FactSet Evening Market Recap

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.

US equities were lower in Monday trading, though ended off worst levels. Stocks started the week on the defensive amid the latest hawkish updates around the Iran conflict. In macro news, March factory orders rose 1.5% month over month, beating consensus for a 0.5% rise.

Major US equity indices were higher this week with the S&P500 and Nasdaq both recording their fifth straight weekly gains, ending at fresh closing highs. This week reinforced a resilient macro and earnings backdrop, as Q1 S&P 500 results were notably strong, with growth accelerating to ~27% and beat rates well above historical averages. The Fed FOMC meeting ended with rates unchanged but was marked by rare internal division, with four dissents reflecting disagreement over easing bias.

US equities ended higher in Thursday trading. Earnings were seemingly the big tailwind today as Q1 metrics continue to look very strong. The Mag 7 names were in focus, and while takeaways were mixed, the results were supportive of the most important theme for the market, namely insatiable compute demand and massive capital expenditures.

Markets traded mostly lower with crude oil surging 7% as concerns mounted over a prolonged U.S.-Iran conflict, with Trump rejecting Tehran's latest offer and reports of imminent U.S. strikes pressuring the complacency narrative around physical oil disruption. The April FOMC meeting was a non-event with rates held steady, though signs of internal Fed division emerged as three members objected to the easing bias and Powell signaled a high bar for looking past the oil shock, all while investors awaited the first wave of Mag 7 earnings.

US equities finished lower in Tuesday trading, ending off worst levels. Big tech was mostly lower. Market shifted to the defensive today amid questions about AI spend sustainability following report OpenAI missed internal targets for weekly users and revenue. April Conference Board consumer confidence beat.

US equities finished mostly higher in Monday trading, ending near best levels. It was a relatively quiet session with limited upside ahead of a major week of corporate earnings. Nothing on today's economic calendar other than the Dallas Fed manufacturing report for April.

Major US equity indices were mostly higher this week. US-Iran headlines were noisy, but overall conformed to the market's base case of a continued ceasefire and likely bumpy progress toward some type of agreement. It was a fairly light week of economic updates, with March retail sales the big report.

US equities were lower in Thursday trading. Software was down after an eight-day streak higher, though semis were higher for the 17th consecutive session. Weakness comes amid more headline noise around the war, but the market continues to mostly ignore headline chop.

A ceasefire extension provided the key tailwind, allowing equities to grind higher and look past a 3.7% WTI crude rally alongside extended energy supply constraints. Treasuries were modestly firmer with yields down 1-2 bp following a well-received 20-year auction, while a resurgent AI trade and continued strength in Q1 earnings reinforced the risk-on tone.

US equities were lower in Tuesday trading as stocks ended near worst levels. Big tech mostly lower, though semis, software fared better. Big pickup in earnings today with elevated beats, muted guidance and mixed price action.

US equities were mostly lower in Monday trading, though stocks ended off worst levels. The market traded with a more defensive tone coming off a big three-week rally. The macro highlight of the week comes tomorrow at 10:00ET with Fed chair nominee Kevin Warsh's confirmation hearing.

US equities were higher this week, with the S&P 500 and Nasdaq up ~3%+ for the third-straight week. Movement toward an end to the US-Iran war was a big piece of this week's gains. Data leaned positive this week, including March core PPI up just 0.1%, below 0.5% consensus.

US equities were a bit higher in Thursday trading, with the S&P and Nasdaq adding to yesterday's record-high close. It was a quiet session with limited headline noise. The market continues to show a general lack of angst about still-unresolved Mideast situation, but expectations remain that the ceasefire will hold, though finality and resumption of normal Hormuz flow will take time.

US equities closed mostly higher Wednesday, with the S&P 500 setting a fresh all-time high above 7,000 on continued US-Israel de-escalation, big tech strength, and another leg higher in software. Big bank earnings were mixed but featured upbeat macro commentary, while SNAP rallied on a 16% workforce cut and Bloomberg reported Anthropic is in talks at an ~$800B valuation.

US equities finished higher in Tuesday trading, ending near best levels. Path of least resistance remains higher as US-Iran ceasefire continues to hold and more talks expected later this week. Earnings takeaways mixed but all the notable reporters this morning beat expectations

US equities were higher in Monday trading as stocks ended at best levels. The market took a positive spin to some recent Iran updates. March existing-home sales are down 3.6% m/m to a 3980K SAAR.

Major US equity indices were higher for a second consecutive week after a ceasefire between the US and Iran provided further de-escalation momentum. March FOMC minutes leaned hawkish, as expected. March core CPI was slightly cooler than expected, while headline was in line, with energy up 10.9% and gasoline up 21.2%.

US equities were higher in Thursday trading, ending somewhat off best levels. The market was helped by some easing of ceasefire durability concerns related to Lebanon. In macro news, weekly initial jobless claims printed at 219K, above the 210K consensus.

US equities surged Wed., with major indexes +2.5-3%, as markets embraced a two-week US-Iran ceasefire that lifted geopolitical hedges and sent WTI to its worst session since Apr. 2020. The de-escalation trade drove outperformance in banks, airlines, and industrials, while energy and commodity-linked names lagged, and META stood out in big tech on the debut of its first model from Meta Superintelligence Labs.

US equities down in Tuesday afternoon trading, though off well worst levels. Big tech was mostly lower. Market preoccupied with the question of what will happen at 8pm Eastern tonight, Trump's deadline for Iran to make a deal or suffer widespread attacks.

US equities were higher in Monday trading. The market was building on last week's bounce amid abundant headline noise. Talk of ceasefire from this weekend has largely evolved as expected, with Iranian officials rejecting idea of a temporary ceasefire and arguing for a permanent solution while Trump stressed tomorrow night's final deadline and prospects for the US to do more damage to remaining energy infrastructure.

Major US equity indices were higher for the holiday-shortened week, helped by some hopes for a winding down of the Iran war. The Dow, S&P, and Nasdaq were higher after five consecutive weeks down. The small-cap Russell 2000 notched its second consecutive weekly gain.

U.S. equities closed higher Wednesday driven by Iran conflict off-ramp optimism and stabilizing rates. Economic data beat across the board, with March ISM manufacturing at 52.7, Feb. retail sales +0.6% m/m, and March ADP payrolls coming in at 62K vs. 40K consensus. On the corporate side, NKE and RH disappointed on forward guidance, while OpenAI closed a record $122B funding round and SpaceX filed for one of the biggest IPOs ever.

US equities sharply higher Tuesday. S&P 500 posted biggest one-day gain since last May. Momentum, growth, high-beta, most-shorted names, retail-investor favorites and EM among the best performing factors/themes.