Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.2%) has returned to its early high after resisting light pressure that followed the release of some disappointing economic data.

The disappointing data gave a small boost to rate cut expectations, but the fed funds futures market is still fairly certain that the Fed will not announce any rate cuts until September. The implied likelihood of a cut in July has edged up to 30.1% from 24.4% while the implied likelihood of a rate cut in September has risen to 76.5% from 70.4%.

Treasuries have continued their strong start with the 10-yr yield now down nine basis points at 4.38%.