Stock Market Update

The stock market is poised for a mostly higher opening as the ruling in Alphabet's (GOOG 226.49, +14.50, +6.8%) antitrust case has reinvigorated stock futures.

The market looks to continue yesterday afternoon's buy-the-dip move that saw the major averages finish much improved from earlier levels, though still well beneath their baselines.

On the monetary policy front, Fed Governor Christopher Waller (FOMC voting member) reiterated his position that the Fed should cut rates at the September FOMC meeting in a CNBC interview, citing softness in the labor market. 

Mr. Waller stated he suspects a surge of inflation in the near term but said that he believes it will move back to the 2.0% target in the next 6-7 months.

Though Mr. Waller offered no comments on the mortgage fraud allegations surrounding Fed Governor Lisa Cook (FOMC voting member), he noted that the independence of the Federal Reserve is critical and expressed confidence that the Fed is and will remain independent. 

Separately, CNBC reported that Ms. Cook's lawyer, Abe Lowell, said the Fed Governor "did not ever commit mortgage fraud" in a court filing yesterday. 

While The Wall Street Journal reported that Treasury Secretary Scott Bessent is set to begin interviews for the role of Fed Chair, Mr. Waller stated he has no such interview currently scheduled.