Stock Market Update

[BRIEFING.COM] The Nasdaq Composite dipped below its prior close and the S&P 500 trades 0.4% lower.

The heavily-weighted technology sector (+0.3%) moved into positive territory, joining the communication services sector (+1.4%), thanks to relative strength in its mega cap components and chipmaker components.

Rate cut expectations have remained steady despite today's volatility in the stock and bond markets. The fed funds futures market sees a 97.1% probability of at least 25 basis points in rate cuts by the June FOMC meeting, up slightly from 94.4% on Friday, according to the CME FedWatch Tool.