Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (+0.2%), and DJIA (+0.1%) all sport modest gains as the market enters the final hour of the session.

Richmond Fed President Tom Barkin (FOMC non-voter) stated that he forecasts a modest adjustment in rates, citing modest movement in the economy but noting that his forecast could change. 

The probability of a 25-basis point rate cut at the September FOMC meeting has held steady at 87.3% today, according to the CME FedWatch tool. 

Separately, President Trump stated at a cabinet meeting that he knew there would be a legal fight with the firing of Fed Governor Lisa Cook, and he is prepared for it. President Trump said he has somebody in mind to replace her, which suggests that he might flip Stephen Miran to her seat since the term is longer