Stock Market Update

[BRIEFING.COM] The major averages are little changed from previous levels as weakness across tech names continues to weigh against solid participation in the broader market. 

Fed Governor Stephen Miran (voting FOMC member) told CNBC that he will not dissent at the next meeting in favor of a larger rate cut because there are other FOMC members who will vote to keep rates unchanged. The market's expectations for a December rate cut have held steady today in the wake of notable upticks yesterday and Friday.

The CME FedWatch tool currently assigns an 82.7% probability to a 25-basis point rate cut at the December FOMC meeting, down from 84.4% yesterday and up from 50.1% a week ago.