Stock Market Update

The stock market is poised for a lower start this morning as the major averages brace for some consolidation activity following last week's record highs. 

The market had a generally positive response to last week's FOMC meeting, which bolstered rate cut expectations in October and December. The Wall Street Journal reports that Atlanta Fed President Raphael Bostic (FOMC nonvoting member) only recommends one of these cuts, citing persistent inflation concerns.

Market participants will get a clearer picture of the Fed's expectations for furthering easing as New York Fed President John Williams, St. Louis Fed President Alberto Musalem, and Fed Governor Stephen Miran (all voting members of the FOMC) are set to speak today, ahead of Friday's release of the August PCE Report.