the table as of 10:00 a.m. ET.

Next week's main event will be the August Employment Situation Report. It will be released on Friday, September 6, and every narrative discussing it will be apt to mention it as a data point that will drive the Fed's decision to lower the target range for the fed funds rate by 25 basis points or 50 basis points at the September FOMC meeting.

Following today's economic releases, the probability of a 50-basis points cut at that meeting was reduced to 30.5% from 34.0%, according to the CME FedWatch Tool. A 25-basis points rate cut is fully priced in.

Market breadth shows advancers with a slight edge over decliners at the NYSE while breadth at the Nasdaq is roughly even.

Notably, the consumer discretionary sector (+1.4%) has extended to its highs for the day and is the only sector up more than 1.0%. The next best-performing sectors are information technology, real estate, industrials, and materials, all of which are up 0.6% and performing in-line with the market.