Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (+0.5%), and DJIA (-0.1%) continue to oscillate around their flatlines as deflated odds for a December rate cut weigh against the best day for mega-cap stocks since last Monday. 

The information technology (+0.6%) and communication services (+0.7%) pace the gains, helping the major averages recover from a pullback that followed the release of the October FOMC meeting minutes. 

The minutes further dampened the market's expectations for another rate cut in December, with the CME FedWatch tool now assigning a 31.6% probability to a 25-basis point rate cut at the next FOMC meeting, down from 50.1% yesterday. Those odds had previously dropped to around 38% earlier in the session after the BLS confirmed it will not release the October Employment Situation Report.