The market is a little quiet today after last week’s fireworks but is not showing signs yet to fall. The Nasdaq still lags, while the Russell 2000 is still in front.

We have three Fed members scheduled to speak today. Fed Logan this morning noted more rate cuts are needed but Fed must proceed “with caution”. The odds for a December rate cut are now at 80% from 59% last week.

The Ten-Year Treasury Yield (TNX) is also rebounding from its morning lows as the Street digests the latest CPI print.

The only two sectors slightly in the red are Utilities (XLU) and Health Care (XLV), while Technology (XLK) is flat. Consumer Discretionary (XLY) is the leader, up 1.02%.

Software names are getting all the action once again at the expense of semiconductors.

U.S. Senate Republicans elected South Dakota Senator John Thune as the chamber’s next majority leader during a secret ballot election. He is succeeding Mitch McConnell.