S&P 500 futures moved lower for the second consecutive session, closing near 6,640 after dipping briefly below 6,600 and then rallying off the lows. The market continues to wait for clarity on Federal Reserve rate cut odds and delayed data releases. Odds for a 25 basis point rate cut at the December FOMC meeting have shifted dramatically lower to only about 40%. The government shutdown is cited as a cause of market problems, with the first significant release of delayed data—the September non-farm payroll number—imminent. Volatility moved inversely to the indices, hitting session highs when the E-mini S&P futures dipped below 6,600. Upcoming key data points include the FOMC minutes from the October meeting, additional Fed speakers, and earnings releases, including Nvidia, which holds a $4 trillion market cap.
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