FactSet Evening Market Recap

US equities were lower for the week, adding to last week's modest declines. Major indices are now down for the fourth straight week. The Iran conflict and oil implications dominated headlines with no clear near-term capitulation or off-ramp in sight.

US equities were mostly lower in Thursday afternoon trading, a bit off session highs. Geopolitics was the big focus today though headline volatility remains high and there was not much in the way of meaningful incremental development. Fundamental questions remain around the duration of the conflict in Iran, with no obvious off-ramps

U.S. stocks sold off Wednesday as investors turned more risk-off amid renewed Middle East escalation, including attacks on Iranian energy infrastructure, retaliation threats against Gulf energy sites, and reports of a strike on a Qatari LNG facility. Markets also digested a hotter-than-expected February producer price report, which added to inflation concerns and pressured Treasuries. The Federal Reserve left rates unchanged as expected, but hawkish takeaways from Chair Jerome Powell's press conference further weighed on sentiment.

US equities were higher in Tuesday trading, though stocks ended just a bit off session lows. It was a quieter session compared to recent days as stocks built on Monday's rally despite the instability in the Middle East. The February pending home sales index was up 1.8% m/m, a surprise gain vs consensus for a 1.4% contraction.

US equities were higher in Monday trading, though off best levels. Stock rebounded in Monday trading with the biggest focus on potential relief for the Strait of Hormuz chokepoint. In macro news, March's Empire State Manufacturing Index went down seven points month over month to -0.2, missing estimates.

US equities were lower again this week. The war in Iran and its broader impacts remained the central story for the markets. Focus has remained sharply on the shipping standstill around the Strait of Hormuz, shut-in output by Persian Gulf producers, and crude prices near $100/barrel.

US equities were down in Thursday trading, just off worse levels. The S&P 500 and Nasdaq are now pacing for weekly declines. The prevailing market headwinds included hawkish updates around the conflict in Iran and a big backup in yields.

US equities were lower after very choppy Wednesday trading. Stocks were unable to hang onto earlier gains amid more headline volatility around the Iran war and oil prices. There was still not much meaningful progress toward an offramp despite Trump saying today that the US was running out of targets and US, Israeli military officials expecting at least two more weeks of operations.

US equities ended mostly lower Tuesday, well off best levels in choppy trading. Stocks unable to hold onto earlier gains, coming off following afternoon reports Iran has started to deploy mines in Strait of Hormuz.

US equities were higher in Monday trading as stocks reversed earlier declines on the latest dovish Iran developments and ended near best levels. Stocks reversed earlier declines after Trump told CBS News that war with Iran could be over soon. The New York Fed's February Survey of Consumer Expectations found median year-ahead inflation expectations dipping slightly to 3.0% while holding at that level for the three- and five-year time horizons.

US equities were lower this week, with the S&P 500 down for a second-straight week, posting its worst performance since late November. The Iran conflict was the big story of the week, with the US and Israel attacking Iran over the weekend and killing Iran's Supreme Leader. The macro resilience theme was upended by Friday's February payrolls report, which showed an ~92K decline, missing consensus for a +55K gain.

US equities finished lower in Thursday trading, though ended off worst levels. Oil closed at its highest since July 2024 but came off best levels on headlines about US relief discussions and China negotiating with Iran for safe tanker passage. Initial jobless claims registered 213K for the latest week, near the 215K consensus and prior 213K (which was revised up from 212K).

U.S. stocks finished higher, led by a rebound in crowded momentum trades and strength across Big Tech, semiconductors, software, and other growth-linked groups, while energy and several consumer-facing areas lagged. Sentiment held up despite ongoing geopolitical uncertainty as stronger-than-expected ISM services and a better ADP jobs print reinforced the “resilience” narrative heading into a busy end-of-week data slate, including Friday's jobs report and retail sales.

US equities finished down in Tuesday trading, though major indices ended well off worst levels. Stocks well off worst levels with market tepidly re-embracing the ignore geopolitics mantra into afternoon trading. No economic data on today's calendar.

US equities were mostly higher in Monday trading, ending a bit off best levels. The market shook off a lot of overnight and morning risk-off sentiment in the wake of the weekend's US/Israeli attacks on Iran, and Tehran's reprisals. In macro news, February ISM manufacturing printed at 52.4, better than the 51.8 consensus, though a bit below prior month's 52.6

Major US equity indices were lower for the week though breadth was positive, with the Equal weight S&P ending in the green and outperforming the official index by 90 bp. Fear surrounding AI disruption was a key overhang this week. January core PPI was hotter than expected, the highest in nearly four years on a m/m basis.

Markets were mixed Thursday, with large caps pressured by weakness in mega-cap tech and semis even as small caps and equal-weight performance held up better on a rotation toward software and select cyclicals. Cross-asset moves were modest overall, with slightly lower Treasury yields after a solid 7-year auction and oil fading from earlier strength on headlines around U.S.–Iran talks. The day's focus stayed on earnings and the near-term macro calendar, with attention turning to Friday's PPI and next week's ISM data.

U.S. stocks finished higher, led by technology as the Nasdaq outpaced broader indexes with strength in semiconductors, memory, and software ahead of NVIDIA earnings. Federal Reserve commentary continued to support a “wait and see” policy stance, trade headlines pointed to a potential 15% tariff proclamation, and earnings remained active.

US equities were higher in Tuesday trading as stocks ended just off best levels. Software bounce (though off best levels) the big story with some semblance of reprieve surrounding Anthropic enterprise agent event. February consumer confidence printed at 91.2

US equities finished lower in Monday trading, ending near worst levels. Today was a risk off over rotation trade, despite some pockets of strength in defensives. Another busy week of earnings is on tap with outsized focus on Nvidia's Wednesday report.

Major US equity indices were higher for the holiday-shortened week. Big tech was mostly higher. Treasuries were narrowly mixed with a bit of curve flattening.

US equities finished mostly lower in Thursday trading, though ended off worst levels. The S&P broke a three-session string of gains (though remains higher WTD). Big tech was mostly weaker with AAPL the notable decliner; software, semis were both somewhat lower overall.

U.S. equities closed modestly higher Wednesday but finished off best levels, with gains led by select mega-cap tech (AMZN, NVDA) while defensives lagged. Oil and precious metals moved sharply higher alongside a stronger dollar and slightly higher Treasury yields amid geopolitical headlines, firmer economic data, and a modestly hawkish tilt in the FOMC minutes. Earnings were mixed, with notable moves in ADI and CDNS on the upside and PANW on the downside, as focus shifts to WMT Thursday and a potential SCOTUS tariff ruling Friday.

US equities finished mostly higher in Tuesday trading, a bit off best levels. There was not much new from a narrative standpoint, but it was another day with a lot more going on beneath the surface. Corporate updates largely underwhelmed, though there was a pickup in M&A and activist developments.

US equities were lower this week with the S&P 500 down for a second-straight week, Nasdaq Composite for a fifth-straight week, and the small-cap Russell 2000 down for the third week in the past four. Software saw a fairly tepid bounce from its recent plunge and elevated volatility amid ongoing AI displacement fears. This week also saw spillover of the AI displacement narrative into other industries, including asset managers, wealth management, trucking, logistics, and commercial real estate.

It was a risk off trading day, with AI increasingly a broader market headwind. The Vix spent some time back above 20 today amid continued underperformance from the Magnificent 7 as investors scrutinize capex and shift from asset-light to asset-heavy names. The unrelenting disruption trade continued, and while software remains ground zero, the disruption has spread to CRE brokers, trucking/logistics, and a number of other areas, often without any incremental headlines or justifications.

US equities finished slightly lower after early strength faded, with large technology stocks under pressure while memory and semiconductor stocks outperformed and software weakened again on artificial intelligence disruption concerns. The January jobs report surprised to the upside. Earnings remained a major driver, with more than two-thirds of the Standard and Poor's five hundred having reported.

US equities were mixed in Tuesday trading though stocks ended just off worst levels. Stocks were unable to hold onto earlier gains, as the market tilted defensive and rates rallied amid White House efforts to talk down Wednesday's NFP, soft December retail sales, and the latest geopolitical concerns. Financial advisory was the latest group hit by AI competition concerns, though software continued to claw back some of its recent losses.

US equities were higher in Monday trading, though stocks ended off best levels. Stocks rebounded on the back of tech outperformance. Nothing on the US economic calendar today, but a bit of Fedspeak

Major US equity indices were mixed for the week. AI disruption weighed heavily on software this week. December JOLTS lowest since Sep-20. Q4 earnings growth now running at nearly +13% y/y for S&P 500% (with ~60% reported).

U.S. equities sold off Thursday and finished near the lows, led by weakness in big tech as software again underperformed while semiconductors held up better. Soft labor-market data drove a rally in Treasuries and cooled the recent broadening-out rotation, while the dollar strengthened and risk assets like crypto and commodities were pressured.

US equities finished mixed in Wednesday afternoon trading. Many cyclical pockets rallied as the broadening-out trade continued to gain momentum.

US equities were lower in Tuesday trading, though ended off worst levels. Tech weakness the big story despite big post-earnings rallies. End of partial government shutdown , White House affordability push, geopolitical tensions also in the headlines today.

US equities finished higher in Monday trading, ending not far from best levels. AI sentiment solidified today after some cautious weekend headlines. In macro news, January's ISM manufacturing of 52.6 fell back into expansion territory against consensus for 48.9, its highest since August 2022

US equities were mostly lower this week. It was an extremely volatile week for metals, as gold climbed further into record territory before dropping sharply on Friday, and silver spent much of the week above $100/oz but saw a huge Friday drawdown. President Trump finally named his pick to succeed Powell as Fed chair, tapping former Fed governor Kevin Warsh.

It was a busy day with a lot of moving pieces and volatility. Tech was under pressure on underwhelming Azure growth from Microsoft and the AI competition narrative was overhang on software. There was a reversal in precious metals following another meaningful run-up earlier in the session with talks of an unwind of very crowded longs.

U.S. equities were mixed Wednesday, with the S&P 500 pulling back after briefly topping 7,000 as markets remained in a wait-and-see mode ahead of major technology earnings. Rates edged higher, the dollar stabilized after recent weakness, and precious metals continued to rally. The FOMC held at 3.50-3.75%, as expected, with two dovish dissents.

US equities were mostly higher in Tuesday trading, ended a bit off best levels. Growth/momentum/tech outperformance the big story today while small caps lagged again following a big run through last last week.

US equities were mostly higher in Monday trading. Stocks were higher though there was no shortage of headline volatility to start the week. On the economic calendar, preliminary November durable-goods orders rose 5.3% month over month on the headline, ahead of Street expectations for 3-4% and more than reversing October's 2.2% decline.

US equities were narrowly mixed this week with the S&P 500 and Nasdaq slightly lower for a second-straight weekly decline. Geopolitics and Greenland were the biggest focus this week. Late in the week, the focus shifted back to Iran after Trump revived threats to use military force against Iranian leadership amid a crackdown on protests.

US equities finished higher in Thursday trading, though ended off midday highs. Stocks extended Wednesday's TACO-trade gains after Trump softened stance on Greenland and as more details around NATO deal emerge. Weekly initial jobless claims printed at 200K

U.S. equities finished higher, led by small caps, high-beta, and most-shorted stocks, as market breadth was strong and Treasuries firmed with a flatter curve, while gold hit a fresh record. Stocks pushed toward session highs after President Trump signaled a softer stance on Greenland and tariffs, easing a key geopolitical overhang and reducing the risk of European retaliation. Investors also weighed stretched positioning, a flatter expected rate-cut path, and an active earnings slate.

US equities were lower in Tuesday trading as stocks ended just off session lows. Stocks sharply lower with latest trade geopolitical updates in focus. Biggest macro highlights this week will likely revolve around Trump's Greenland meetings and affordability speech in Davos on Wednesday.

US equities were mostly lower this week, though breadth was positive with equal-weight S&P outperforming the cap-weighted index by over 100 basis points. The market ended the week with no clear directional catalyst, though downside risks are still top-of-mind. In macro news, December's core CPI came in cooler than expected.

US equities were higher in Thursday trading though stocks ended off best levels. AI sentiment underpinned by strong results and guidance (including big capex guide) from TSM (though still dispersion in the AI trade).

U.S. equities finished mostly lower, though off the worst levels of the session, as weakness in big tech and bank earnings weighed on the tape while small caps, equal-weight indices, and defensive sectors outperformed. Economic data was largely in line, Fed commentary leaned cautious, and geopolitical and policy uncertainty remained in focus, including tariffs, China technology restrictions, and developments related to Iran. Corporate headlines drove single-stock moves, with notable pressure in financials and select growth names, offset by strength in commodities-linked stocks following upgrades and higher price forecasts.

US equities were lower in Tuesday trading, though ended off worst levels. Today saw another rotation from tech toward cyclicals, and a rotation within tech trade itself away from software/AI adopters and into semis/AI enablers. December core CPI was cooler, though the data was noisy.

US equities were higher in Monday trading as stocks finished a bit off best levels. Stocks were higher and Treasuries and the dollar ended off worst levels as the market shrugged off this morning's cautious tone on the latest Trump threat to Fed independence, reversing a modest “sell America” trade at the open. No economic data on today's calendar, in macro news, but the Treasury auctioned $68B of 3Y notes and $39B in 10's

US equities were stronger in the first full week of 2026, with the Dow, S&P 500, and the Russell 2000 ending at fresh record highs. There was a lot of evolution regarding Venezuela in the week following the US capture of Nicolas Maduro. December nonfarm payrolls rose 40K, below the Street. December ISM manufacturing printed below consensus and remained in contraction for the tenth straight month.

US equities finished mostly higher in Thursday trading. Breadth was notably positive with equal-weight S&P outperforming the benchmark by more than 110 bp. Several dynamics in focus as market continues to wait for NFP, SCOTUS decision on IEEPA tariffs, start of Q4 earnings and Fed chair pick by President Trump.

U.S. equities finished mostly lower in Wednesday trading, closing near the worst levels of the session. Geopolitics and a heavy data slate dominated attention, though economic releases did little to shift Federal Reserve expectations. In corporate news, political commentary from President Trump drove sharp moves in defense and housing-related stocks and mergers and acquisitions remained a key source of support for select names.