The major U.S. indices were able to climb back into the green after spending most of the morning in negative territory as dismal economic data weighs on markets.
The silver lining in the disappointing ISM services and manufacturing data is that the possibility that the Federal Reserve will cut interest rates is rising.
CME Group published data suggesting that markets are pricing in a 90% probability that the Fed will cut rates following its meeting in October. That's up from the 75% probability that was priced in earlier.
MGM Resorts (MGM) - Get Report said it reached a settlement agreement with plaintiffs in a civil case against the company tied to the Oct. 1, 2017, mass shooting in Las Vegas that left 58 people dead.
The settlement is expected to be $735 million to $800 million, depending on the number of claimants who chose to participate in the settlement. The company expects the process to be completed by late 2020.
"Our goal has always been to resolve these matters so our community and the victims and their families can move forward in the healing process," MGM CEO Jim Murren said in a statement.
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