Stock Market Update

[BRIEFING.COM] There is little change in the overall complexion of today's market. Mega-cap stocks and small-cap stocks continue to be relative strength leaders, yet the overall market is on a mixed track.

Decliners lead advancers by a 7-to-6 margin at the NYSE while advancers have a 5-to-3 edge over decliners at the Nasdaq.

A short time ago, Cleveland Fed President Hammack (2024 FOMC voter) said she is aligned with the market's view that there is apt to be "...about one reduction in the fed funds target range between now and the end of January and only a few cumulative reductions by the end of 2025." She added that, "To balance the need to maintain a modestly restrictive stance for monetary policy with the possibility that policy may not be far from neutral, I believe we are at or near the point where it makes sense to slow the pace of rate reductions."

There wasn't much of a reaction in either the stock market or the Treasury market to these comments, likely for two reasons: (1) her views are not misaligned with the market's views and (2) she is less than a month away from not having a vote on the FOMC.

Be sure to read Briefing.com's latest entry for The Big Picture Column, which introduces the 2025 FOMC.