Stock Market Update

[BRIEFING.COM] The S&P 500 (+1.0%), Nasdaq Composite (+1.8%), and DJIA (+0.3%) trade near session highs as mega-cap names are still trading mostly higher while the broader market shakes off its sluggish start. 

Fed Governor Christopher Waller (FOMC voting member) said this morning that he supports a December rate cut but noted that decisions at future meetings will hinge on the backlog of upcoming economic data.

The commentary has given a modest boost to the market's expectations for a December rate cut, with the CME FedWatch tool now assigning a 76.9% probability to a 25-basis point rate cut, up from 71.0% Friday.