FactSet Evening Market Recap

US equities finished higher in quiet, rangebound Monday trading, with the S&P 500 and Nasdaq both setting fresh record closes. It was a very quiet session with no changes to broader market narratives, which are in waiting mode ahead of this week's big macro catalysts. Wednesday's FOMC meeting is the week's main event.

US equities were higher this week with healthy gains across the major indices, though Nasdaq outperformed, supported by Big Tech, while the Russell 2000 underperformed. All eyes are on next Wednesday's FOMC meeting. Employment data was in-focus this week as Fed and broader market scrutiny increases around signs of labor market weakening.

US equities were higher in Thursday trading, near their best levels. The S&P and Nasdaq are both on pace for new all-time-highs, extending Wednesday's record closes. The market narrative today centered on takeaways around economic data, which led to more rate stabilization and a steeper Fed rate cut path.

US equities were mixed in Wednesday trading, though ended off worst levels, with the Dow Jones closing down 48bps, while the S&P500 and Nasdaq rose 30bps and 3bps respectively. Today's headline August PPI dropped 0.1% m/m vs Street expectations for a 0.3% rise, and core PPI also declined 0.1% m/m against consensus outlook for +0.3% rise. Treasury's sale of $39B in 10Y notes was very well received. Oracle led the market higher after a monster surge in the company's RPO

US equities finished mostly higher in Tuesday trading. Major indices ended near best levels with a notable surge in the last half hour of trading. Benchmark revision to US payrolls spun as more negative than e

US equities were higher in uneventful Monday trading, with the Dow Jones, S&P500, and Nasdaq finishing up 25bps, 21bps, and 45bps respectively. Upside was limited and trading very rangebound, though the Nasdaq still set a fresh record close. Data from the NY Fed showed 1-year inflation expectations up 10bps m/m to 3.2%; noted job replacement/rehiring optimism lowest since June of 2013. Echostar finished up nearly 20% on a deal to sell AWS-4 and H-block spectrum licenses to SpaceX for around $17B in cash and stock.

US equities were mostly higher for the holiday-shortened week, starting the new month on a risk-off note and by Friday paring back from Wednesday and Thursday strength. Treasuries firmed notably across the curve as expectations grew for more Fed cuts this year

US equities traded higher in Thursday afternoon trading, near their best levels. It was a fairly busy day of headlines and data, but the core market narratives remain mostly unchanged. Conversation around Fed independence remains an overhang, including today's report on DoJ investigation into Cook and Miran's potential move to Governor role while remaining on leave from CEA.

US equities were mixed in Wednesday afternoon trading, near worst levels. The biggest development for today has revolved around big tech strength on the back of the better-than-feared remedies out of the Google Search trial. Elsewhere, rate stabilization was a positive following all of the recent attention on the backup in global bond yields.

US equities were lower in Tuesday trading. Bond yield backup is an overhang as fiscal pressures and political instability remain front and center (globally), while there are also thoughts that the market has not sufficiently priced in Fed independence risk. August ISM manufacturing index of 48.7 was slightly below the 49.2 consensus.

The Market saw a slight pullback this week as several headwinds came into focus: mixed takeaways from Nvidia earnings, looming H2 tariff pressures on corporate profits, concerns over Fed independence, and ongoing cooling labor market worries. Nvidia's Q2 earnings were the week's highlight, with results beating expectations and Q3 guidance above, though not by as much as hoped. Fed independence came under scrutiny after Trump fired Governor Cook over alleged mortgage fraud.

US equities were higher in Thursday trading as stocks ended near best levels, with the Dow Jones, S&P500, and Nasdaq closing up 16bps, 32bps, and 53bps respectively. Q2 GDP was revised up to a 3.3% SAAR from the preliminary read of 3.0%, initial jobless claims printed at 229K, near the 228K consensus, and July pending-home sales were weaker against expectations for some firming. Treasury's $44B auction of 7-year notes tailed very slightly by 0.3bp. Nvidia beat and raised and continued to highlight strong demand for AI compute, but its Data Center segment came in light.

US equities were higher in Wednesday trading, with the Dow Jones, S&P500, and Nasdaq closing up 32bps, 24bps, and 21bps respectively. Market was still in waiting mode for Nvidia results after the close and PCE inflation on Friday. NY Fed's Williams telling CNBC monetary policy is moderately restrictive and data could warrant a gradual reduction in rates. Treasury's auction of $70B in 5s saw a 0.7bp tail, though domestic demand was solid. Earnings results included some well-received prints out of the cloud software space and mixed takeaways surrounding the consumer-facing names.

US equities were higher in very quiet Tuesday trading as stocks ended near best levels. Big development today revolved around Trump's move to oust Fed Governor Cook in the wake of allegations of mortgage fraud. August consumer confidence slightly ahead.

US equities were mostly lower in very quiet Monday trading. There was nothing particularly incremental from a narrative perspective in the wake of the more dovish leaning remarks from Fed Chair Powell on Friday. In macro news, July new home sales printed at a 652K SAAR, just above consensus, though below June's upwardly revised 656K read, from 627K.

US equities were mixed this week, as the S&P 500 edged out a slight gain to finish higher for a third-straight week, but the tech-heavy Nasdaq was lower for the first time in three weeks. Stocks and treasuries posted a sharp rally on Friday after Fed Chair Powell's Jackson Hole speech. Markets took the comments as cementing a September rate cut, with odds now over 90%, with 53 bps of cuts now priced in through year-end.

US equities were lower in Thursday trading, though off worst levels. August flash manufacturing PMI was well ahead of estimates, back in expansion territory after posting surprise increase, its best since May-22. Flash services PMI was also ahead, its best since Dec-24. However, tariffs pressured input prices higher, with manufacturing second-highest since Aug-22, while average prices charged highest since Aug-22.

US equities were mostly weaker in Wednesday trading, with the Dow Jones ending +4bps, while the S&P500 and Nasdaq closed down 24bps and 67bps respectively. The S&P posted its fourth straight decline, with big tech pullback in focus again. July FOMC minutes showed the majority of officials saw inflation risk outweighing employment risk, though largely seen as stale after July NFP. Retailer earnings the other big story, with takeaways mixed, somewhat idiosyncratic, but largely supporting broader consumer resiliency theme.

US equities were mostly lower in Tuesday trading as stocks ended just off worst levels. S&P 500 and Nasdaq posted worst sessions since 1-Aug. Rotation was the big story on an otherwise quiet day with big tech/growth/momentum under pressure and acting as a broader market drag while select cyclical, value and rate-sensitive pockets of the market fared better.

US equities were little changed in uneventful Monday trading. Geopolitics dominated the headlines following last Friday's Trump-Putin summit. August's NAHB homebuilder sentiment index came in at 32, down from 33 in July and below consensus for 34.

US equities were higher again this week, with the S&P and Nasdaq finishing just below the record highs they hit earlier in the week. As widely expected, the White House announced another 90-day extension of China's tariff deadline, shifting it to early November. July CPI was expected to be the centerpiece of the week; Both headline and core measures printed in line with consensus, though takeaways flagged limited but evident tariff impacts to certain categories.

US equities were little changed in Thursday trading. A very quiet session as stocks were fairly rangebound, didn't do much despite much hotter than expected July PPI. Data sparked pullback in market pricing around 50 bp September cut, though still pricing in 90%+ chance of a 25 bp cut, while economists noted hotter PPI likely to have limited spillover effect for PCE.

US equities finished higher in Wednesday trading, with the Dow Jones, S&P500, and Nasdaq finishing up 104bps, 32bps, and 14bps respectively. The Equal-weight S&P posted its best day since late May amid very positive breadth. Small-caps had another standout session. Fedspeak included Chicago's Goolsbee saying he doesn't like precommitting on rate moves, and Bostic saying one rate cut this year still appropriate.

US equities were higher in Tuesday trading as stocks ended near best levels. S&P 500 posted fresh record high. Tariff takeaways unclear as tariff-exposed core goods categories mixed. July core CPI up 0.3% m/m

US equities were lower in Monday trading. The market was in waiting mode for CPI results on Tuesday. And it'll be much quieter on the earnings calendar this week with just 1% of the S&P 500 market cap scheduled to report.

US equities were higher this week as the S&P 500 and Nasdaq reversed last week's declines and posted the best week since the week to 27-Jun. Dovish Fedspeak followed last week's disappointing July payrolls report. Tariff headlines also leaned dovish despite the new tariff rates going into effect on Thursday, pushing the effective tariff rate to the highest level in nearly a century.

US equities were mostly lower in Thursday trading though stocks ended off worst levels. Market unable to sustain much of the earlier momentum from the carve-outs related to Trump's semi tariff plan. Weekly initial jobless claims printed at 226k

US equities finished mostly higher in Wednesday trading, ending not far from best levels, With the Dow Jones, S&P500, and Nasdaq finishing up 18bps, 73bps, and 121bps respectively. Trump announced an additional 25% tariff on India over its purchasing of Russian oil, while Switzerland's president left Washington without a trade deal. Kashkari made dovish comments on CNBC that the Fed needs to respond to the slowing economy. Treasury auctioned $42B of 10-year notes, tailing by 1.1bps and the bid to cover ratio worsened versus the prior sale.

US equities were mostly lower in Tuesday afternoon trading, a bit off worst levels. Softer-than-expected July ISM services report was a notable overhang on sentiment, with new orders weak, prices higher, and respondent commentary that flagged tariff-cost headwinds. Earnings activity still very elevated with nearly 75% of the S&P 500 having now reported.

US equities finished higher in fairly quiet Monday trading, with the S&P largely erasing Friday's selloff, but remaining less than 1% below record highs. It was a largely uneventful session with no clear catalyst behind today's strength. In macro news, June factory orders declined 4.8% month over month, printing a bit better than feared.

US equities were lower this week, more than erasing last week's gains, after reaching new record highs. Big Tech was mostly lower though Microsoft and Meta were standouts. Underperformers included small-caps, copper and aluminum, chemicals, managed care, biotech, apparel, hotels, casinos, bank, and airlines. Outperformers included utilities, interactive media, tobacco, discounters, homebuilders, dollar stores, mortgages, and hospitals.

US equities finished lower in Thursday trading, ending not far from worst levels. Big tech earnings provided a lot of support after well-received results from Meta and Microsoft, both further underpinning the AI secular growth theme. A busy morning of data included June core PCE up 0.26% m/m, in line with consensus, but hottest since February.

US equities were mostly lower in Wednesday trading, though stocks finished off worst levels, with the Dow Jones and S&P500 down 38bps and 12bps, while the Nasdaq finished up 15bps. July FOMC meeting ended with a rate hold at 4.25-4.50%, as expected, while two Fed Governors dissented, the first two-dissent meeting since 1993. First look at Q2 GDP of 3.0% better than 2% consensus, and highest since Q3 2024. With nearly half of the S&P500 having reported Q2 results, blended growth rate stands at 6.8% vs the 4.9% expected at the end of the quarter.

US equities were lower in Tuesday trading, near worst levels. Recent upswing took a breather after S&P logged six straight gains. Market waiting for FOMC meeting and next wave of Mag 7 earnings. July consumer confidence printed at 97.2, above the 95.5 consensus.

US equities were mostly lower in Monday trading. There was a lot of focus on trade-deal traction today, though headlines coming in are largely as expected. It was quiet on the US economic calendar, but July's Dallas Fed manufacturing index surprised with a positive headline

US equities were stronger this week, with the S&P and Nasdaq both ending at fresh record highs. Earnings was a major focus this week, with Q2 reports coming in from 112 S&P components. Trade headlines were largely focused on dealmaking, as bilateral deals were announced with Indonesia, the Philippines, and Japan (though later reporting suggested some disparate views on the deal's details).

US Equities ended the day mixed following a fairly uneventful Thursday trading. The big focus was on earnings today, with the market seeing mixed reactions to the first round of results out of the Magnificent 7 space. On the macro front, the July Flash US composite PMI topped consensus estimates, with the releasing noting a strengthening service economy but deteriorating manufacturing.

US equities finished higher in Wednesday trading, ending near best levels, With the Dow Jones, S&P500, and Nasdaq closing up 114bps, 78bps, and 61bps respectively, and the S&P and Nasdaq setting fresh record closing highs. Market responded positively to the latest barrage of trade headlines, with US and Japan deal announced, US and EU close. Today's 20Y auction was well received. June existing home sales printed below consensus.

US equities were mostly higher in Tuesday trading. Big story today revolved around rotation from growth to value. No specific factor behind the shift, though some focus on positioning into earnings. June Richmond Fed manufacturing index posted surprise decline, falling 12 points to -20

US equities finished mixed in Monday trading, ending near worst levels after giving back much of the day's gains in the last hour of trading. It was a fairly uneventful session with no big directional drivers in play, with a lower yield backdrop and favorable earnings takeaways among the highlights today. There's nothing on the US economic calendar for either Monday or Tuesday, and no Fedspeak this week with the blackout period into the July FOMC meeting

US equities were mostly higher this week, with the S&P 500 and Nasdaq closing at fresh record highs on Thursday. The modest upside in equities came despite the market pricing a flatter rate cut path, which fell this week to 42 bps of cuts through year-end. Despite the tariff overhang, data this week continued to reflect economic resilience.

US equities were higher in Thursday trading as stocks finished near best levels. The path of least resistance remains the upside with today's gains coming despite no real market-moving changes to the key narratives of the rate cut outlook, Fed independence, and trade and tariffs. It was a busy data of data, including June's headline retail sales beat, its best since March.

US equities were higher in Wednesday trading as stocks ended near best levels, with the Dow Jones, S&P500, and Nasdaq closing up 53bps, 32bps, and 25bps respectively. Fed seemingly the biggest story amid shifting headlines about Trump's readiness to fire Chair Powell. Mixed takeaways from bank earnings with a higher bar still seen as an overhang, though macro signaling has remained upbeat. June core PPI, PPI ex-food, energy, and trade, and headline all unchanged m/m, coming in cooler than expected.

US equities mostly lower in Tuesday trading. S&P 500 finished lower and near worst levels after the index touched a fresh intraday record high early in the session. Market largely unable to sustain earlier AI tailwind from news that Nvidia can resume selling its H 20 AI chip in China. Headline June CPI up 0 point 3% m/m

US equities ended the day higher. It was a very quiet session as the market continues to digest the evolving trade backdrop. The Street is looking for more color from Q2 earnings, which kick off this week, around pre-tariff stockpile drawdowns and the impact from sector-specific tariffs.

US equities were mostly lower this week after the S&P and Nasdaq both hit fresh record closes last week. It was a relatively quiet week with the market looking to next week's June CPI report and the kick-off of Q2 earnings. Big Tech and AI developments occupied significant headline space with NVDA becoming the first company with a $4T market cap.

US equities finished higher in Thursday trading, ending a bit off best levels. S&P 500 and Nasdaq set fresh record closing highs. It was another quiet session with the market seemingly in waiting mode for June CPI next Tuesday and the start of Q2 earnings season (big banks begin reporting on 15-Jul). The market still seems to be more focused on potential trade policy off-ramps, particularly following this week's reciprocal tariff deadline extension.

US equities were higher in Wednesday trading as stocks ended just off their best levels, with the Dow Jones, S&P500, and Nasdaq closing up 49bps, 61bps, and 94bps respectively. No notable directional drivers in play. MBA mortgage purchase applications jumped to their highest level since early 2023. Nvidia became the first company with a $4T market cap. Retailers took in $7.9B in the first 24 hours of Amazon Prime Day, up 10% y/y, according to Adobe Analytics.

US equities finished mixed in choppy but largely uneventful Tuesday trading. Still all about trade with some reprieve surrounding extension of reciprocal tariff deadline to 1-Aug and White House signaling on more deal announcements in the works. NFIB small business optimism index declined slightly in June

US equities were higher in Thursday trading as stocks ended near best levels. The biggest focus today was on the Big, Beautiful Bill, which is set to pass a vote on final passage today and will move to Trump's desk in time for his long-preferred 4-Jul deadline. The Market is digesting mixed takeaways from June payrolls, including a headline beat and revisions higher but weaker private payrolls, and AHE cooler.

US equities finished mostly higher in Wednesday trading, ending near best levels, with the Dow Jones closing down 2bps, while the S&P500 and Nasdaq finished up 47bps and 94bps respectively, setting new fresh record closes and the major indices on track for healthy gains in the holiday-shortened week. Negative ADP print received some attention, Big Beautiful Bill moved to the House after passing in the Senate, and Trump announced a trade deal with Vietnam involving a 20% overall tariff. Overseas, gilts sold off sharply after UK prime minister Starmer declined to say that Chancellor Reeves would stay in her role until the end of parliament.