FactSet Evening Market Recap

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.

US equities were lower in Monday trading as stocks reversed early gains and ended a bit off session lows. There were a lot of moving pieces today. In macro news, Fed Chair Powell said Fed tools have no meaningful effect on supply shocks, and noted risks to both sides of the mandate.

US equities were mostly lower this week, with the Nasdaq the notable underperformer, but the small-cap Russell 2000 posting a modest gain for the week. Big tech was mostly lower this week, with semis, software, and memory also weaker. Meanwhile, it was a very busy week of Iran updates.

US equities were lower in Thursday trading as stocks reversed earlier gains to end near session lows. FCI is tightening as the market seems to have flipped back to conflict de-escalation skepticism amid another day of largely one-sided messaging. Initial jobless claims for the week to 21-Mar were in line with consensus at 210K.

U.S. stocks climbed Wednesday as hopes for a U.S.-Iran ceasefire boosted risk appetite, sending oil lower and pulling Treasury yields down 4 to 7 basis points. Meta and Alphabet lagged the broader market following a social media negligence ruling, while gold and silver surged on the risk-on tone.

US equities were mostly lower in Tuesday trading as stocks ended off best levels. Lots of moving pieces today, particularly around the prospects for the conflict in the Middle East. March global flash services PMI came in at 51.1 vs 51.5 consensus and February's final 51.7.

US equities were higher in Monday trading, though ended off best levels. Stocks rallied on the latest optimism around the Iran war. In macro news, Chicago Fed's Goolsbee told CNBC he's concerned about whether energy prices may cause inflation expectations to become unanchored.

US equities were lower for the week, adding to last week's modest declines. Major indices are now down for the fourth straight week. The Iran conflict and oil implications dominated headlines with no clear near-term capitulation or off-ramp in sight.

US equities were mostly lower in Thursday afternoon trading, a bit off session highs. Geopolitics was the big focus today though headline volatility remains high and there was not much in the way of meaningful incremental development. Fundamental questions remain around the duration of the conflict in Iran, with no obvious off-ramps

U.S. stocks sold off Wednesday as investors turned more risk-off amid renewed Middle East escalation, including attacks on Iranian energy infrastructure, retaliation threats against Gulf energy sites, and reports of a strike on a Qatari LNG facility. Markets also digested a hotter-than-expected February producer price report, which added to inflation concerns and pressured Treasuries. The Federal Reserve left rates unchanged as expected, but hawkish takeaways from Chair Jerome Powell's press conference further weighed on sentiment.

US equities were higher in Tuesday trading, though stocks ended just a bit off session lows. It was a quieter session compared to recent days as stocks built on Monday's rally despite the instability in the Middle East. The February pending home sales index was up 1.8% m/m, a surprise gain vs consensus for a 1.4% contraction.

US equities were higher in Monday trading, though off best levels. Stock rebounded in Monday trading with the biggest focus on potential relief for the Strait of Hormuz chokepoint. In macro news, March's Empire State Manufacturing Index went down seven points month over month to -0.2, missing estimates.

US equities were lower again this week. The war in Iran and its broader impacts remained the central story for the markets. Focus has remained sharply on the shipping standstill around the Strait of Hormuz, shut-in output by Persian Gulf producers, and crude prices near $100/barrel.

US equities were down in Thursday trading, just off worse levels. The S&P 500 and Nasdaq are now pacing for weekly declines. The prevailing market headwinds included hawkish updates around the conflict in Iran and a big backup in yields.

US equities were lower after very choppy Wednesday trading. Stocks were unable to hang onto earlier gains amid more headline volatility around the Iran war and oil prices. There was still not much meaningful progress toward an offramp despite Trump saying today that the US was running out of targets and US, Israeli military officials expecting at least two more weeks of operations.

US equities ended mostly lower Tuesday, well off best levels in choppy trading. Stocks unable to hold onto earlier gains, coming off following afternoon reports Iran has started to deploy mines in Strait of Hormuz.