All the major indices are up decently today, with the Russel 2000 (RUT) leading the pack.

Ten out of eleven sectors are up today so far with a broad rally. The only slight loser being Energy (XLE). The sectors leading the charge are Consumer Discretionary (XLY) and Technology (XLK).

CME Fed Watch backs a rate cut in September with 88.1% odds for a 25-basis-point cut and 5.6% for a rate pause.

On the economic front, Consumer Sentiment came in at 66, missing consensus of 68.5 and declining for the fourth consecutive month. This comes as consumers are still worried about inflation and economic uncertainty ahead of the upcoming elections.