Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (+0.6%), and DJIA (-0.4%) are little changed from previous levels as the market enters the final hour of the session. 

Fed Governor Lisa Cook (voting FOMC member) said in a speech today that policy "is not on a predetermined path," highlighting risks to both sides of the dual mandate ahead of the December FOMC meeting. Ms. Cook's comments echoed the sentiment of Fed Chair Jerome Powell, who stated last week that a December rate cut is far from a foregone conclusion. 

Meanwhile, San Francisco Fed President Mary Daly (nonvoting FOMC member) said that the Fed should be open-minded about cutting rates in December, according to Bloomberg. 

December rate cut expectations have held steady throughout the session, with the CME FedWatch tool assigning a 65.3% probability to another 25-basis point rate cut in December.