Stock Market Update

[BRIEFING.COM] The major averages hover near their rebound highs with the S&P 500 down 0.2% after being down 0.7% in the late morning.

The market has held its ground in immediate reaction to the 14:00 ET release of the FOMC Minutes from the September meeting, which showed that most policymakers see a high likelihood for another rate hike by the end of the year. That view is largely consistent with that of the market, which also sees a strong probability of another 25-basis point rate hike being announced in December.

Eight sectors continue trading lower while countercyclical groups like utilities (+0.2%), consumer staples (+0.4%), and health care (+1.5%) display relative strength.

Shorter-dated Treasuries have recovered from their lower start while longer tenors remain modestly lower for the day, though the entire complex received some recent help from a strong $39 bln 10-yr note reopening ahead of tomorrow's $22 bln 30-yr bond reopening at 13:00 ET. The 10-yr yield remains up two basis points at 5.29% after hitting a high of 5.36% while the 2-yr yield is down two basis points at 4.77% after peaking just below 4.84% in morning trade.