Stock Market Update

[BRIEFING.COM] The DJIA (+1.6%) eclipsed a new all-time high as the market's initial response to Fed Chair Powell's speech has been overwhelmingly positive. 

The S&P 500 (+1.4%) is within striking distance of its own record high, while wider losses this week in the Nasdaq Composite (+1.4%) leave it with more ground to cover. 

Powell's speech hinted at a September rate cut, with the market particularly enthused by the line, "Nonetheless, with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.

The CME FedWatch tool now shows a 91.5% probability of a 25-basis point rate cut at the September FOMC meeting, up from 71.3% this morning.