FactSet Evening Market Recap

US equities finished lower in Monday trading, ending near worst levels. It was a fairly quiet session, but the narrative was still dominated by familiar themes. With few macro catalysts on the calendar this week, attention is pulled ahead to earnings: 86 S&P companies reporting this week.

US equities were lower this week as the S&P 500 and Nasdaq broke back-to-back weekly gains, while the small cap R2K was down for a third-straight week. Iran tensions ramped up again this week with the latest hostilities between the US and Tehran.

US equities finished lower in Thursday trading, near session lows. Thursday saw another rotation out of momentum and into select cyclicals and more defensive pockets of the market. In macro news, headline June retail sales are up 0.2% month over month, in line with consensus but below May's upwardly revised 1.0%.

US equities were higher in Wednesday trading. Breadth was positive, though the equal-weight (RSP) trailed the cap-weighted index by over 50 bp. Momentum was under pressure again as SOX reversed its Tuesday's gains, with no help from positive ASML results.

US equities were mostly higher in Tuesday trading. The rate rally on a cooler June CPI was a positive for risk sentiment, offering some pushback against the recent hawkish lean in Fed narrative. The momentum bounce was another tailwind following the latest unwind pressure that continued to be largely chalked up to technical dynamics.

US equities were lower in Monday trading as stocks ended a bit off their worst levels. Another big momentum selloff was the focus of the day, following a weak Asia session overnight. Similar to the momentum unwind that preceded last week's stabilization, there was no notable fundamental catalyst for the move

Major US indices were mixed this week, with the S&P and Nasdaq both rising for the fourth time in the past five weeks. The week saw some stabilization in the momentum trade. June ISM Services was in line with consensus.

US equities were higher in Thursday trading, with the S&P 500 and Nasdaq now on pace for weekly gains. Momentum was again the big driver in a continuation of Wednesday's rebound. The broadening-trade was back in evidence after yesterday's narrowly focused gains, with the RSP not far below another fresh record close.

US equities were mostly lower in Wednesday trading, though near the session highs. Geopolitics drove some of the broad risk-off today; oil and Treasury yields were up while S&P decliners outnumbered gainers by three to one. June FOMC minutes were largely uneventful.

US equities were lower in Tuesday trading, though off their worst levels. The momentum trade names led the market to the downside, with notable weakness in memory, semis, and AI energy infrastructure. Today's action extended the recent momentum selloff which has been attributed to factors including the growing fears around the return on investment for AI capex, Chinese and open source model competition, and frontier model commoditization.

US equities finished higher in Monday trading, ending a bit off best levels. Momentum rebound was the big story today with no specific catalyst, but some analyst focus on the extent of recent drawdown in the space industry. In macro news, June ISM Services fell in line with consensus, though down month over month.

US equities finished mixed in Thursday trading. However, equal-weight S&P outperformed the cap-weighted index by ~70 bp and RSP set a fresh ATH. Momentum unwind in focus again with memory/semis hit by recent scrutiny surrounding AI capex trade and input cost pushback.

US equities finished lower in Wednesday trading, off midday highs, though breadth was positive and the equal-weight S&P ended higher. There were several moving parts in play today, with another day of momentum unwinding as the big story. There were some positive takes on today's ISM manufacturing reading given a big drop in the prices-paid component and less pessimistic commentary.

US equities were higher in Tuesday trading, just off their best levels. The momentum trade again took the lead in a session without many notable drivers. There was some stalling of the broadening-out trade with S&P decliners leading advancers and the equal-weight S&P lagging the cap weighted index.

US equities finished mostly higher in Monday trading, ending near best levels. There were several big gainers in the big-tech space, though no specific catalyst in view. In macro news, Dallas Fed manufacturing fell a bit below consensus, though still reported steady new orders and rising employment.

Markets were mixed this week with AI remaining the dominant theme as the Iran war continued to take a backseat. Early-week softness in semis and memory was driven largely by positioning and market concentration concerns, while actual fundamentals remained solid. Those concerns were largely offset by MU's blowout earnings and guidance, which reinforced confidence in the AI capex cycle and sustained memory demand.

Major averages were overall little changed, but there was a lot of movement beneath the surface. The momentum trade bounce driven by renewed support for the AI capex trade following blowout results from Micron. Pockets of the broadening out/reopening/cyclical trade worked as well, with small caps, industrials, builders, travel & leisure and banks the standouts.

US equities were mixed in Wednesday trading as stocks struggled for direction after the Tuesday selloff. Today's big rate rally and ongoing oil selloff did not do much to support stocks as a hawkish Fed remains an overhang, while inflation concerns beyond oil remain elevated. May new home sales rose 580K m/m, missing consensus of 640K and the weakest since Jan-26.

US equities were lower in Tuesday trading, a bit off worst levels. Momentum memory semis under outsized pressure. Big Tech mostly lower.

US equities were mixed in Monday trading with stocks hovering near worst levels. Big tech underperformance was the big story in Monday trading with Google and SpaceX the notable decliners. Nothing on the economic calendar this morning in macro news, and nothing monetary policy related from Fed's Waller.

US equities were higher this week with the Dow and Russell 2000 hitting fresh record highs, while the S&P 500 ended up for its 11th week out of the past 12, and within ~1.5% of its 2-Jun record close. The Nasdaq was the best index performer this week on big upside from semis and memory.

US equities were lower in Wednesday trading following a hawkish FOMC. The market is now pricing in a 25bp rate hike by September. It was quiet outside of the Fed, with the market continuing to view the US-Iran deal as done.

US equities were mostly lower in Tuesday trading. Market took a bit of a breather after a three-day run higher that saw SOX run up by nearly 16%. ADP weekly private-payrolls report showed average growth of 25.5K over past four weeks

Major US equity indices were higher this week following last week's lower performance. The Market was encouraged by reports that the US and Iran are nearing a memorandum of understanding that could include a 60-day ceasefire extension, Hormuz reopening, Iranian commitments not to pursue nuclear weapons, and a framework for broader nuclear talks. Lots of investor attention was also on SpaceX's massive $75B IPO.

Stocks were up, oil was down, yields were down, and the VIX was down after Trump said tonight's bombing of Iran was cancelled and that Tehran had approved a draft agreement that would extend ceasefire. Big tech was mostly better though MSFT was a drag.

US equities were lower in Wednesday trading. Stocks saw another day of rotation out of tech, where semis and memory names again headed lower. Overbought conditions and crowded positioning are still among the factors in the bearish narrative.

US equities mostly lower in Tuesday afternoon trading, though off worst levels. Breadth positive with another day of rotation. Market tangled today with another round of tech weakness, with semis memory giving back much of their Monday rebound. ADP weekly private employment estimate came in at an average of 29K jobs per week.

US equities were mostly higher in Monday trading. Semis and memory names were very strong as the groups rebounded off of Friday's big declines. The day's bounce played into a resilient equity market narrative, while strategists continue to highlight earnings growth, AI capex tailwinds, and macro surprise momentum as broader market tailwinds.

Major US equity indices were down this week. The big story this week was the dip in semis/memory and select AI names, accompanied by a rotation into defensives, financials, and healthcare. There was no real movement on the US-Iran conflict despite last week's hopes that a memorandum of understanding was close that could lead to a 60-day ceasefire and further negotiation on sticking points.

US equities were higher in Thursday trading as stocks ended just off best levels. It was a fairly quiet session without much new around the major market themes. In macro news, Challenger Layoffs are up 16% month over month and 3% year over year in May with AI again cited as biggest reason for job cuts.

US equities finished lower in Wednesday trading, as stocks ended near worst levels. There were a few headwinds in focus in combination with a higher bar from a nine-day winning streak. ADP Private Payrolls of 122K were ahead of estimates, the highest since January 2025.

US equities were mostly higher in Tuesday trading, though off best levels. Indexes not doing much but bigger stories under the surface. April JOLTS job openings well ahead of estimates, highest since May-24.

US equities were mixed in Monday trading. Oil and yields were up amid the latest cautious Middle East updates. In macro news, May's ISM Manufacturing index beat, its highest since May 2022.

The S&P 500 and Nasdaq both ended the week at fresh record highs with the S&P 500 up for a ninth-straight week and Nasdaq up for an eighth week in the past nine. Markets continue to price in optimism toward an Iran resolution. Memory was a standout on the latest AI enthusiasm and pricing power.

US equities were higher in Thursday trading. Stocks were up and yields were down with the market considering the latest updates around the US/Iran, including an earlier report that stated that a deal on 60-day ceasefire has been reached, but has yet to be signed off on by Trump. Momentum trades returned to market leadership position after slight weakness Wednesday as AI optimism narrative remains intact, while software got a boost from positive takeaways from the latest earnings releases.

US equities were mixed in Wednesday trading. It was a strong day for consumer names across retail/apparel, restaurants, travel/tourism, and homebuilders. Overall, it was a fairly quiet session with oil and yields down, and stocks oscillating in a narrow range.

US equities finished mostly higher in Tuesday trading. S&P, Nasdaq, and Russell set fresh record closes. Stocks were firmer Tuesday with upside tabbed to continuation of last week's Momentum rally. May consumer confidence printed at 93.1

Major US equity indices were higher this week following last week's mixed performance. The S&P logged its eighth straight weekly gain. Market breadth was positive with the equal weight S&P outperforming the cap-weighted index by roughly one hundred basis points. AI enthusiasm and consumer resilience remained the key bullish themes this week, supported by continued positive AI-related headlines and broadly constructive commentary around consumer spending trends and labor market strength.

US equities were higher in Thursday trading. Stocks saw an afternoon rally following a Saudi media report that a mediated cease fire agreement could be announced later today. Beyond geopolitics, the momentum trade continued rebound after the recent selloff. It was helped in part by optimism about the AI demand narrative.

US equities were higher in Wednesday trading. An improved outlook has help cool hawkish Fed expectations. The latest round of earnings reports offered some positive consumer takeaways, helping to support a resilient consumer/macro backdrop.

US equities were lower in Tuesday trading, with stocks ending not far from worst levels. Renewed bond yield backup was the big story following a brief reprieve. The US-Iran ceasefire is holding as talks continue, but any near-term diplomatic solution still seems complicated.

Major US equity indexes were lower in Monday trading, though stocks ended well off worst levels. The US-Iran war narrative continues to offer a lot of headline volatility, with little progress toward a resolution. In macro news, the May NAHB housing market index beat, rebounding after falling to its lowest level since last September in April.

Major equity indices were mostly lower this week. The consumer discretionary space remained under some pressure with ongoing concerns about ongoing high energy prices and the potential to crowd out consumer spending. In macro news, a key focus this week was above-consensus core readings for both April CPI and PPI.

US equities were higher in Thursday trading, with the S&P and Nasdaq extending Wednesday's fresh ATHs. AI-related enthusiasm was the biggest driver to today's upside. It was fairly quiet elsewhere, with a few takeaways around Trump's summit with Chinese President Xi.

US equities closed mixed Wednesday as the S&P 500 and Nasdaq set fresh record highs on continued strength in semis and big tech, though negative breadth and a hotter-than-expected April PPI print kept caution in focus. Nvidia CEO Jensen Huang joined Trump on his China trip in a sentiment boost for AI names, while Alibaba, Nebius, and Tower Semiconductor stood out on earnings ahead of Cisco's print after the close.

U.S. equities closed mostly lower Tuesday, as semis, memory, and software led declines amid a broader risk-off tone driven by higher yields and rising oil. WTI crude jumped 4.2% back above $100/barrel on lingering US-Iran tensions, Treasuries weakened with the 30Y yield back above 5%, and a hotter-than-expected core April CPI print reinforced market pricing leaning toward modestly more Fed tightening through year-end.

US equities were higher in Monday trading, though ended off best levels. The Market still seems skeptical about a re-escalation of Middle East hostilities (particularly ahead of the Trump-Xi summit in China this week) despite the lack of traction surrounding diplomatic efforts. April existing home sales were a bit below consensus though remain in a tight YTD range.

US equities were higher this week as the S&P 500 and Nasdaq both capped off a sixth-straight weekly gain and ended at fresh record highs. The Iran war remains the key focal point. AI was the other big story of the week. Data this week was headlined by Friday's April nonfarm payrolls report, which came in ahead at 115K.

US equities were lower in Thursday trading. The big story of the day was the pullback in semiconductors following their huge run. The semi retreat has been a positive for software, which has also found some support from earnings.

U.S. stocks rallied, with the S&P 500 and Nasdaq nearing record highs, led by strength in semiconductors and big tech amid continued enthusiasm around AI-driven demand. The move came alongside falling Treasury yields and optimism around potential U.S.–Iran de-escalation, even as mixed macro signals and Fed uncertainty remain in the background.

US equities were higher in quiet Tuesday trading as stocks ended a bit off best levels. The Path of least resistance is higher amid confirmation that the US-Iran ceasefire remains intact despite Monday's flare-up in tensions. Strong Q1 earnings and the related AI compute and capex demand narrative are still the big bullish talking point for stocks.