FactSet Evening Market Recap

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.

U.S. equities finished higher in Tuesday trading, ending near session highs with the S&P 500 posting a fresh record close; its first since 24-Dec. A few dynamics were in focus today, with notable movers in both directions following Nvidia's CES keynote. Memory/storage and select semiconductor stocks were the big AI trade beneficiaries, while semiconductors more broadly were also supported by Microchip's guidance raise and a pro-cyclical rotation that defined Monday's session.

US equities closed higher in Monday trading, though ended a bit off best levels. Geopolitics dominated the headlines amid developments in Venezuela, but the impact on broader market sentiment was fairly muted. In macro news, December ISM manufacturing printed at 47.9, below the 48.7 consensus and November's 48.2

Stocks ended lower this week with most discussion centered on the failed Santa Claus rally/lack of seasonal tailwind, while broader macro catalysts were limited. December FOMC minutes offered no surprises, and reinforced expectations for cautious, gradual easing in 2026 though division within the Fed remains a key focus point. Housing data modestly surprised to the upside, jobless claims declined w/w, and markets continued to look ahead to early-2026 catalysts.

It was another very quiet, low-volume session ahead of tomorrow's Christmas Eve early close. Big tech was mostly higher with Nvidia faring best. Today's economic data offered mixed macro takeaways with stronger hard data (GDP, ADP private payrolls) but weaker soft data (Consumer Confidence, Richmond Fed Index).

US equities finished higher in Monday trading, ending not far from best levels. It was a fairly quiet session from a headline perspective, but the momentum from late last week carried over into a broad risk-on day. A bit of Fedspeak today in macro news.

Major US equity indices were mixed this week. Major AI infrastructure names saw additional scrutiny after reports of stalled negotiations for a $10B Michigan datacenter with Blue Owl Capital, Oracle's largest datacenter partner (though Oracle says the project remains on track). However, other AI headlines from the week were more upbeat, including a very well-received earnings report from Micron.

US equities higher in Thursday trading, just off their best levels. Disinflation traction and better tech/AI sentiment were the big pieces to today's risk-on, broad-based rally. Additionally, the day saw the coolest core CPI print in nearly five years adding support to dovish Fed narrative.

US equities were lower in Wednesday trading, finishing near worst levels, with the Dow Jones, S&P500, and Nasdaq closing down 47bps, 116bps, and 181bps respectively. AI weakness was the big story today following Financial Times report that Blue Owl backed out of an Oracle and OpenAI data center project in Michigan with no reprieve from Oracle comments project remains on track. Fedespeak from Waller remarks at Yale had a dovish cast. Today's $13B auction of 20s was well received. Micron earnings after the close and President Trump addressing nation tonight.

Stocks were mostly lower with Energy and healthcare the big specific decliners. Rotational dynamics were mostly on pause with cyclicals/small caps mostly lower and AI-linked/semis/Big Tech trading mixed. Treasuries were a bit firmer after today's high profile economic data.

US equities were lower in Monday trading as stocks ended a bit off worst levels. Stocks were modestly lower in anticipation of key catalysts later this week. In macro news, the December Empire State Manufacturing Index posted a surprise negative print.

US equities were mixed this week. The Nasdaq was the worst performing major average, while the S&P ended the week slightly lower despite capping off a fresh record close on Thursday. The big market story was the cyclical rotation that gained further traction at the expense of the momentum and AI trades. The rotation was tabbed to factors including the less hawkish FOMC takeaways, a looming 2026 fiscal impulse with OBBA, taxes, and deprecation expense tailwinds, as well as some company-specific updates around the AI trade.

US equities finished mostly higher in Thursday trading, ending near best levels. Tech was a notable underperformer with disappointing results from Oracle exacerbating the negative sentiment surrounding AI infrastructure. Additionally, Google lagged after the (expected) rollout of the new GPT 5.2 model, given recent enthusiasm over its Gemini 3 release.

US equities finished higher in Wednesday trading, ending just a bit off best levels, with the Dow Jones, S&P500, and Nasdaq closing up 105bps, 67bps, and 33bps respectively. FOMC in focus today with a 25 bp rate cut, three dissents, forward guidance tweak and plans to purchase $40B/month in Treasury bills. Elsewhere, Q3 ECI rose 80bps, a bit below Q2's 90bps and just shy of consensus. GE Vernova providing some positive AI-related commentary ahead of Oracle and Broadcom results. Sanguine conference commentary on US consumer, buyback tailwinds among other highlights of the day.

US equities were mixed in Tuesday trading, off best levels. There were not a lot of big directional drivers with the market largely in waiting mode for FOMC on Wednesday and some key AI events, including AVGO and ORCL earnings and a new OpenAI model. Analyst day and sell-side conference presentations were driving some of the more notable movers

US equities finished lower in Monday trading, ending not far from worst levels. Rate backup was one of the bigger stories for today as a hawkish cut has become the consensus for Wednesday's FOMC. AI was another key press theme over the weekend, which included focus on a positive broader market sentiment given reasonable valuations, and AI optimism.