Stock Market Update

[BRIEFING.COM] As the S&P 500 (-0.5%), Nasdaq Composite (-0.2%), and DJIA (-0.2%) slightly recover from session lows, only the DJIA currently holds a week-to-date loss of 0.3%. 

Market focus today has centered around weakness in the labor market, with investors seeking to navigate a balance between solidified rate cut expectations and a potentially more cautious growth outlook. 

Chicago Fed President Austan Goolsbee (FOMC voter) stated in a Bloomberg interview that he is unsure whether he will support a rate cut at the September FOMC meeting, citing a need to see inflation readings come down before turning full attention to the labor market. 

Despite the hawkish comments, rate cut probabilities for the September, October, and December FOMC meetings have moved very little in response to the comments, with the CME FedWatch tool still fully pricing in cut of at least 25 basis points in September.