Stock Market Update

[BRIEFING.COM] Losses in the major indices are building ahead of the close.

Increased selling activity coincided with Fed Chair Powell saying in a speech that the "economy is not sending any signals that we need to be in a hurry to lower rates." He added that the path to a more neutral policy setting in not preset.

Rate cut expectations have decreased. The fed funds futures market now sees a 55.5% probability of a 25 basis points rate cut at the December FOMC meeting, down from 82.5%, according to the CME FedWatch tool.