Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.6%) and Nasdaq Composite (+0.8%) are just points away from yesterday's record high levels, while the DJIA (+0.4%) also expands its gain for the day. 

With the exception of some pre-market buzz around the information technology sector (+0.9%), today's session has unfolded in a relatively uneventful manner, with the major averages ticking higher at a steady pace. 

In the recent absence of several key economic data releases, market participants anticipate the 2:00 p.m. ET release of the September FOMC meeting minutes. Rate cut expectations through the end of the year have quietly softened over the past week, with the CME FedWatch tool now assigning a 92.5% probability of a 25-basis point rate cut to the October meeting, down from 95.1% yesterday and 99.4% a week ago. The probability of an additional cut in December now stands at 77.8%, down from 82.0% yesterday and 89.2% a week ago.