The U.S. stock market appears to have “earnings momentum” over the next year, with an S&P 500 price target of 6,000 this year not much of a stretch from its current level, according to DataTrek Research.

Odds of another 50 basis point rate cut at the Federal Reserve's next FOMC meeting in November hit 53% on Monday compared to 29% one week ago.

Investors are cheering as policymakers expect the labor market to hold steady through a series of smaller cuts into 2025.

Benchmark lending rates in the wake of the Federal Reserve's big rate cut last week, its first in four years, have been trudging higher. The 10-year Treasury yield was at 3.76% on Monday, about 18 basis points above its 2-year counterpart,