The S&P 500 and the Nasdaq Composite were well in the green while the Dow Jones Industrial Average put up a red number for the eighth consecutive session on Monday, as investors look forward to the outcome of this week's Federal Open Market Committee meeting. There was broad strength in a familiar group – but breadth data show this market rally is getting weaker below the surface.
As of Monday afternoon and based on 30-day fed funds futures prices, it's 95.4% certain the FOMC will announce a quarter-point interest rate cut when its meeting concludes Wednesday at 2 pm. That would leave the federal funds rate target range at 4.25% to 4.50% heading into 2025.
