Stock Market Update

[BRIEFING.COM] The S&P 500 has returned to its session low, widening today's loss to 0.7%.

The market received a few economic reports this morning, including the April Personal Income/Outlays report, which showed a big jump in Personal Income (0.8%; Briefing.com consensus 0.3%), but there has been no significant impact on rate expectations.

The fed funds futures market is still all but certain that there will be no rate change announcement on June 18, and the implied likelihood of a 25-basis point rate cut on July 30 is just 24.4%, up slightly from 22.5% that was seen yesterday. The fed funds futures market currently sees a 68.7% implied likelihood of a rate cut on September 17.

Treasuries remain on their highs with the 10-yr yield down two basis points at 4.40%.