Market Snapshot: Stocks recover losses after Fed’s Williams says interest rates should be cut as insurance against economic downturn

U.S. stocks were little changed midsession Thursday, after sliding further away from record territory in morning trade, as investors wade through corporate earnings results and developments on international trade.

The major indexes reached all-time highs last week but worries over the ongoing earnings season and lingering concern over U.S.-China tensions have knocked them from those levels.

“Stocks ran up over the past couple of weeks on an increasing belief that a Fed rate cut was in the offing for July,” Brad McMillan, Chief Investment Officer for Commonwealth Financial Network, said in a note. “Indeed, that does appear to be the case.

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