Stock Market Update

[BRIEFING.COM] The S&P 500 trades flat, while the Nasdaq Composite (+0.3%) outperforms, and the DJIA (-0.2%) lags. 

Only the communication services (+0.6%) and information technology (+0.3%) sectors hold gains at this juncture.

The communication services sector benefits from strength in its largest component, Alphabet (GOOG 211.23, +3.02, +1.45%), while Meta Platforms (META 750.04, +2.66, +0.36%) also holds a modest gain. 

Mega-cap names are slightly outperforming the broader market, with the Vanguard Mega Cap ETF advancing 0.4% today.

Bloomberg reports that Fed Governor nominee Stephen Miran's Senate confirmation will likely be fast-tracked in an attempt to have him placed before the September FOMC meeting. 

Rate cut expectations are holding steady today, with the CME FedWatch tool showing an 87.3% probability of a 25-basis point rate cut at the September meeting, down just slightly from an 88.7% reading yesterday.