Stock Market Update

[BRIEFING.COM] The major averages trade near their best levels of the day going into the final 30 minutes of action. The S&P 500 (+0.6%) has narrowed this week's loss to 0.3% while the Dow (+0.7%) is almost back to unchanged for the week.

Today's release of the Personal Income/Outlays report for August has not done anything to upset the market's expectations for two more rate cuts this year, but next week's data slate could result in some changes on that front. September Consumer Confidence (Briefing.com consensus 96.0; prior 97.4) will be released on Tuesday, followed by the September ISM Manufacturing Index (Briefing.com consensus 49.2%; prior 48.7%) on Wednesday, but the report that will have the most influence over rate expectations--the Employment Situation report for September (Briefing.com consensus 39,000; prior 22,000)--will not be released until Friday morning.

Treasuries finished the day with modest losses in longer tenors, sending the 10-yr yield higher by two basis points to 4.19%.