Stock Market Update
05-Aug-24 11:10 ET
Rate cut expectations move higher
Dow -912.56
at 38824.50,
Nasdaq -481.56
at 16294.61,
S&P -131.58
at 5214.98
[BRIEFING.COM] The major indices trade off session lows, but still show sizable declines. The Nasdaq Composite was down as much as 3.5%, but now shows a 3.0% decline.
The heightened volatility today has the CBOE Volatility Index up 77.3%, or 18.07, to 41.19.
Also, rate cut expectations have increased. The fed funds futures market is now pricing in an 88.5% implied likelihood of a 50-bps rate cut in September (up from 74.0% on Friday), according to the CME FedWatch Tool.
