US equities ended the week mostly higher, shaking off a big Wednesday slide. Treasuries were mostly firmer with the curve flattening despite Friday's rate backup. The Q4 earnings season was also a major focus this week, with five of the Magnificent Seven names reporting. It was a big week of labor-market data, with slower private payrolls growth from Wednesday's ADP release and an above-consensus reading for December job openings leading into a much hotter-than-expected January nonfarm payrolls release. 

US equities finished higher in Thursday trading, ending near best levels. Markets are trying to bounce following several headwinds on Wednesday, including a high bar for big tech earnings, renewed regional bank concerns, and Powell's pushback against March rate cut expectations. In macro news, January’s ISM Manufacturing beat with new orders back in expansion, though the employment index fell, and prices paid higher.

US equities ended lower Wednesday at worst levels after the latest FOMC announcement came in more hawkish than anticipated, with the Dow Jones, S&P500, and Nasdaq closing down 82bps, 161bps, and 223bps respectively. Post-earnings weakness in big tech the big story. FOMC statement removed tightening bias, as was widely expected, and noted employment and inflation moving into better balance. January ADP private payrolls missed. ECI was a bit weaker than consensus as well.

US equities ended mostly lower Tuesday after finishing higher on Monday. Market still largely in waiting mode ahead of a flurry of meaningful macro and micro events this week, including big tech earnings, FOMC announcement, refunding details, ISM manufacturing and employment data. Busy on the US economic calendar with more support for the macro resilience theme. December JOLTS job openings well ahead of estimates, coming in at highest since September while November revised up.

US equities ended higher Monday at session highs after a fairly directionless morning. Bullish hopes continue to be underpinned by the ongoing flow of goldilocks economic data feeding soft- to no-landing forecasts, with a focus on hopes for nearer-term rate cuts. Stocks and Treasuries hit session highs after the US Treasury released their quarterly borrowing estimates. A number of other big catalysts are expected this week, including the January FOMC meeting on Wednesday, and several employment reports culminating with January’s nonfarm payrolls Friday morning.

US equities were higher this week with small caps pulling ahead. Data releases largely supported the soft-landing narrative coupled with news of Chinese stock market stimulus. PCE inflation was one of the more anticipated stories this week, with data showing that the rate of price increases slowed as 2023 came to a close.

US equities finished higher in Thursday’s trading, ending back near session highs, with the S&P and Nasdaq logging their sixth straight session of gains. Today’s main themes include soft- to no-landing support from macro data, a lower rate backdrop, mixed earnings, continued China bounce, FOMC and QRA waiting games and breadth scrutiny. Q4 GDP grew at an annualized 3.3% pace, well ahead of the Street’s 2% expectation.

US equities finished mixed in Wednesday trading, with the Dow Jones closing down 26bps, while the S&P500 and Nasdaq closed up 8bps, and 36bps respectively. January flash manufacturing PMI came in well ahead of consensus, back in expansion and highest since Oct-22, though manufacturing cost inflation fastest since Apr-23. Flash services PMI also beat, though saw slowest rise in output charges since Jun-20. Today's weak 5Y Treasury auction sparked some caution with long-end yields continuing their upswing from year-end lows.

US equities finished mixed in Tuesday trading, with S&P ending near best levels. Big tech stocks were broadly higher. There were no notable directional drivers in play as market continued to wait for a ramp in earnings activity and further signs of disinflation traction with core PCE inflation at the end of the week. Big developments today revolved around mixed earnings, mixed rates, another batch of soft regional manufacturing data, and China stimulus speculation.

US equities ended higher today in a fairly quiet trading period with the S&P 500 locking in a second-straight record close. The Fed and economic calendars are quieter this week, though the market does get two looks at core PCE inflation trends with the first estimate for Q4 GDP on Thursday, and the personal income and spending report for December on Friday. Earnings will ramp up with 75 S&P 500 companies reporting this week. In macro headlines, the market continues to deal with a ton of moving pieces from high-profile themes.

US equities were mostly higher for the holiday-shortened week, with the Dow, S&P, and Nasdaq gaining but small-caps continuing to struggle in 2024 (Russell now down four consecutive weeks). The week's big theme was the waning of expectations for the Fed to begin its rate cuts in March in the face of both stronger economic data and some pushback in the Fedspeak. The week also saw a big positive performance contribution from tech amid some positive earnings takeaways and ongoing AI optimism.

US equities ended higher Thursday, rallying to best levels after some midday weakness. The Dow up +0.54%, S&P 500 up +0.88%, Nasdaq up +1.35%, and the Russell 2000 down (0.55%). Bounce momentum was helped by some favorable technical and mechanical dynamics, positive semi space takeaways from Taiwan Semiconductor results and guidance, Apple’s upgrade, and a reversal in beleaguered Greater China bourses and rate stabilization. The Philly Fed Index missed, but better m/m, easing some concerns from Tuesday's big Empire State Index miss that was one of the lowest in series history. 

US equities ended lower Wednesday with the Dow Jones, S&P500, and Nasdaq closing down 25bps, 56bps, and 59bps respectively. December retail sales came in stronger than expected. January NAHB housing market index beat and tied for highest since August, citing big decline in mortgage rates since October. Business inventories were in line. The Latest Fed Beige Book said majority of districts saw little or no change in economic activity, while most saw steady or falling input prices and nearly all saw decreased manufacturing activity.

US equities ended lower Tuesday, off worst levels. Follows a mostly higher finish for stocks last week. More defensive tone seems to be a function of tighter financial conditions (higher yields, stronger dollar) stemming from latest thoughts global markets may be too aggressive when it comes to 2024 easing expectations. Fed Governor Waller said Fed within striking distance of inflation target and cautioned against overtightening. 

US equities were higher this week with leadership from megacap tech. This week's upside was driven by factors including soft landing momentum and disinflation signals, optimism around the coming earnings season, a weaker dollar, and some strategists playing down extended positioning. Key economic data this week included December CPI, which came in at 0.3% m/m, hotter than 0.2% consensus, while core CPI of 0.3% was in line.

US equities ended mixed, but well-off worst levels, in a Thursday session that processed a largely in-line December CPI report. Major indices still on track for solid weekly gains. Headline December CPI came in hotter than expected, though core CPI printed in line. Season expected to be a big catalyst over next few weeks with nearly 75% of S&P 500 market cap out by week-ended 9-Feb.

US equities finished higher in Wednesday trading, with the Dow Jones, S&P500, and Nasdaq closing up 45bps, 57bps, and 75bps respectively. NY Fed President Williams said that restrictive policy would likely need to continue for some time to fully achieve the Fed's inflation target and not close to the point where it would slow and stop its runoff of the balance sheet. Boeing’s CEO said in a company meeting it needs to acknowledge its mistake. HP Enterprise confirmed plans to acquire Juniper Networks in a $14B deal.

US equities closed mostly lower in Tuesday trading, though off worst levels from the morning. NFIB small business optimism index saw sequential improvement in December but marked 24th straight month below 50-year average. The Fed's Bowman said it could eventually become appropriate to lower rates if inflation continues to fall closer to 2%, but stressed we are not there yet.  

US equities finished higher in Monday trading. The Fed was in focus with Dallas Fed President Logan suggesting there may be a case to slow the pace of the balance sheet runoff. The NY Fed survey showed consumers' year-ahead inflation expectations are now at their lowest level since January 2021.

US equities were lower in the first week of the new year, with the S&P and Nasdaq declining after nine straight weeks of gains. While there was not a single catalyst, analysts continued to flag overbought conditions and stretched positioning after a strong Q4 capped 2023, as well as pointing to last year's significant gains among many megacap tech stocks. December nonfarm payrolls printed even higher than some of the whisper numbers, though the previous two months were revised lower (with ten of the past 11 monthly reports ultimately being revised down).

US equities ended mostly lower Thursday, near worst levels. S&P 500 and Nasdaq still on pace to break nine-straight weekly gains. Early 2024 focus has been on the more defensive tone in the market. Still largely chalked up to technical factors like overbought conditions and stretched positioning with metrics back near late-July levels. Labor-market data was in focus today. December ADP private payrolls rose 164K vs the 125K consensus, with strength still focused in service industries.

US equities finished lower Wednesday, near worst levels, with the Dow Jones, S&P500, and Nasdaq closing down 76bps, 80bps, and 118bps respectively. December ISM manufacturing a bit better than consensus, still in contraction, with a drop in the prices-paid component. November JOLTS job openings came in slightly below market expectations. FOMC minutes showed participants viewing rates likely at or near their peak, and lower rates by year's end could be appropriate.

US equities finished the first trading day of the year mostly lower, though ending off worst levels. The Dow finished 0.07% higher while the S&P and Nasdaq finished down 0.57% and 1.63%, respectively, which comes after both the S&P and Nasdaq finished higher for a ninth straight week last week. In today’s session, the magnificent Seven names came up for sale after an Apple downgrade by Barclays. Additionally, semis, growth software, road and rail, exchanges, asset managers, building products, homebuilders, hotels, and cruise lines were some of the other laggards. Meanwhile, banks, insurers, pharma and biotech, managed care, hospitals, food, grocers, energy, telecom, fertilizers, and casinos fared better. Treasuries were weaker with some curve flattening while the dollar index was up 0.8% on broad-based strength. Gold ended up 0.1% and bitcoin futures were up 6.8%, though they came down from best levels after topping $45K for first time in nearly two years and providing a boost for crypto-leveraged equities. Finally, WTI crude settled down 1.8%, reversing earlier gains.For macroeconomic news, final December manufacturing PMI marked down as new orders remained weak and selling prices remained at their fastest pace since April. Meanwhile, construction spending for November was in line. That said, it will be a busier data week to come, with ISM manufacturing, JOLTS, and FOMC minutes out tomorrow and then the employment report and ISM services on Friday.

US equities finished mostly higher on Friday, though off best levels, with the S&P and Nasdaq both locking in an eighth-straight session gain. Meanwhile, the Dow slipped slightly by 0.05%. Small-caps were among the standouts again, and some other outperformers included outsourcing and consulting, biotech, and precious metals miners. Underperformers included apparel, China tech, credit cards, and airlines. Treasuries finished narrowly mixed with some curve steepening while the dollar index finished down 0.1%. Gold ended up 0.9% and bitcoin futures were little changed. Lastly, WTI crude settled down 0.4%.It was a busy data for macroeconomic data. November headline PCE price index fell 0.3pp to a 0.1% contraction m/m, softer than consensus for 0.0%. Meanwhile, annualized PCE of 2.6% was also down 0.4pp from last month and softer than the 2.8% consensus, its lowest print since February of 2021. Core PCE of 0.1% was also softer than the 0.2% consensus. Meanwhile, annualized core PCE was down 0.2pp to 3.2%, beating the 3.4% consensus. Besides the macro data, it was quiet from a corporate news perspective. Looking ahead, FactSet will pause publication of the Evening Market Recap for the remainder of the year and resume coverage on January 2nd. For the first week of the new year, some areas of focus include ISM manufacturing on 3-Jan and NFP on 5-Jan. Happy Holidays!

US equities ended higher on Thursday, near best levels. Comes after stocks came under notable pressure on Wednesday in a late-day selloff; S&P suffered biggest pullback since September and DJIA and Nasdaq both snapped nine-day winning streaks. Market bounced after a largely unexplained late-day selloff on Wednesday. Some talk of pressure from zero-day options trades and geopolitical tensions also flagged as an excuse, though bulk of the focus has been on overbought conditions. Initial jobless claims rose slightly w/w but came in below consensus. Continuing claims largely in line, coming off mid-November's peak levels. 

US equities finished lower in Wednesday trading, near worst levels, with the Dow Jones, S&P500, and Nasdaq closing down 127bps, 147bps, and 150bps respectively. Market sold off sharply in the afternoon though no obvious catalyst. December Consumer Confidence beat, highest since July. November existing home sales posted a surprise increase. Atlanta's Fed President Harker said rate cuts won't happen right away, though also said there's no need to raise rates anymore.

US equities ended higher today, near best levels and adding to Monday’s gains, with the Dow, S&P, and Nasdaq finishing up 0.68%, 0.59%, and 0.66%, respectively. The Magnificent Seven ended mostly higher, and marine transport, auto parts, cruiselines, casinos, apparel & accessories, machinery, credit cards, banks, pharma, industrial metals & precious metals were among the outperformers. There was not a lot of outright decliners, though managed care, waste, networking and communications, HPCs, grocers, and food were the relative laggards. Treasuries were stronger across the curve, though off best levels, after yields backed up on Monday. The dollar index was down 0.4%, though yen weakness was the big story in FX following the BoJ meeting. Gold finished up 0.6 along with bitcoin futures. Lastly, WTI crude settled up 1.5% after gaining nearly 1.5% on Monday as geopolitical challenges to tanker travel remain in focus. There were few meaningful directional drivers in today’s very quiet session, though there was some notable Fedspeak, which did not echo the more hawkish messaging from Williams last Friday.

US equities ended mostly higher in fairly quiet Monday trading, though off best levels. The S&P 500 is now ~ 1.2% from its record close in Dec-21. The Dovish Fed pivot remains a key area of focus heading into year-end, even with some of the post-FOMC pushback from Fed officials. Fed's Mester said that the market has jumped a little bit ahead and that the Fed is not likely to normalize rates quickly.

US equities were higher in a broadly positive week driven by dovish takeaways from Wednesday's FOMC meeting. The Fed's move came as economic data continued to cooperate with soft-/no-landing hopes. November CPI came in a bit higher than consensus on the headline (with shelter and used-car inflation among the key components), though the release was judged to be largely in line with expectations.

US equities ended higher Thursday, though off best levels. Today's modest rally extended weekly gains, with S&P, Nasdaq now up 3%+ for the week, small-cap Russell 2000 up over 7%. Today saw sizable cyclicals/value outperformance vs growth, while equal-weighted S&P 500 outperformed cap weighted index by most since Jun-23. Dovish Fed takeaways continue to reverberate, particularly in combination with the soft-landing narrative, leaving path of least resistance for risk assets up to the upside.

US equities closed higher in Wednesday trading, not far from best levels, following the FOMC decision, with the Dow Jones, S&P500, and Nasdaq closing up 140bps, 137bps, and 138bps respectively. Fed left rates unchanged for a third straight meeting. Dot plot takeaways leaned dovish as median projection for 2024 fell 50bp to 4.60% implying 75bp worth of easing. No pushback from Powell during press conference regarding more aggressive market pricing for rate cuts.

US equities closed mostly higher in Tuesday trading, ending a bit off best levels. The Market is focused on some of the last key events for 2023, particularly today's CPI report and tomorrow's Fed decision and updated dot plot. Core CPI was in line with expectations for November, increasing 0.3% m/m and 4.0% y/y.

US equities finished higher in fairly uneventful Monday trading, with S&P 500 and Nasdaq setting fresh YTD closing highs after capping a sixth straight week of gains on Friday. There was not much on today's calendar but several key catalysts on tap this week before the market eases into year-end, particularly tomorrow's November CPI report and Wednesday's FOMC meeting (bringing updated economic projections and a new dot plot). The New York Fed's Survey of Consumer Expectations showed the lowest 1Y inflation expectations since Apr-21.   

US equities were mixed this week, with the S&P and Nasdaq each extending their streak of weekly gains to six; both indices set fresh YTD closing highs on Friday. The Magnificent Seven names were mostly higher this week. Treasuries were mostly weaker with the curve flattening. November nonfarm payrolls rose by 199K, with analysts noting job growth even beyond the impact of workers coming off recent strikes.

US equities ended higher Thursday following an uneventful trading session. Comes after stocks finished down on Wednesday, ending near worst levels. Quiet session without a lot of catalysts in focus. Some early attention on hawkish BoJ headlines, though policy normalization dynamic widely understood. Initial jobless claims were little changed w/w while continuing claims unexpectedly dropped from prior week's two-year high.

US equities ended lower in Wednesday trading, near worst levels, with the Dow Jones, S&P500, and Nasdaq closing down 19bps, 39bps, and 58bps respectively. Labor market in focus again on the economic calendar with ADP private payrolls up 103K in November, below the 120K consensus. Market now has employment report on Friday and CPI next Tuesday as the key remaining pieces of data before the FOMC decision and updated dot plot on Wednesday. McDonald’s provided new long-term targets at its investor day.

US equities ended mostly lower on Tuesday for the second consecutive session, though the major indexes ended mixed with the Dow and S&P ending down 0.22% and 0.06%, respectively, and the Nasdaq ending up 0.31%. Although there was some drag from the Magnificent Seven yesterday, big tech was largely higher today with Apple (AAPL) faring well after a positive Foxconn update. However, market breadth was negative and there was some notable weakness from industrial metals, media, HPCs, department stores, energy, hotels, casinos, paper and packaging, auto suppliers, transports, regional banks, semis, IT equipment and China tech. Thus, there were not many pockets of outright strength, though refiners, managed care, P&C insurers, credit cards, pharma and biotech, and telecom did hold up better. Treasuries were firmer and near best levels after today's data, with the curve flattening after yields backed up on Monday and with 30Y yield near 4.30%, its lowest since September. The dollar was firmer on the major crosses, and Aussie weakness was the big story in FX following the RBA announcements. Gold finished down 0.3% while bitcoin futures were up 4.8% after a big rally on Monday. WTI crude settled down 1.0% in very choppy trading. The big story today was renewed decline in yields on dovish labor market data. That said, there was not a meaningful directional driver for stocks. Looking ahead, it seems to be a waiting game for NFP on Friday, and then CPI and FOMC next week.

US equities ended mostly lower Monday as the major averages held in a fairly narrow range throughout the session. It was a fairly quiet session with bigger catalysts coming as the week progresses. Final October factory orders were a bit weaker than consensus.

US equities finished mostly higher in Thursday afternoon trading. Several moving pieces today, including more signs of disinflation, two-year high in continuing claims, upside surprise in regional manufacturing PMI, mixed earnings, status-quo Fedspeak (vs Waller's dovishness earlier this week), oil volatility and month-end dynamics. Headline PCE inflation a bit softer than expected in October while core PCE inflation in line.

US equities finished mixed, ending near worst levels in Wednesday trading, with the Dow Jones closing up 4bps, while the S&P500 and Nasdaq finished down 9bps and 16bps respectively. Lower yield backdrop remained the big story, and better software earnings were another bright spot. Fed's latest Beige Book reported economic activity declining in six of 12 Fed districts. Latest headlines suggesting Saudis pushing an output cut for tomorrow's OPEC+ meeting.

US equities finished slightly higher overall in quiet Tuesday trading, though ending off best levels from midday, with the Dow, S&P, and Nasdaq finishing up 0.24%, 0.10%, and 0.29%, respectively. The magnificent 7 names were mostly higher with Tesla (TSLA) being a standout. Other outperformers included retail and apparel, credit cards, rails, commodity chemicals, beverages, and payments. Meanwhile, media, P&C insurers, pharma, MedTech, machinery, restaurants, and homebuilders were some of the laggards. Treasuries were firmer, particularly at the short end of the curve, with the 2Y yield near its lowest point since August. The dollar was weaker on the major crosses while Gold finished up 1.4%. Bitcoin futures were up 4.4% and WTI crude settled up 2.1%. Overall, the market experienced some push and pull from an underwhelming Treasury auction and from dovish Fedspeak today. The market still seems to be dealing with a catalyst vacuum ahead of November employment data on December 8th, CPI on December 12th, and the FOMC decision (and updated dot plot) on the 13th.

US equities finished lower in Monday trading, ending near worst levels after oscillating within a fairly narrow band. There was a notable miss from October new home sales, and September's big gain was revised lower. Today's 2Y auction tailed around 1bp, the first tail since July, though the 5Y auction was stronger.

US equities finished lower in very quiet, rangebound Tuesday trading. The Dow, S&P, and Nasdaq finished down 0.18%, 0.20%, and 0.59%, respectively. Today's session came after a higher finish on Monday that saw the S&P reach its highest level since August. Big tech was mixed, while retailers were generally down amid today's welter of earnings. Semis, airlines, banks, autos, media, REITs, and homebuilders were some of the other laggards. Meanwhile, MedTech, life sciences, P&C insurers, food and beverage, managed care, A&D, and telecoms held up better. Treasuries were mostly unchanged, though a bit firmer with modest gains in belly of the curve after some positive sentiment on Monday surrounding the 20-year auction. The dollar index was up 0.2% while gold finished up 1.1%. Bitcoin futures were off 1.4%, and WTI crude settled down 0.1% after gaining nearly 2.5% on Monday. Overall, there were no big directional drivers in play today. The lower rate backdrop on disinflation and peak Fed traction are still a tailwind for risk sentiment, along with lingering consumer resilience, recent earnings inflection, margin expansion, and seasonality. Another major talking point were the November FOMC minutes, which noted that the Fed is in a position to proceed carefully. All officials saw rates remaining restrictive for some time, fitting with the higher for longer messaging, though that has come under some scrutiny following recent inflation, labor market data and corporate updates.

US equities closed higher in very quiet Monday trading, adding to good gains from last week. Richmond Fed's Barkin said that there may still be work to do on inflation, which has been "stubborn." MSFT was higher amid news that former OpenAI CEO Sam Altman will join the company to lead a new research team.Note: The Podcast will not be published on 22-24 November due to the holiday. The comment will resume on 27-November.

US equities rallied this week as the S&P 500 and Nasdaq both capped off a third-straight week of gains, while the small-cap Russell 2000 posted its second-best weekly performance of the year. Tuesday's October CPI declined on an annualized basis for the first time in four months. Beyond the cooler October CPI and PPI prints, data this week included more evidence of a cooling labor market as initial jobless claims missed and was the highest since 18-Aug, while continuing claims also missed and hit the highest level since Nov-21.

US equities were mixed in very quiet Thursday trading. Very quiet session as market continued to digest a flurry of developments over last few days. Big debate right now revolves around sustainability of the disinflation traction and soft-landing narrative tailwinds for stocks and bonds. Initial claims and continuing claims both higher than expected, with latter printing at worst level in two years. Import and export prices both declined more than expected in October.

US equities finished higher in Wednesday trading, though ended off best levels, with the Dow Jones, S&P500, and Nasdaq finishing up 47bps, 16bps, and 7bps respectively. October retail sales fell for the first time since March, though decline was smaller than expected. October PPI posted a surprise contraction. US House passed a stopgap bill to avert a government shutdown. President Biden and China's XI began their meeting in San Francisco.

US equities finished notably higher in Tuesday trading, ending a bit off best levels, with the Dow, S&P, and Nasdaq finishing up 1.43%, 1.91%, and 2.37%, respectively. Additionally, the Russell had its best session in more than a year, ending up 5.44%. Big Tech was stronger across the board, and REITs, utilities, autos, retail, homebuilders, airlines, banks, and asset managers were among the other outperformers. There were not a lot of decliners, but energy, managed care, pharma, healthcare distributors, P&C insurers, and defense were among the relative laggards. Treasuries were notably firmer across the curve with 10Y yield below 4.5% and 30Y approaching 4.6%. The dollar was down sharply on the major crosses, particularly vs the euro and sterling. Gold ended up 0.8% while Bitcoin futures down finished 4.1%, adding to a 1.5% pullback in the prior session. Finally, WTI crude settled unchanged after three-straight gains. The big macro news for today was that the October CPI report came in cooler than expected across the board, with monthly and annualized headline and core CPI prints below consensus. The soft October CPI report drove the big rally in stocks and rates, with momentum seemingly exacerbated by widely discussed positioning dynamics. Fed sentiment also expected to be impacted by retail sales tomorrow.

US equities finished narrowly mixed in very quiet Monday trading. There were not a lot of catalysts today and investors continue to weigh well-worn themes, though all come with caveats. Today, latest NY Fed consumer survey showed a slight downtick in inflation expectations and more optimistic economic outlook.

US equities were mostly higher this week, with the S&P and Nasdaq adding to last week's big rally (while the small-cap Russell notched its 12th decline of the past 15 weeks). Stocks added on to the prior week's big gains despite a lack of big stimuli and amid a decelerating Q3 earnings season. Thursday was the only session this week that saw the S&P move lower, with investors that day reacting negatively to some hawkish-leaning commentary from Fed Chair Powell and notably weak demand for a $24B auction of 30-year Treasury bonds.

US equities were lower in Thursday trading, ending worst levels after Chair Powell comments and a weak 30Y auction brought rates overhang back into play. Higher-for-longer Fed and another backup in yields the big stories in today's trading.  All sectors lower. Initial claims rose in the latest week, with the prior week revised a bit higher; continuing claims rose again. 

US equities finished narrowly mixed in very uneventful Wednesday trading, with the Dow Jones ending down 12bps, while the S&P500 and Nasdaq closed up 10bps and 8bps respectively. Today's $40B 10-year note auction saw some mild demand weakness after yesterday's well-received 3Y auction. Overseas, an ECB survey revealed a pickup in consumer inflation expectations despite the disinflation trend, as well as heightened uncertainty surrounding the macro outlook.

US equities were mostly higher in Tuesday trading, though ended a bit off best levels, with the Dow, S&P, and Nasdaq finishing up 0.17%, 0.28%, and 0.90%, respectively. Software, semis, OTAs, telecom and most big tech beat the tape. Energy was the worst performer on crude weakness. Materials were also under pressure on fairly broad-based weakness. Machinery, multis, rails, parcels and logistics, regional banks, insurance, autos, casinos, and department stores were among the other underperformers. Treasuries were firmer with curve flattening following some pressure on Monday after a big rally in the prior week, with corporate supply mentioned as another overhang. The dollar index was up 0.3% with Aussie weakness being the big FX story after the RBA decision for a dovish hike. Gold finished down 0.8% while bitcoin futures were up 2.5%. WTI crude ended down 4.3%, below $80/barrel and its lowest settlement since July. That said, earnings activity still fairly elevated, though not many high-profile reporters are left. Q4 beat rates are above the one-year average, though Q4 has seen outsized cuts. Overall, there is a big debate right now about whether last week's outsized equity bounce and rate rally have more room to run.

US equities mostly higher in fairly uneventful Monday trading, ending a bit off best levels. There has been nothing really incremental from a narrative perspective over the last few days. There was not much new from the Fed's latest Senior Loan Officer Survey (SLOOS), which said demand for commercial and industrial loans were weaker over Q3, while banks tightened standards for both residential and CRE loans.

US equities finished the week notably higher amid a broad risk-on atmosphere, with the major indices gaining each day. There was a lot of economic data to process this week, particularly softer-than-expected headline growth from the October nonfarm payrolls report (that also saw September's blowout result revised lower). November's FOMC meeting offered little in the way of surprises.

US equities were higher in Thursday trading, ending near best levels. Markets saw a solid, broad-based rally on the back of improved risk sentiment, with myriad excuses for the bounce. Rate reprieve seems to be the most powerful factor. Peak Fed traction a driver of rate stabilization and also has positive signaling effects for equities. Street more positive on latest batch of earnings than recent results, offsetting some of the concerns around underwhelming earnings guidance and some incrementally cautious commentary on the consumer.

US equities finished higher in Wednesday trading, ending near best levels, with the Dow Jones, S&P500, and Nasdaq closing up 67bps, 105bps, and 164bps respectively. November FOMC meeting held rates steady, as widely expected. The Treasury refunding announcement seemingly removed a big overhang on bonds, while rate stabilization also a function of softer ADP private payrolls and ISM manufacturing miss. Overseas, Bank of Japan came in with an unscheduled JGB purchase.

US equities finished higher in Tuesday trading, ending near best levels, with the Dow, S&P, and Nasdaq finishing up +0.38%, +0.65%, and +0.48%, respectively. That said, major indices still closed solidly down for the month of October. Networking/communications, homebuilders, OEMs, MedTech, managed care, steel, A&D, building materials, and semis were among today's best performers. Big tech was also mostly higher. Ag machinery, large-cap pharma, airlines, energy, fertilizers, and China tech were among the laggards. Treasuries ended weaker with the curve steepening, adding to Monday's move. The dollar was better on the major crosses, with yen weakness today's big story in FX. Gold finished down 0.6%, ending back below $2K/oz., while bitcoin futures were up 0.1%. WTI crude finished down 1.6% after losing nearly 4% on Monday.It was busy on the economics calendar today. October Consumer Confidence came in at 102.6, beating consensus but down from September’s upwardly revised 104.3 for the third straight month of decline. Present situation dropped to 143.1 from prior 146.2, while Expectations component slipped to 75.6 from September's 76.4. One-year inflation expectations rose 0.2 points to 5.9%. Some of today’s other data included Q3 Employment Cost Index, showing employment and wages both slightly higher than expected. Lastly, both August FHFA house price index and S&P Case-Shiller 20-city home price index grew m/m while October Chicago PMI was little changed m/m. There were no big directional drivers in play as the market waits for the Fed rate decision and Treasury refunding details tomorrow.

US equities closed higher in Monday trading, ending just shy of best levels. Stocks hit best levels after Treasury quarterly borrowing estimates came in lower than feared. The Israeli conflict remained largely contained over the weekend and into Monday afternoon, although some recent events show tensions remain strained.  

US equities were lower this week as the S&P 500 shed more than 2% for the week for a second-straight week and finished the week at the lowest levels since April. Treasuries yields fell on the week, though not before the 10Y yield on Monday rose above 5% for the first time since 2007, while the 2Y/10Y spread at one point fell to around -15 bp, the narrowest since Jul-22. Stocks were also hit this week by underwhelming earnings and guidance takeaways.

US equities were mostly lower in Thursday trading, ending a bit off worst levels. Today's weakness came extended Wednesday selloff, while S&P 500 posted for seventh decline in past eight sessions. Risk off remained the theme with the usual suspects in focus. Earnings continue to be flagged as an overhang on sentiment. While key S&P 500 earnings metrics for Q3 have improved in recent days and are back above their four-quarter averages, there has also been a ramp in scrutiny surrounding the magnitude of the expected rebound in Q4 and 2024.

US equities were lower in Wednesday trading, near worst levels, with the Dow Jones, S&P500, and Nasdaq finishing down 32bps, 143bps, and 243bps respectively. Earnings in focus with mixed results out of the big tech space, and the other big story today was the renewed bond yield backup following Monday's reprieve. September new home sales came in well ahead of consensus, and reports that the UAW is close to an agreement with Ford.

US equities were higher in Tuesday trading, though a bit off best levels, with the Dow, S&P, and Nasdaq finishing up 0.62%, 0.73%, and 0.93%, respectively. Big tech was largely higher, with Multis, A&D, beverages, chemicals, utilities, and managed care among the outperformers. There were not a lot of groups in the red, but MedTech, oil services, credit cards, drug stores, OEMs, fertilizer, homebuilders, airlines, and regional banks were among the relative laggards. Treasuries ended mixed with some curve flattening; though there was not much change after today's in-line 2Y auction. Overseas, there were some China policy support headlines, with Beijing set to approve substantial sovereign debt issuance to spur infrastructure spending. That said, tensions in the Middle East continue to dominate the headlines. There were many big firms that reported earnings today, including Coca-Cola, Verizon, GE, Spotify, and even more after the close, including Google, Microsoft, and Visa.

US equities finished mostly lower in Monday trading, though downside fairly limited. After flirting with the level late last week, 10-year yields are above 5% for first time since 2007. Meanwhile, Middle East tensions continue to dominate the headlines.

US equities were lower this week amid a still-unsettled geopolitical situation, another run-up in Treasury yields, and some mixed takeaways from the early rounds of Q3 earnings reports. Treasuries were weaker again, with the 30Y yield moving firmly above 5% and the 10Y touching that level before retreating. September retail sales coming in well ahead of consensus, with control-group sales also handily beating forecasts. And labor-market strength continues to be reflected in light jobless claims data, which this week printed back below 200K.

US equities finished lower in very choppy Thursday trading, ending not far from worst levels. Major indices deepened WTD declines. Powell echoed recent Fedspeak about tightening financial conditions potentially having implications for path of monetary policy. Most big tech+ names beat the tape. Laggards included EVs, auto parts, pharma, biotech, semicap equipment, insurance, homebuilders, and cable. Streaming, telecom, rails, energy, hospitals, software, restaurants, beverages were among the stronger groups. 

US equities finished lower in Wednesday trading, ending near worst levels, with the Dow Jones, S&P500, and Nasdaq closing down 98bps, 134bps, and 162bps respectively. September housing starts came in a bit light, while August was revised lower, building permits were ahead of consensus, and the ABI fell further into contraction in September. Latest Beige Book said little to no change in economic activity since the September report.

US equities finished mixed in Tuesday trading with the major indices pulling back from best levels near midday. The Dow finished up 0.04% while the S&P and Nasdaq finished down (0.01%) and (0.25%), respectively. Pharma and biotech, managed care, defense, exchanges, networking and communications, casinos, HPCs, and China tech were some of the major weak spots. Energy, banks, P&C insurers, asset managers, apparel, food, and fertilizers were some of the stronger sectors. Overall, the good-news-is-bad-news theme continued to be in focus with another bout of upward pressure on rates following today's stronger retail sales data. In other news, the semi space was weak following the confirmation of additional restrictions on US exports to China. Earnings have been still surprising to the upside despite takeaways being mixed, but the bar is now higher and it is still very early in the Q3 reporting season.

US equities finished higher in Monday trading, ending near best levels. There was no real change in market narrative, though stocks were rallying despite some renewed upward pressure on yields. Empire manufacturing was weaker than expected in October, slipping back into contraction.

US equities were narrowly mixed this week with the S&P 500 a bit higher but Nasdaq slightly lower. The S&P 500 finished higher for a second-straight week though Nasdaq was slightly lower, breaking two-straight weekly gains. September headline CPI was hotter than expected, though core CPI was in line and the lowest on an annualized basis in two years.  

US equities were lower in Thursday trading, though ended off worst levels. Today's weakness broke four-straight gains for both the S&P 500 and Nasdaq, though the averages still on pace for weekly gains. Despite this week's geopolitical volatility, market's focus remains squarely on rates. Headline September CPI a bit hotter than consensus, with shelter costs a big driver. 

US equities were mostly higher in Wednesday trading, ending near best levels, as the S&P 500 and Nasdaq both capped fourth-straight gains. Some headlines about escalating conflict in Israel's north added to volatility around the still-evolving conflict in the Middle East, though the market has mostly shaken off geopolitical concerns and returned to focus on rates. September headline and core PPI was hotter than expected, annualized the highest since April.

US equities were higher in Tuesday trading, though ended off best levels, with the Dow, S&P, and Nasdaq finishing up 0.40%, 0.52%, and 0.58%, respectively. Today's strength extended Monday’s rally after markets shook off some early geopolitics-induced weakness. Airlines, banks, beverages, credit cards, chemicals, and homebuilders were among the outperformers. Big tech was mixed, while energy, MCOs, REITs, exchanges, insurance, food, and software were among the relative laggards. In all, today's upside can be tabbed to factors including Treasury strength and oil stabilization. While some of Treasury rally tabbed to flight-to-safety move amid geopolitical uncertainty given the ongoing conflict in Israel, recent dovish Fedspeak from Jefferson and Logan acknowledging tightening conditions from a higher-rate backdrop could warrant more caution on possible rate hikes. That said, Atlanta Fed's Bostic was the latest to say no further rate hikes are needed. Overseas, there was some positive takes on reports that China is planning a new $140B stimulus round with spending on infrastructure projects. The market awaits more macro data this week and the beginning of earnings season on Friday.

US equities were higher in Monday trading, ending just off best levels, with the Dow Jones, S&P500, and Nasdaq closing up 59bps, 63bps, and 39bps respectively as the markets reversed the morning's risk-off weakness in the wake of the weekend's Israel attacks that have resulted in 1,000 dead and dozens of hostages being held. Recent Fedspeak mixed on whether financial conditions have tightened enough or if further hikes may be required. Busy week ahead, with September CPI, PPI, and bank earnings kicking off Friday.

Major US equity indices were mixed this week. In the wake of Friday's hotter-than-expected jobs report, the 30Y bond crested 5% for the first time since 2007 and the yield on the 10Y note hit a fresh post-2006 high. There was a big beat for Friday's September nonfarm payrolls report (and upward revisions for the prior two months), which followed a soft read for ADP private payrolls and a sharp increase in job openings from Tuesday's August JOLTS report.

US equities were slightly lower in uneventful Thursday trading, though ended a bit off best levels. Nascent rate stabilization didn't provide much meaningful cushion for stocks ahead of NFP tomorrow. Focus remains on the velocity and magnitude of recent surge in long-term yields. Initial claims came in at 207K, up slightly for the week but below consensus and still signaling labor market tightness. 

US equities finished higher in Wednesday trading, ending near best levels, with the Dow Jones, S&P500, and Nasdaq closing up 39bps, 81bps, and 135bps respectively. Today's batch of economic data showed some weakening labor-market trends with softer ADP private payrolls and a decline in the ISM services employment component. Lot of headline focus on yesterday's vote to oust Kevin McCarthy from speakership in the House and how the disruption will impact government-funding discussions in the runup to the November 17th expiration of the stopgap spending bill.

US equities finished lower in Tuesday trading, not far from worst levels, after coming under notable pressure amid a sharp move higher in Treasury yields. The Dow, S&P, and Nasdaq finished down 1.29%, 1.37%, and 1.87%, respectively. Department stores, asset managers, homebuilders, airlines, casual diners, semis, and REITs were among the laggards. Energy, chemicals, healthcare distributors, waste, grocers, and HPCs held up better, with utilities rebounding after a big slide yesterday. Overall, there was no real incremental development in terms of the main market narrative, though all eyes today were on the unrelenting backup in yields and tightening of financial conditions, acting as big headwinds on risk sentiment, and drivers of mechanical and technical selling pressure.

US equities closed mostly lower in Monday trading. Higher rates were the big drag today after some signs of stabilization late last week. September ISM manufacturing beat, the highest since November, with the report indicating more disinflation momentum and employment back into expansion territory.    

The major averages were mixed this week though downside in S&P 500 was fairly modest and Nasdaq edged out a slight gain. This week was described as having a vacuum of catalysts, a trend expected to hold at least through mid-October when September CPI is released and earnings season begins. However, the bullish narrative this week centered around stabilization of rates, particularly at the policy-sensitive short end of the curve.  

US equities were higher in Thursday trading, ending a bit off best levels. Today's upside came after a mixed and volatile Wednesday session. Thursday's modest rally tabbed to factors including oversold conditions and rate stabilization. Weekly initial claims again came in well below consensus.

US equities were mixed in fairly choppy Wednesday trading, though ended well off session lows, with the Dow Jones finishing down 20bps, while the S&P500 and Nasdaq finished up 2bps and 22bps respectively. 10Y above 5.60%, the highest since Oct-2007. WTI crude settled up 3.6%, its biggest daily gain since May. August’s durable goods orders rose slightly m/m against consensus for a decline; core capital goods orders were stronger than expected.

US equities finished lower in Tuesday trading, ending just off worst levels and more than reversing Monday's modest gains. The Dow, S&P, and Nasdaq finished down 1.14%, 1.47%, and 1.57%, respectively, with the Dow finishing below 200dma for first time since May. All sectors were lower with Big Tech a notable drag, while semis, auto complex, QSRs, media and entertainment, machinery, cosmetics, grocers, and China tech also underperformed. Meanwhile, Biotech, pharma, airlines, AG chemicals, oil majors, E&Ps, and apparel retailers fared a bit better. Overall, the markets were unable to shake risk-off throughout the entire Tuesday session despite some mixed economic data takeaways. It seems as though there is a catalyst vacuum until around mid-October, when the market gets the September CPI on the 12th and the earnings season begins.

US equities were mostly higher in quiet Monday trading, though upside is fairly limited. Upward pressure on rates is still an overhang on broader risk sentiment, particularly as the move has been more about oil and the Fed than growth. PCE inflation is the highlight of the week on Friday.

It was a broad risk-off week, with Friday's attempt at an oversold bounce not gaining much traction. The major event was the September FOMC meeting, for which takeaways generally leaned hawkish. The Fed kept rates steady as expected but also issued a new edition of the dot plot which maintained forecasts for another 2023 hike and reduced the median forecast for 2024 easing to 50bp (from 100bp in June).

US equities were lower in a quiet Thursday afternoon trading session, near worst levels and extending Wednesday's declines. The S&P had its worst session since March; and the Nasdaq more than doubled Wednesday's sharp drop. Big tech was again among the biggest drags. Networking/communications, homebuilders, REITs, oil services, exchanges, auto suppliers, QSRs, and casinos were some of the other laggards. Among the outperformers were refiners, managed care, media apparel retailers, and food. Oil price spike, seasonality, dampened momentum in pockets of big tech, consumer headwinds and the United Auto Workers strike are some of the other higher-profile areas of caution.

US equities finished lower in Wednesday trading, moving toward their worst levels following today's Fed meeting, with the Dow Jones, S&P500, and Nasdaq finishing down 22bps, 94bps, and 153bps respectively. No surprise as FOMC left rates unchanged at 5.25-5.50%. Also as expected, the median dot for 2023 continued to show one more rate hike. Klaviyo’s IPO priced at $30/sh.

US equities finished lower in Tuesday trading, though stocks ended near session highs. The Dow, S&P, and Nasdaq finished down 0.31%, 0.22%, and 0.23%, respectively. Big tech was mostly stronger though Amazon (AMZN) was a notable decliner. Managed care, machinery, road and rail, semis, restaurants, hotels, casinos, grocers, and HPCs were among the laggards. Steel, insurers, autos, biotech, homebuilders, cruise lines, and telecom fared better. Treasuries were weaker with the curve flattening amid some upward pressure on yields from hotter Canadian inflation. 2Y yield moved above 5.10%. The dollar was slightly higher on the euro and yen crosses. Gold finished little changed while Bitcoin futures were up 1.4%. WTI crude settled down 0.1%. Overall, rate backup and higher oil prices continued to be flagged as headwinds. Looking ahead, the markets expect a near-100% chance that the Fed will hold at Wednesday's FOMC meeting and maintain its hawkish higher-for-longer messaging.

US equities finished little changed in very quiet, rangebound Monday trading. Markets are in a bit of a waiting game ahead of Wednesday's FOMC decision. September builder confidence missed, falling to the lowest level since April.

US equities were mostly lower in up and down trading this week, with the S&P and Nasdaq finishing back below their 50-day moving averages. The August CPI report garnered the most attention, with the headline coming in largely in line with expectations (though driven higher by recent strength in energy prices) but the core printing was a little hotter than consensus. Nevertheless, analysts had little sense the release would change the Fed's thinking about a likely hold at next week's FOMC meeting.

US equities were higher in Thursday trading, ending just off best levels, with the Dow Jones, S&P500, and Nasdaq finishing up 96bps, 84bps, and 81bps respectively. Headline PPI much hotter than expected but core PPI in line and continuing to slow on a y/y basis. Headline and core control retail sales came in stronger. Initial claims were lower than expected, highlighting a still strong labor market. UAW president said union and automakers remain far apart on negotiations. ARM’s IPO priced at $51 a share, at the top of the indicated range and valuing the company at ~$54.5B.

US equities finished mixed in fairly quiet Wednesday trading, with the Dow ending down 0.20%, and the S&P and Nasdaq finishing up 0.12% and 0.29%. Big tech was mostly higher, reversing some of yesterday's pullback, though market breadth was negative overall. Autos, semis, utilities, software, MedTech and life sciences, trucking, and telecom were some of the other areas of strength. Airlines, media, banks, homebuilders, energy, auto suppliers, machinery, industrial conglomerates, and tech hardware were among the laggards. Treasuries were firmer with curve steepening. The dollar was better on the euro and yen crosses but little changed vs sterling. Gold finished down 0.1% while bitcoin futures finished up 0.5%. WTI crude ended down 0.4% after Tuesday's near-2% gain hit its highest level in nearly ten months on Tuesday. In macroeconomic news, Headline August CPI saw its largest monthly increase since June 2022, which was as expected, while Core was a bit hotter than consensus. Looking ahead, August PPI comes out tomorrow and preliminary September consumer sentiment (and inflation expectations) are out Friday.

US equities were mostly lower in Tuesday trading, with the Dow, S&P, and Nasdaq finishing down 0.05%, 0.57%, and 1.04%, respectively. Big tech, especially Apple (AAPL), was a drag after helping drive the market higher yesterday. Software, networking and communications, HPCs, beverages, freight and logistics, homebuilders, building materials, and MedTech were among the other laggards. Meanwhile, energy, banks, insurers, credit cards, airlines, rails, and casual diners held up better. Treasuries were mostly firmer with some curve flattening after another backup in yields on Monday. The dollar index finished up 0.2% with gains on the major crosses. Gold ended down 0.6% while bitcoin futures ended up 4.5% following a 3.5% selloff in the prior session. WTI crude settled up 1.8%, ending near 10-month highs after the OPEC report highlighted a growing supply deficit. In macroeconomic news, the NFIB small business optimism index slipped to 91.3 in August from 91.9 in July, marking the 20th consecutive month below the 49-year average of 98. Otherwise, there was not much else in today's headlines, as the market still seems to largely be in waiting mode for CPI tomorrow and then PPI, retail sales, ECB and UAW contract expiration on Thursday.

US equities were higher in Monday trading trading as the S&P and Nasdaq finished near best levels and ended back above their 50dmas after slipping below last week. There's big week ahead with CPI, PPI, and retail sales on the US economic calendar, the AAPL iPhone event, Barclays Financial Services Conference, ECB meeting and China activity data. The latest NY Fed Survey of Consumer Expectations showed 1Y inflation expectations are up 0.1pp to 3.6% though the 3Y fell, while views on current and future household finances deteriorated.

US equities were down this week, with the Dow Jones, S&P500, and Nasdaq closing the week down 75 bps, 129 bps, and 193 bps respectively and the S&P and Nasdaq dropping back below their 50-day moving averages. It was a generally risk-off week in the market, though there was a big focus on a stronger-than-expected read for August ISM Services. Fedspeak stressed that the path forward would remain dependent on the incoming data. The big corporate story of the week was the 6.0% slide in Apple, which faced headwinds from a China government ban.

US equities finished mostly lower in Thursday trading, ending off session lows. The big development today has been a Bloomberg report about China looking to expand their iPhone ban. Initial claims came in lower than expected, falling to levels not seen since February following a stronger employment reading in ISM services yesterday.

US equities finished lower in Wednesday trading, ending a bit off worst levels, with the Dow Jones, S&P500, and Nasdaq closing down 57bps, 70bps, and 106bps respectively. ISM services surprised to the upside. Fed's Beige Book said growth was modest in July and August. Fed's Collins said she does not think the central bank is there yet on containing inflation, but also noted may be very near, or at, peak rates.

US equities were higher this week as the S&P 500 and Nasdaq both posted a second-straight weekly gain, while the small-cap Russell 2000 broke a four-week streak of declines and posted the best weekly performance since March. The major averages were all higher this week, with strength tabbed in large part to the big pullback in Treasury yields as the week's economic data releases showed a cooling of labor market conditions.

US equities were mixed to lower Thursday, ending off best levels, with the Dow and S&P ending down 0.48% and 0.16%, respectively, and the Nasdaq ending up 0.11%. Retail, growth software, semis, athletic apparel and sporting goods, autos, and regional banks were some of the better performers. Healthcare saw fairly broad-based weakness. Some of the other laggards included Dollar stores, transports, restaurants and drug stores. Today there was a big pickup in earnings activity with tech, consumer and retail in focus. Overall, there were several moving pieces in focus on Thursday, though it was also a waiting game for nonfarm payrolls and ISM manufacturing tomorrow following a nice run-up earlier in the week.

US equities were higher in fairly quiet Wednesday trading, ending just off session highs, with the Dow Jones, S&P500, and Nasdaq finishing up 11 bps, 38 bps, and 54 bps respectively. ADP private payrolls came in softer than expected for August. Q2 GDP was revised down on weaker inventory and trade contributions. August pending-home sales rose vs consensus for a monthly pullback. Apple confirmed September 12th as the date for the expected launch of its iPhone 15 models.

US equities were higher in Tuesday trading, ending near session highs, with the Dow, S&P, and Nasdaq finishing up 0.85%, 1.45%, and 1.74%, respectively. Big tech saw solid gains across the board. Semis, department stores, growth software, networking, metals, airlines, and telecom were some of the other outperformers. There were few decliners, though refiners, staples, utilities, rails, and A&D were among the underperformers. It was very quiet once again in terms of macro headlines. There has still been an outsized focus on China stimulus measures, with China state banks reportedly set to cut rates on bulk of the country's $5.3T of existing mortgages.

US equities were higher in very quiet late-summer Monday trading, ending just off best levels. Upside is likely a function of the fairly balanced messaging from Powell last week, renewed peak Fed chatter, rate stabilization, M&A pickup, China stimulus and dampened positioning and sentiment indicators. Meanwhile, a light day of data included the August Dallas Fed Index, which beat and improved for a third-straight month. 

US equities were mostly higher this week. Upside was tabbed to peak Fed optimism, including Chair Powell not offering any view on a higher neutral rate or push back against 2024 rate cuts. Nvidia earnings was the big corporate story of the week. Results exceeded very elevated expectations, while the company guided Q3 revenue more than 25% ahead of consensus and announced a $25B buyback program.

US equities were lower in Thursday trading, ending near worst levels. The S&P 500 finished below the 4400 level, finishing down 1.35%, while the Dow and Nasdaq finished down 1.08% and 1.87%, respectively. Megacap tech was mostly weaker. Semis, growth software, streaming, autos, pharma and global miners also trailed. Banks, insurance, containers and packaging, tobacco and drug distributors were among the few outperformers. Elsewhere, strong earnings results from Nvidia (NVDA) was the big story early on, though unfortunately the blowout was unable to provide a sustainable tailwind to some of the other high-profile beneficiaries of the AI hype. It was very quiet from a macro headline perspective, apart from chatter about Fedspeak going into tomorrow’s Jackson Hole.

US equities were higher in Wednesday trading, ending just off best levels, with the Dow Jones, S&P500, and Nasdaq closing up 54 bps, 110 bps, and 159 bps respectively. August flash manufacturing and services PMIs both missed expectations and saw contractions in new orders. July new home sales were a bit better. Busy day of retail earnings with very mixed takeaways adding to the recent pickup in debate about the degree of consumer resilience. Today's rebound tabbed to big the Treasury rally, even though some of that was driven by softer flash PMI data out of Europe.

US equities were mostly lower in Tuesday trading and ended just off worst levels, though the downside was fairly limited. The Dow and S&P finished down 0.51% and 0.28%, respectively, with Nasdaq finished up 0.06%. Department stores were the worst performers in a weak retail space. Regional banks, semis, food, credit cards, airlines, and med-tech were some of other the laggards. Meanwhile, toys, casinos, builders, video games, streaming, hospitals and steel outperformed. Overall, disappointing retail earnings takeaways, dampened AI momentum, renewed ratings scrutiny on banks and some semblance of rate stabilization are a few of the issues in the market today. Looking ahead, the market is still largely in waiting mode ahead of Nvidia’s (NVDA) earnings release tomorrow post-close and Powell’s address at the Jackson Hole on Friday.

US equities were mostly higher in Monday trading, ending a bit off best levels. It was a quiet session with nothing incremental in terms of market narrative. The Fed's Jackson Hole symposium is on tap for Friday with more discussion in the press over the weekend about the upside risk surrounding the neutral rate due to higher productivity and increased deficits.

US equities were lower this week, with the S&P 500 and Nasdaq both down for a third-straight week. The big story this week was the ongoing backup in yields, with the 10Y yield hitting 4.33% this week, the highest since 2007, while 10Y TIPS yields hit the highest since 2009. There wasn't much new from this week's July FOMC meeting minutes, which contained no hints at future policy actions, though officials warned of significant upside risk to inflation, which could require further tightening of monetary policy. 

US equities finished lower in Thursday trading, ending near worst levels, with the Dow, S&P, and Nasdaq ending down 0.84%, 0.78%, and 1.17%, respectively. Big tech was largely lower. PBM names and drug distributors were the big laggards. Airlines, homebuilders, restaurants, and leisure names underperformed as well. Networking, search, credit cards, pharma, defense, fertilizers, commodity chemicals, and China tech beat the tape, though energy fared best amid a crude rebound. Despite some early strength, there was no real change to the market narrative. Looking ahead, there is nothing on the economic calendar for Friday. Fed's Jackson Hole conference is the macro highlight late next week, though there is a lot of skepticism Powell will offer any explicit near-term policy signals ahead of September’s FOMC meeting.

US equities were lower in Wednesday trading, ending near session lows. The Path of least resistance remains lower despite some earlier signs of stabilization from better retail earnings and US economic data. While there was no surprises in FOMC minutes, the tightening bias is still intact and next week's Jackson Hole conference is too soon for any explicit peak policy signal from Powell.  

US equities were lower in Tuesday trading and ended near session lows, with the Dow, S&P, and Nasdaq down 1.02%, 1.16%, and 1.14%, respectively. All sectors were lower, though commodity equities and machinery were among the worst performers on the latest China data disappointments. Banks were hit by cautious comments from Fitch, with credit cards, life insurers, transports, and autos being some of the other underperformers. Homebuilders were a standout on Buffett stake news, and Pharma was another relative outperformer. The clearest excuse for today’s pullback seems to be the latest growth concerns out of China and the market's continued disappointment with the magnitude of policy response, even with the asymmetric rate cut today.

US equities finished mostly higher in Monday trading, with the Dow Jones, S&P500, and Nasdaq closing up 7 bps, 58 bps, and 105 bps respectively. A Fairly uneventful session ahead of retail earnings, retail sales and FOMC minutes this week and Fed's Jackson Hole conference next week. This week brings the start of the July quarter reporting season for retailers. US Steel rejected an unsolicited offer from Cleveland Cliffs.

US equities were mostly lower this week, with most major indices adding to last week's declines. There were few surprises in Thursday's largely in-line release of July CPI, with the headline and core measures printing monthly increases just below 0.2% for the second straight month. More than 90% of the S&P 500 index has now reported, with members continuing to report earnings marginally better than expected (but generally not seeing positive earnings surprises rewarded).

US equities finished mostly higher in Thursday trading, but ended well off best levels, with the Dow, S&P, and Nasdaq finishing up 0.15%, 0.03%, and 0.12%, respectively. Big tech was largely higher, and software, networking and communications, managed care, exchanges, retail, travel and leisure, and telecom were among the outperformers. Energy, homebuilders, auto suppliers, industrial metals, fertilizers, and machinery were some of the laggards. For macroeconomic news, July headline and core CPI were both up 0.2% m/m, in line with estimates, and core was up 4.7% y/y.

US equities were lower in a Wednesday trading session that saw some fairly large intraday swings, ending near worst levels, with the Dow Jones, S&P500, and Nasdaq finishing down 54 bps, 70 bps, and 117 bps respectively. No big directional drivers in play ahead of July CPI tomorrow. Preview commentary has highlighted expected support for the broader disinflation narrative. Penn Gaming was up on its ESPN deal.

US equities finished lower in Tuesday trading, though the market came off worst levels through the afternoon. The Dow, S&P, and Nasdaq all finished down 0.45%, 0.42%, and 0.79%, respectively. Most sectors were down, with banks, asset managers, semis, retail, software, paper and packaging and food among the worst laggards. Big tech was also mostly lower. Looking ahead, the market awaits July CPI data out on Thursday morning, with the Street looking for a 0.2% m/m increase in the headline reading.