Stock Market Update

[BRIEFING.COM] The stock market continues to build on its early gains through broad-based support, as the S&P 500 (+0.6%) is now within 20 points of its all time high from February (6147).

The market continues to benefit from a lack of escalation in the Israel-Iran conflict, though Financial Times reports that EU officials believe that Iran moved its enriched uranium from the Fordow site before the U.S. strike last weekend.

In a CNBC interview, Chicago Fed President Austan Goolsbee (voting member) shared an optimistic view that the impact of tariffs will be modest and rates will in turn come down over the long term. The CME FedWatch tool now has the probability of a July rate change at 26.9%, up from 12.5% a week ago.

Treasuries are back near their opening levels after dipping from their morning highs, with the 10-yr note yield down one basis point at 4.28%.