Stock Market Update

[BRIEFING.COM] The major averages continue to trade steadily lower as the clock winds down on a tough session for the stock market. Only the DJIA (-1.7%), which entered today's session with a 2.7% week-to-date gain, remains in positive territory for the week. 

Hawkish Fed commentary has added fuel to the sell-off as the probability for a December rate cut, which was once viewed as a near certainty, now resembles a coin flip. 

Most recently, St. Louis Fed President Alberto Musalem (voting FOMC member) said that the Fed "needs to lean against above-target inflation," adding, "There's limited room for further easing without monetary policy becoming overly accommodative," according to Bloomberg. 

Cleveland Fed President Beth Hammack, who is not a voting FOMC member but will be in 2026, echoed a similar sentiment, saying policy should "remain somewhat restrictive to continue putting pressure to bring inflation down."