There is about 17.5% chance that the FED will lower rates this week. However the market is pricing a 87.5% of a rate change on July 31st.
Clearly, the market is clear of what they want. The key point is if they get it or not. The key to the future performance is how they are going to get it.
Rate cuts are not just good or bad for economy. Those changes alter the market participant risk appetite and valuations.