Stocks (^DJI, ^IXIC, ^GSPC) move higher in the first full trading hour of Wednesday's session. The trading session is shortened today in lieu of the July 4th holiday. Madison Mills and Brad Smith sift through the leading market stories and economic themes in today's episode of Catalysts.

For starters, June's Services Purchasing Managers' Index (PMI) data fell short of economist expectations. The Institute for Supply Management (ISM) services index registered at 48.8, below the anticipated 52.7.

S&P Global Ratings chief global economist Paul Gruenwald joins the show in-studio to tackle what the latest PMI print and other economic data may say about the Federal Reserve's willingness to cut interest rates.

Brownstein shareholder and co-chair of financial services practice Leah Dempsey discusses the Supreme Court's decision to overturn the Chevron deference, which for nearly 40 years required courts to defer to government agencies' interpretations of ambiguous laws rather than interpreting them independently.

Other top trending tickers on the Yahoo Finance platform include Tesla (TSLA) and Amazon (AMZN).

This post was written by Luke Carberry Mogan.