Stock Market Update

[BRIEFING.COM] The major averages continue to sit in a mixed fashion, little changed from previous levels shortly before the close. 

Attention now turns to tomorrow's FOMC meeting, which is largely expected to result in a 25-basis-point rate cut, though investors anticipate a hawkish tilt towards further easing at the start of the new year. 

The CME FedWatch Tool currently assigns an 87.4% probability to a rate cut at tomorrow's meeting but just a 23.2% probability to an additional cut in January. Those odds have changed very little over the past week, suggesting the possibility of a muted reaction if the decision and commentary fall in line with expectations. 

After the close tomorrow, the market will receive one of the more highly anticipated earnings reports of the week from Broadcom (AVGO 404.36, +3.26, +0.81%). The stock holds a nice gain today, adding to yesterday's 2.8% advance that followed reports that Microsoft (MSFT 491.20, +0.18, +0.04%) is in talks to shift its custom chips business to Broadcom.