FactSet Evening Market Recap

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.

US equities finished higher in Wednesday trading, ending near best levels, With the Dow Jones, S&P500, and Nasdaq closing up 114bps, 78bps, and 61bps respectively, and the S&P and Nasdaq setting fresh record closing highs. Market responded positively to the latest barrage of trade headlines, with US and Japan deal announced, US and EU close. Today's 20Y auction was well received. June existing home sales printed below consensus.

US equities were mostly higher in Tuesday trading. Big story today revolved around rotation from growth to value. No specific factor behind the shift, though some focus on positioning into earnings. June Richmond Fed manufacturing index posted surprise decline, falling 12 points to -20

US equities finished mixed in Monday trading, ending near worst levels after giving back much of the day's gains in the last hour of trading. It was a fairly uneventful session with no big directional drivers in play, with a lower yield backdrop and favorable earnings takeaways among the highlights today. There's nothing on the US economic calendar for either Monday or Tuesday, and no Fedspeak this week with the blackout period into the July FOMC meeting

US equities were mostly higher this week, with the S&P 500 and Nasdaq closing at fresh record highs on Thursday. The modest upside in equities came despite the market pricing a flatter rate cut path, which fell this week to 42 bps of cuts through year-end. Despite the tariff overhang, data this week continued to reflect economic resilience.

US equities were higher in Thursday trading as stocks finished near best levels. The path of least resistance remains the upside with today's gains coming despite no real market-moving changes to the key narratives of the rate cut outlook, Fed independence, and trade and tariffs. It was a busy data of data, including June's headline retail sales beat, its best since March.

US equities were higher in Wednesday trading as stocks ended near best levels, with the Dow Jones, S&P500, and Nasdaq closing up 53bps, 32bps, and 25bps respectively. Fed seemingly the biggest story amid shifting headlines about Trump's readiness to fire Chair Powell. Mixed takeaways from bank earnings with a higher bar still seen as an overhang, though macro signaling has remained upbeat. June core PPI, PPI ex-food, energy, and trade, and headline all unchanged m/m, coming in cooler than expected.

US equities mostly lower in Tuesday trading. S&P 500 finished lower and near worst levels after the index touched a fresh intraday record high early in the session. Market largely unable to sustain earlier AI tailwind from news that Nvidia can resume selling its H 20 AI chip in China. Headline June CPI up 0 point 3% m/m

US equities ended the day higher. It was a very quiet session as the market continues to digest the evolving trade backdrop. The Street is looking for more color from Q2 earnings, which kick off this week, around pre-tariff stockpile drawdowns and the impact from sector-specific tariffs.

US equities were mostly lower this week after the S&P and Nasdaq both hit fresh record closes last week. It was a relatively quiet week with the market looking to next week's June CPI report and the kick-off of Q2 earnings. Big Tech and AI developments occupied significant headline space with NVDA becoming the first company with a $4T market cap.

US equities finished higher in Thursday trading, ending a bit off best levels. S&P 500 and Nasdaq set fresh record closing highs. It was another quiet session with the market seemingly in waiting mode for June CPI next Tuesday and the start of Q2 earnings season (big banks begin reporting on 15-Jul). The market still seems to be more focused on potential trade policy off-ramps, particularly following this week's reciprocal tariff deadline extension.

US equities were higher in Wednesday trading as stocks ended just off their best levels, with the Dow Jones, S&P500, and Nasdaq closing up 49bps, 61bps, and 94bps respectively. No notable directional drivers in play. MBA mortgage purchase applications jumped to their highest level since early 2023. Nvidia became the first company with a $4T market cap. Retailers took in $7.9B in the first 24 hours of Amazon Prime Day, up 10% y/y, according to Adobe Analytics.

US equities finished mixed in choppy but largely uneventful Tuesday trading. Still all about trade with some reprieve surrounding extension of reciprocal tariff deadline to 1-Aug and White House signaling on more deal announcements in the works. NFIB small business optimism index declined slightly in June

US equities were higher in Thursday trading as stocks ended near best levels. The biggest focus today was on the Big, Beautiful Bill, which is set to pass a vote on final passage today and will move to Trump's desk in time for his long-preferred 4-Jul deadline. The Market is digesting mixed takeaways from June payrolls, including a headline beat and revisions higher but weaker private payrolls, and AHE cooler.

US equities finished mostly higher in Wednesday trading, ending near best levels, with the Dow Jones closing down 2bps, while the S&P500 and Nasdaq finished up 47bps and 94bps respectively, setting new fresh record closes and the major indices on track for healthy gains in the holiday-shortened week. Negative ADP print received some attention, Big Beautiful Bill moved to the House after passing in the Senate, and Trump announced a trade deal with Vietnam involving a 20% overall tariff. Overseas, gilts sold off sharply after UK prime minister Starmer declined to say that Chancellor Reeves would stay in her role until the end of parliament.

US equities were mostly higher in Tuesday trading, though ended a bit off best levels. Tuesday trading was fairly choppy after market closed out a very strong Q2 on Monday. Senate passed GOP's One Big Beautiful Bill, as largely expected.

US equities were higher in Monday trading, ending near best levels, with the S&P and Nasdaq setting new record closes. It was a fairly quiet session, though there were a few trade headlines of note. It was a fairly light economic day today, with June's Dallas Fed manufacturing just a bit weaker than forecast.

US equities were higher this week as the S&P 500 broke a streak of two-straight weekly declines. Easing geopolitical tensions and trade updates were a key tailwind this week. However, the reconciliation bill remains a key market overhang.

US equities were higher in Thursday trading, as stocks ended near best levels. Much of the focus in the market continues to revolve around the political pressure on the Fed to cut rates, and the potential for Trump to name a Powell successor as early as this summer. Initial jobless claims down 10K w/w to 236K, better than expected and lowest since mid-May. Lots of Fedspeak today, with Chicago's Goolsbee, Governor Barr, Richmond's Barkin, San Francisco's Daly, and Boston's Collins all speaking.

US equities finished mixed today, with the Dow Jones down 25bps, the S&P500 flat, and the Nasdaq rising 31bps. May new home sales posted a big miss, lowest since October, and weakest May print since 2019. Fed Chair Powell delivered his second day of monetary policy testimony commenting future trade deals may allow the Fed to consider rate cuts. Fed also announced its proposed SLR changes. Today's $70B 5-year note auction stopped through 0.5 bp.

US equities finished higher in Tuesday trading, ending just off best levels and extending Monday's gains. A ceasefire agreement between Israel and Iran was the biggest positive, though President Trump offered a rebuke over attacks launched by both sides after the announcement. Meanwhile, in prepared remarks and congressional testimony, Fed Chair Powell largely maintained his wait and see approach to rate cuts.

US equities closed higher in Monday trading, ending near best levels. Middle East tensions continue to dominate the headlines. In macro news, the June US flash PMI composite came in ahead of consensus, with manufacturing better, but services cooler.

US equities were mostly higher for the week, recovering some of last week's losses which were largely driven by the Israel-Iran conflict. According to the White House, President Trump will decide within two weeks whether to strike Iran in an effort to give diplomacy a final chance. Regarding trade developments, a lack of trade deal traction ahead of the 9-Jul reciprocal tariff deadline received some scrutiny.

US equities were narrowly mixed in very choppy Wednesday trading, as stocks ended off best levels, with the Dow Jones and S&P500 ending down 10bps and 3bps, while the Nasdaq rose +13bps. No surprise in FOMC leaving the policy rate unchanged, with the median dot still showing two rate cuts for 2025, though 2026 and 2027 dots saw a hawkish shift. May housing starts fell 9.8% m/m, missing expectations and lowest read since May-20.

US equities were lower in Tuesday trading, stocks a bit off worst levels. Middle East tensions have swung back and were today's biggest overhang on sentiment, though market held up relatively well with major averages all down less than 1%. May retail sales saw a steeper-than-consensus headline drop of 0.9% m/m amid an expected pullback in auto sales.

US equities were higher in Monday trading, though ended off best levels. Today's risk on move was tabbed to a rebound from Friday's selloff and some improved geopolitical headlines. It was quiet on the US economic calendar today. June's Empire State manufacturing survey posted a surprise decline.

US equities were lower this week, with some moderate weekly gains for the major indices evaporating in Friday's risk-off session amid the growing Israel-Iran conflict. Treasuries were stronger, with yields more than erasing the prior week's increases. Trade was once again a major thread in the week's narrative

US equities finished mostly higher in Thursday trading. Lower yields and a weaker dollar were in focus, with another batch of cooler inflation data and recent upward pressure on claims and continuing claims. Today's $22B 30Y auction stopped through 1.5bp, and included the smallest dealer take since November. Republican senators Thune and Crapo are meeting with President Trump at White House today to discuss the reconciliation bill

US equities closed mostly lower Wednesday, though off worst levels, with the Dow Jones flat, while the S&P500 and Nasdaq lost 27bps and 50bps respectively. May headline CPI rose +0.1% m/m, below consensus +0.2%, while Core CPI also rose 0.1% m/m against expectations for a 0.3% increase. Treasury's $39B sale of 10-year notes stopped 0.7bp through. In Washington, Treasury Secretary Bessent hinted at potential trade deadline extensions.

US equities finished higher in Tuesday trading as stocks ended just off best levels. Commerce Secretary Lutnick said US-China trade talks are going well and could end tonight, but the team will remain tomorrow if necessary. The NFIB Small Business Optimism Index ticked up to 98.8 in May from 95.8 in April, ahead of expectations and snapping a four-month streak of declines.

US equities finished mostly higher in relatively quiet Monday trading, though closed off best levels. There was no real direction today from the market's main focus on US-China trade talks in London. And some good news on the inflation front, with the New York Fed consumer survey inflation expectations coming down for the one-, three-, and five-year time horizons.

Stocks were higher for a second-straight week this week. President Trump and China's Xi held a phone call Thursday, which ended with an agreement to a new round of trade talks as trade tensions linger. Friday's May NFP report showed headline payrolls better than expected though the prior two months were revised down.

US equities were lower in choppy Thursday afternoon trading. The worsening Trump Musk rift pressured the market today, with Musk taking personal swings at Trump and continuing to argue against GOP legislative efforts. There were multiple headlines around the reconciliation bill, particularly in terms of differences between Senate Republicans and the White House on potential changes to tax-cut provisions, along with lingering concerns about the deficit implications

US equities were mixed in choppy, but largely uneventful Wednesday trading, With the Dow Jones closing down 22bps, while the S&P500 and Nasdaq finished up 1bps and 32bps respectively. The Big story today was weaker data and the accompanying rate rally. May ADP private payrolls coming in much softer than expected while May ISM Services moved back into contraction territory. Results seen as putting some added scrutiny on May non-farm payrolls this Friday. Fed's latest Beige Book said economic activity has declined slightly since the previous report.