Stock Market Update

[BRIEFING.COM] The major averages remain near session lows with just half an hour left in today's session.

Investors will have several notable catalysts to look forward to before the open tomorrow morning. The June CPI will be released tomorrow at 8:30 a.m. ET, with economists expecting headline CPI to fall 0.1% month-over-month and ease to roughly 3.9% year-over-year from 4.2%. Core CPI, the Fed's preferred inflation gauge, is expected to rise 0.2% month-over-month and remain near 2.9% year-over-year, keeping inflation above the Fed's 2% target.

Markets are pricing roughly a 98% probability of a September rate hike, with tomorrow's inflation report unlikely to materially alter that outlook. While a hotter-than-expected CPI reading could spark discussion of a July move, the market generally views such an outcome as unlikely under new Fed Chair Kevin Warsh.

In addition to the inflation reading, the market will receive earnings results from a cohort of major banking names, including JPMorgan Chase (JPM 334.85, -1.62, -0.48%), Wells Fargo (WFC 87.12, -0.04, -0.05%), Bank of America (BAC 59.37, -0.30, -0.50%), Citigroup (C 139.49, -1.30, -0.92%), and Goldman Sachs (GS 1043.43, -11.75, -1.11%).