FactSet Evening Market Recap

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

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.