Stock market today: Dow, S&P 500, Nasdaq futures steady with Wall Street awaiting expected Fed rate cut

Market Overview - US stock futures showed little movement as Wall Street anticipates the Federal Reserve's final policy meeting of 2025, with S&P 500 and Nasdaq 100 futures slightly above flatline and Dow Jones Industrial Average futures unchanged [1] - The market has been supported by a tame PCE consumer inflation reading for September, leading to consecutive weeks of gains for major indices [2] Federal Reserve Expectations - There is an 88% probability of a rate cut by the Federal Reserve, a significant increase from 67% a month ago, as traders prepare for the upcoming meeting [3] - The labor market data, particularly the postponed October JOLTS report, will be closely monitored for insights on hiring, layoffs, and worker turnover [3] Earnings Reports - Key earnings reports to watch include Oracle and Adobe on Wednesday, followed by Broadcom and Costco on Thursday [4] Bond Market Dynamics - The bond market's reaction to the Federal Reserve's interest rate cuts has been unusual, with Treasury yields rising despite rate cuts, a phenomenon not seen since the 1990s [4][5] - This divergence in bond market behavior has sparked debate, with opinions ranging from bullish confidence in avoiding recession to concerns over national debt [5][6] Federal Reserve Policy and Market Impact - The Federal Reserve has reduced its benchmark rate by 1.5 percentage points since September 2024, currently ranging from 3.75% to 4%, with expectations of further cuts [8] - Despite these cuts, key Treasury yields have increased, with ten-year yields rising to 4.1% and 30-year yields up over 0.8 percentage points since the easing began [9]