Looking into the next week, Fed Fund Futures are pricing in close to a zero chance of a hike for Wednesday and a 20% chance at the December meeting. Once again, we are seeing rate cuts next year, but every time Fed Powel speaks, he walks those chances back.

On the economic front, Consumer Sentiment was revised higher to 63.8 in October from a preliminary reading of 63. Still, the result marked a sharp retreat from 68.1 in September, to the lowest read since May.

Consumer Discretionary jumps to the top of the leaderboard today as Chipotle (CMG) and Amazon (AMZN) shine following their quarterly results.

Main indices are pulling back and are at the lows of the session, as today’s PCE deflator data shows inflation is stubborn and not going away.

Have a great weekend.