Stock Market Update
10-Oct-25 15:35 ET
Busy day of Fed speak overshadowed by China conerns
Dow -741.29
at 45616.92,
Nasdaq -693.85
at 22330.80,
S&P -153.27
at 6581.83
[BRIEFING.COM] The major averages continue to hold sizable losses amid a broad market retreat.
While most of today's focus has centered around President Trump's comments towards China and the ensuing pullback in the market, it has actually been a rather busy day of Fedspeak.
Fed Governor Christopher Waller (FOMC voting member) stated that the Fed needs to cut rates with caution, while St. Louis Fed President Alberto Musalem (FOMC voting member) said there is limited room for more easing.
The CME FedWatch tool now shows a 96.7% probability of a 25-basis-point rate cut later this month (up from 94.1% yesterday) and a 92.2% probability of an additional cut in December (up from 81.0% yesterday).
The upward move in December cut rate expectations would have likely been a catalyst for equities today if not for the emerging trade concerns with China.
