Stock market news today: Stocks extend rally as volatility drops

US stocks were mostly higher on Tuesday as market volatility continues to recede following last month's banking crisis.

The CBOE Volatility Index fell below the 19 level on Monday, marking its seventh consecutive daily decline. A VIX below its long-term average level of 20 is seen as a low volatility market environment. Helping fuel the decline in volatility are growing expectations that the Federal Reserve will be less aggressive with its interest rate hikes going forward. Thejust one more 25 basis point rate hike at its May meeting, followed by a pause in June and a 25 basis point cut in July.

By the end of the year, the Fed is currently expected to cut interest rates by at least 50 basis points from the current range of 4.75%-5.00%. Lower inflation readings would help support those expectations.

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