Stock Market Update

The stock market is now on track for a slightly higher opening, with the S&P 500 futures currently trading just six points above fair value. 

The absence of today's Employment Situation Report alongside a dearth of corporate news heading into the weekend could set the market up for another slow grind of a session similar to that of yesterday's action.

Chicago Fed President Austan Goolsbee (FOMC voting member) told CNBC that despite weakness in the labor market, he is leery of frontloading a series of rate cuts. The CME FedWatch Tool currently assigns a 96.7% probability to a 25-basis point rate cut later this month, though Mr. Goolsbee noted that what the market expects is not the Fed's mandate.