FactSet Evening Market Recap

Major US equity indices logged mixed performance this week, with a recent momentum unwind seeing some stabilization on Friday. AI names, retail-investor favorites, most-shorted names, crypto-linked companies, and quantum computing came under some pressure. Among the big stories in the ongoing AI-scrutiny thread were Softbank's sale of its Nvidia stake, a continuing selloff in Oracle with focus on its debt-fueled AI buildout plans, and Coreweave weakness after lowering guidance on delays from a third-party developer.

US equities were lower in Thursday trading as stocks ended just a bit off worst levels. Momentum unwind the big story today. No one specific factor behind the move, though fits with recent pickup in AI sentiment volatility. Higher rate backdrop also in focus with recent bout of hawkish Fedspeak and dampened December easing odds

US equities finished mixed in Wednesday afternoon trading, and off best levels, with the Dow Jones and S&P500 closing up 68bps and 6bps respectively, while the Nasdaq closed down 26bps, in another session characterized by better breadth. AI sentiment helped by positive AMD analyst day takeaways and Foxconn earnings, though a number of big tech names were soft. Fedspeak for the day included Atlanta's Bostic noting he favors keeping funds rate steady until clearer evidence inflation moving lower, and Miran again noted his preference for a 50 bp December cut. Treasury's $42B 10-year note auction tailed by 0.6 bp with the lowest bid-to-cover since August of 2024.

US equities finished mostly higher in Tuesday trading, ending a bit off best levels. Rotation/better breadth the story today with select defensive and cyclical pockets of the market outperforming while some of the AI trade has come under renewed scrutiny after a big Monday bounce.

US equities finished higher in Monday trading, ending near session highs. The bigger story for the market today seems to be the rebound in AI sentiment after last week's drawdown. Nothing on the US economic calendar today, but a busy day of Fedspeak.

Major US equity indices were down this week, with the Dow, S&P, and Nasdaq declining after three straight weekly gains. AI scrutiny remained a key focus, with attention on all the major narrative elements including cash burn, leverage, circularity, and ROI. There was attention on OpenAI agreeing to a $38B deal with Amazon, pushing the company's recent commitments near $1.5T.

US equities were lower in Thursday trading as stocks ended not far off worst levels. AI capex/ROI scrutiny seemed to be back in play, even as OpenAI walked back comments from yesterday about government guarantees on debt to finance AI infrastructure buildout.

US equities were higher in Wednesday trading, though stocks ended off best levels in a late afternoon slide, with the Dow Jones, S&P500, and Nasdaq closing up 48bps, 37bps, and 65bps respectively following Tuesday's big decline. Some note of some skepticism from SCOTUS in today's oral arguments in the IEEPA tariff case. October's ADP private payrolls printed at 42K, above consensus, and ISM services came in at 52.4, well ahead of consensus and September's read, hitting its highest headline since February.

US equities were lower in Tuesday trading as stocks ended just off worst levels. Some of today's weakness seemed to be pinned on valuation concerns, flagging comments from Wall Street CEOs at a summit in Hong Kong.

US equities were mixed in Monday trading. Stocks didn't do much as the market dealt with a number of moving pieces. In macro news, October's ISM manufacturing missed, with the production index falling into contraction territory.

US equities were mostly higher this week as the S&P 500 and Nasdaq capped off a third-straight weekly gain, though the small-cap Russell 2000 was down for the first time in four weeks. Upside this week was tabbed in large part to positive Big Tech earnings takeaways and more momentum around the AI secular growth narrative. The rally also came despite a modest repricing toward a flatter Fed rate cut path.

US equities were mostly lower in Thursday trading near their worst levels, although the S&P500 and Nasdaq are both still on pace for weekly gains. Big tech earnings were in focus, highlighting the elevated capex levels that are being seen as crucial for the broader AI trade

US equities finished mostly lower in Wednesday trading, with the Dow Jones closing down 16bps, the S&P500 flat, and the Nasdaq +55bps. The Federal Reserve cut rates by 25 bp at their October meeting, with the economic summary noting activity has been expanding at a moderate pace, the labor market had seen slower job gains, but that the unemployment rate has remained low. September pending-home sales were unchanged m/m vs consensus for a 90bps increase. Nvidia extended a big Tuesday rally on Trump comments that he will discuss Blackwell chips in the upcoming meeting with China's Xi on Thursday.

US equities finished mostly higher in Tuesday trading, though came off best levels into the close. There were more headlines about easing US-China trade tensions as the market gets more comfortable with the escalate to de-escalate narrative. There was more strategic M&A today following more than $80B dollars in announced deals on Monday.

US equities finished higher in fairly uneventful Monday trading, ending near best levels. The big focus today was on US-China trade de-escalation after weekend updates about a "framework" deal to avoid the large threatened tariff hike. The peak week of Q3 earnings season is ahead with about 36% of the S&P 500 scheduled to report.

US equities were higher this week with S&P 500, Nasdaq Composite, and DJIA all setting new record highs. Big tech was mostly higher with AMZN the standout, while TSLA lagged the pack. Other outperformers included semis, energy equipment, casinos, department, stores, hotels, chemicals, machinery, and A&D. Underperformers included consumer staples, utilities, telecoms, entertainment, railways, trucking, and precious metals miners.

US equities were higher in Thursday trading. Stocks were firmer with the path of least resistance still higher on Fed easing, solid macro backdrop, double-digit earnings growth and elevated retail impulse. The White House confirmed there is a scheduled Trump-Xi meeting in South Korea next Thursday, though the New York Times also came out with a report that the US may launch a Section 301 investigation into China's noncompliance with the 2020 trade deal.

US equities were lower in Wednesday trading, though ended off worst levels, with the Dow Jones, S&P500, and Nasdaq closing down 71bps, 53bps, and 93bps respectively. Easiest excuse for today's downside largely tagged to potential escalation in US-China trade tensions. Earnings saw high-profile disappointments from Netflix and Texas Instruments, with high bar for some of the AI power theme names, and additional reprieve from recent credit concerns from some financial reporters. Treasury's auction of $13B in 20Y notes was well received, stopping through by 1.2bp, though foreign demand was below recent averages.

US equities were mixed in somewhat choppy Tuesday trading, though indices are a bit off of their best levels. Outperformers included life sciences, A&D, electricals/multis, apparel, homebuilders, beverages, credit cards, machinery, auto suppliers, cruise lines, hotels, GSEs, and media. Overall earnings takeaways remain fairly positive and beat rates are still very elevated.

US equities were sharply higher in Monday trading as stocks ended just a bit off best levels. A risk-on session to start the week was tabbed to a few developments. And a much busier earnings calendar this week with 90 S&P 500 companies set to report.

Major US indices posted solid gains this week, rebounding from last Friday's session that saw the worst S&P daily performance since April amid flaring US-China trade tensions. Signs of US-China de-escalation boosted markets Monday, and by Friday Trump said his proposal for 100% tariffs on China was not sustainable. A large volume of Fedspeak had little impact on market expectations for two 25 bp cuts through year-end.

US equities close lower in Thursday trading, ending off worst levels, but major indices are still on track for solid weekly gains. There was some focus on the weakness in regional banks, and AI momentum was mixed on the day.

US equities were mostly higher in Wednesday trading as stocks posted modest gains in an up-and-down session, with the Dow Jones closing down 4bps, while the S&P500, and Nasdaq finished up 40bps and 97bps respectively. A few moving pieces today, including the continued ratcheting up of US-China trade angst, buy-the-dip optimism, earnings tailwinds, pickup in M&A, and focus on dovish Powell commentary yesterday. October Empire State manufacturing survey beat, posting third positive read in past four months.

US equities mostly higher in Tuesday afternoon trading, near best levels after shaking off some early-session weakness. Equities largely in positive territory after a more risk-off stance at the open amid still-volatile trade headlines and following Monday's big bounce. September NFIB small business optimism index dropped to 98.8 from prior 100.8

US equities were higher in Monday trading, though stocks ended a bit off best levels. Upside today has been tabbed to de-escalation of US and China trade tensions after Trump's Friday threat of a 100% tariff on Chinese goods. AI is another piece of today's upside after the latest OpenAI deal, this time with Broadcom.

Stocks were lower after a Friday selloff pushed the major averages into the red for the week, with the major averages all off for the second week in the past three. The Friday pullback was tabbed to rising trade and tariff tensions between the US and China. AI was the other area of focus this week, as the AI secular growth narrative was helped by the announcement that OpenAI will buy $300B dollars of computing power from AMD in the next five years, while having the option to purchase up to a 10% stake in the chipmaker over time.

Stocks pulled back after another record-setting session on Wednesday. No meaningful change to the constellation of market's moving pieces, though perhaps some added attention to risks of some bullish themes. Still no progress on the US government shutdown.

US equities finished mostly higher in Wednesday trading, with the Dow Jones closing flat, while the S&P500 and Nasdaq closed up 58bps and 112bps respectively, the latter two notching fresh records, and today's upside largely tabbed to a rebound in the AI optimism trade. Nothing meaningful out of the release of September's FOMC minutes. Treasury's auction of $39B in 10-year notes tailed by 0.3 bp, with a notable dropoff in bid-to-cover and foreign demand vs last month. Nvidia will reportedly invest $2B of equity in xAI as part of a ~$20B fund raise.

US equities finished lower in Tuesday trading, though off worst levels. Select tech underperformance the big story. Latest NY Fed consumer survey showed slight rise in year-ahead inflation expectations, though near-term optimism improved and some signals of better labor-market outlook.

US equities finished mostly higher in quiet Monday trading. It was a very uneventful session with the path of least resistance still tilted to the upside amid the catalyst vacuum. It's quiet on the economic calendar this week, but busy in terms of Fedspeak.

US equities were higher this week, more than recovering last week's losses. The government shutdown kept markets in a catalyst vacuum this week, but optimism held on broader expectations of only a temporary labor slowdown coupled with Fed rate easing prospects. September ADP payrolls fell 32K, the weakest since March of 2023, while August was revised down to a slight loss, reinforcing softening labor momentum and bolstering expectations for two more Fed cuts this year.

US equities finished higher in Thursday trading, improving off mid-morning lows with the Dow, S&P, and Nasdaq all logging new record closes. Ongoing government shutdown was the big headline focus, though market has thus far largely viewed as more noise than news. Senate to vote again tomorrow on GOP's seven-week stopgap, and if that fails no more votes likely until at least Monday.

US equities were higher in Wednesday trading, nearing best levels. The ADP report was the latest high-profile data point highlighting the softening labor market following Tuesday's JOLTS report. Elsewhere, the Senate again failed to pass the latest CR attempt to end the government shutdown.

US equities finished mostly higher in Tuesday trading, ending near session highs. Looming government shutdown has received a lot of attention. August JOLTS job openings beat, while July print revised higher.

US equities finished higher in Monday trading, coming off worst levels in the last half hour of trading. A big focus today was on the looming government shutdown, with Trump meeting Republican and Democratic leaders at the White House. On the economic front, August pending-home sales were up 4.0% month over month, well ahead of consensus.

Major US equity indices finished lower this week, but came off worst levels in broadly higher Friday trading. Investors slightly dialed back expectations for two more 25 bp Fed rate cuts this year, with some economic data generally arguing against the economic slowdown thesis. After a relatively quiet period, trade-headline volatility burst back in at week's end, with Trump announcing via social media a set of sectoral tariffs on imports of patented drugs, heavy trucks, and select furniture products.

US equities finished lower in Thursday trading, though ended off worst levels with the Dow Jones, S&P500, and Nasdaq closing down 38bps, 50bps, and 50bps respectively. August durable goods orders rose 2.9% m/m, initial jobless claims printed at 218K, better than consensus, and final Q2 GDP was revised up to a 3.8% annualized rate. Oracle was a high-profile laggard following an initiation with a sell rating and news it will share part of a 45% stake in TikTok.

US equities were lower in Wednesday trading, though finished off their worst levels, with the Dow Jones, S&P500, and Nasdaq closing down 37bps, 28bps, and 33bps respectively. New home sales for August came in well ahead of estimates, rising to its fastest annualized pace since January 2022. Treasury auction of $70B of 5-year notes saw a slight tail. Alibaba jumped after disclosing it will ramp up its AI investment. Micron finished lower as better than expected results failed to meet a high bar.

US equities were lower in Tuesday trading as stocks ended a bit off worst levels. Big story today was reversal from Monday's price action, as AI and Big Tech leading to the downside. Fed Chair Powell largely echoed his comments from last week's FOMC meeting.

US equities were higher in Monday trading as stocks ended near best levels. Stocks extended recent gains in a quiet session as the path of least resistance remains to the upside, tabbed today to the latest pickup in M&A activity. No major economic data releases were scheduled for this morning, but it was busy in terms of Fedspeak.

US equities were higher this week, with the S&P 500 and Nasdaq higher for a third-straight week and setting fresh record highs. A couple of pieces played into this week's upside, including a big focus on positive market trends at the start of a rate cutting cycle. The September FOMC meeting ended with a 25 bp cut, as expected, with one 50 bp dissent from new Governor Miran.

US equities were higher in Thursday trading, though stocks ended off best levels. Semis today had an outsized contribution to index gains following the news that Nvidia was investing $5B into Intel. Other areas of focus for today include Trump's request to the Supreme Court for an emergency order to permit him to fire Fed Governor Cook, and the Supreme Court setting the International Emergency Economic Powers Act hearing for 5-Nov.

US equities finished mixed in Wednesday trading, weathering some choppiness after today's FOMC meeting. The Fed delivered on a widely expected 25 basis point rate cut with the dot plot signaling another 50 basis of easing this year, though with a lot of dispersion. In other macro news, August housing starts fell 8.5% month over month, while July was revised down, its slowest pace since May.

US equities finished mostly lower in fairly uneventful Tuesday trading. S&P and Nasdaq came slightly off Monday's record highs. Headline August retail sales rose 0.6% m/m. August housing starts and building permits out on Wednesday morning, followed by FOMC statement, updated SEP and Powell press conference that afternoon.

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