Stock Market Update

[BRIEFING.COM] The major averages are down from session highs, though the S&P 500 (+0.3%) and Nasdaq Composite (+0.9%) still hold nice gains for the day. 

In addition to Fed Governor Waller's (FOMC voting member) remarks today in favor of a September rate cut, Atlanta Fed President Raphael Bostic (FOMC non-voting member) stated that he would support a cut at the next FOMC meeting if the job market weakens more than expected.

Today's Fed comments have further bolstered September rate cut expectations, with the CME FedWatch tool now assigning a 95.6% probability of a 25-basis point rate cut at the September FOMC meeting, up from 92.7% a day ago.