Stock Market Update

[BRIEFING.COM] The major averages remain firmly lower with just half an hour left in today's session. 

The market will receive an important inflation reading tomorrow in the form of the January PCE Price Index (Briefing.com consensus 0.3%), which is the Fed's preferred inflation gauge. Though the reading will not yet reflect the recent surge in oil prices, it will be closely watched as the recent volatility has further diminished the market's rate cut expectations. The markets' implied probability of at least a 25-basis point rate cut does not eclipse 50% until the December FOMC meeting, according to the CME FedWatch Tool.