FactSet Evening Market Recap

US equities finished lower in Tuesday trading, ending not far from worst levels. Stocks extended Monday's selloff with biggest focus on another oil rally amid latest cautious Middle East and global supply updates.

US equities finished lower in Monday trading, though ended well off the morning's weakness. A rotation out of the AI infrastructure space was today's big story. There’s also a lot of anticipation ahead of Wednesday’s FOMC meeting.

US equities were lower this week, with the S&P 500 and Nasdaq snapping two-week winning streaks. Iran conflict and energy-market spillovers remained a major market headwind, with increased kinetic activity and dwindling diplomatic off-ramps pushing WTI and Brent above $100 and US diesel above $6/gallon. August CPI came in slightly hotter than expected and strengthened the case for a September Fed hike.

US equities were lower in Thursday trading, ending a bit off worst levels. The market was on the defensive against continued strength in crude and a notable jump in Treasury yields. WTI is crude now up for the eighth consecutive session (and up ~20% over that stretch) with a focus on Mideast headlines, particularly regarding Houthi influence over Bab el-Mandeb strait.

US equities were lower in Wednesday trading, extending Tuesday's declines. The defensive tone once again chalked up to continued escalation in kinetic activity in the Middle East (and no diplomatic off-ramps in sight) that pushed oil back to four-month highs. Rates were also a headwind, tabbed in part to oil as well as underwhelming Treasury buyback announcement.

US equities were lower in Tuesday trading as major averages ended near session lows. Defensive tilt chalked up to latest hawkish US/Iran updates following weekend ramp in kinetic activity.

US equities were modestly higher this week, with the S&P 500 and Nasdaq both up less than 1% but higher for a second straight week (and fifth week in the past six). The Iran war narrative was fairly choppy, as kinetic activity resumed over the weekend, though was fairly limited in scope. August headline payrolls were up +162K m/m, well ahead of +55K consensus.

US equities were higher in Thursday trading, ending near best levels. The move to the upside was tabbed in large part to rate stabilization following Fed Governor Waller's remarks offering support for a September rate hold if data showed continued disinflation progress. September hike probabilities now seen as just above 50% vs odds near 68% on Tuesday.

US equities were higher in Wednesday trading, a bit off best levels. It was a very quiet, low volume session as the market bounced following a three-day losing streak that was largely chalked up to higher rates, higher energy prices, hawkish central bank reaction function concerns, elevated geopolitical tensions, dampened positive macro surprise momentum and seasonal headwinds.

US equities finished lower in Tuesday trading, with stocks ending not far off worst levels amid upward pressure on rates/oil and AI trade weakness. July JOLTS job openings missed at 7.27M, while June revised down to lowest since February.

US equities were lower in Monday trading, though ended the day off worst levels. The latest Middle East escalation/higher oil prices were seemingly the excuse for the decline. Rates remain in focus with a lot of moving pieces in the takeaways surrounding Warsh's Jackson Hole speech last Friday.

Major US equity indices were mostly higher for the week. Software was a big outperformer after several well-received reports seemed to ease some SaaS anxieties. There was a lot of anticipation for Nvidia's earnings report, which ultimately offered blowout Q3 results and Q3 guidance.

US equity indices finished higher in Thursday trading, though breadth was negative, all sectors outside tech were lower, and the equal-weight S&P lagged by more than 100 bp. It was a very quiet session with the tech rally (and AI and software upside specifically) the only real market narrative. The move was driven by Nvidia's well-received report and guidance, while software also rallied following multiple solid earnings reports that also helped push back against the AI disruption narrative.

US equities ended slightly lower in Wednesday trading, though S&P 500 breadth was positive, and the equal-weight a bit higher amid a bit of a rotation toward select cyclical pockets. It was a fairly quiet session as stocks did not do much overall amid a higher yield and oil backdrop. Today's economic data was mixed.

US equities were higher in Tuesday trading. Several dynamics were in focus today. In macro news, August consumer confidence slipped to 89.4 against July's downwardly revised 90.2.

US equities were mostly lower in Monday afternoon trading, though somewhat in waiting mode for key catalysts ahead (including Nvidia earnings and Warsh's Jackson Hole speech). Momentum was the notable drag with memory and semis both down. The AI narrative was busy with a number of recent headlines, including Nvidia price hikes driven by memory surge, Deepseek and OpenAI price cuts, and rising AI-linked CDS.

US equities declined this week, with the S&P 500, Nasdaq, and Russell 2000 ending three straight weeks of gains. Major US equity indexes were modestly lower on the week, pressured by elevated long-end yields, higher oil, and some sporadic weakness in crowded AI and momentum trades. The Fed and macro calendar was relatively quiet this week

US equities were lower in Thursday afternoon trading, on track for modest weekly declines. A lot of the day's focus was on long-end rates giving back much of Wednesday's declines that followed the Treasury's unexpected buyback boost. Analysts have voiced some skepticism about the Treasury's ability to offset ongoing structural pressures.

US equities were higher in Wednesday trading. The Treasury rally big focus of the day with significant bull steepening move following Treasury announcement on ramp in size of buyback operations for longer-term paper. Healthcare was the big sector leader of the day with pharma/biotech in focus.

US equities finished lower in Tuesday trading, ending near worst levels. Semi/memory weakness was the big drag on indices today. July housing starts came in at a 1239K SAAR, below the 1350K consensus and June's downwardly revised 1415K (was 1427K).

US equities finished down in Monday trading, ending near session lows. Higher yields and oil were no help for stocks in fairly quiet Monday trading. In macro news, August’s Empire Manufacturing Index beat, tied for the highest print since December 2021

US equities were mostly higher this week though upside was limited. The S&P 500 and Russell 2000 were both up for a third-straight week, setting fresh record closes this week. The momentum trade was a standout this week, notably for memory and select AI infrastructure names, while semis were also broadly higher. Laggards included off-priced retail, department stores, athletic apparel, homebuilders, China tech, airlines, and insurance.

US equities were mostly higher in Thursday afternoon trading. Some of the modest upside was tabbed to the rate rally that followed the cooler July core PPI print. However, the market is pricing ~34% chance of a September rate hike, little changed from Wednesday.

US equities were mostly higher in Wednesday trading, though ended a bit off best levels. Upside tabbed to a couple factors, including in line July CPI that helped keep yields down for the day

US equities were mostly lower in Tuesday trading. It was another very quiet session without much of a narrative. This is likely a function of the waiting game for CPI/PPI over next couple of days, given heightened attention/uncertainty surrounding the Fed.

US equities were lower in Monday trading, though the downside was fairly limited. It was a very quiet Monday session with few updates around the biggest market narratives. Nothing on the US economic calendar today in macro news.

US equities were lower in Tuesday trading, though off their worst levels. The momentum trade names led the market to the downside, with notable weakness in memory, semis, and AI energy infrastructure. Today's action extended the recent momentum selloff which has been attributed to factors including the growing fears around the return on investment for AI capex, Chinese and open source model competition, and frontier model commoditization.

US equities finished higher in Monday trading, ending a bit off best levels. Momentum rebound was the big story today with no specific catalyst, but some analyst focus on the extent of recent drawdown in the space industry. In macro news, June ISM Services fell in line with consensus, though down month over month.

US equities finished mixed in Thursday trading. However, equal-weight S&P outperformed the cap-weighted index by ~70 bp and RSP set a fresh ATH. Momentum unwind in focus again with memory/semis hit by recent scrutiny surrounding AI capex trade and input cost pushback.

US equities finished lower in Wednesday trading, off midday highs, though breadth was positive and the equal-weight S&P ended higher. There were several moving parts in play today, with another day of momentum unwinding as the big story. There were some positive takes on today's ISM manufacturing reading given a big drop in the prices-paid component and less pessimistic commentary.

US equities were higher in Tuesday trading, just off their best levels. The momentum trade again took the lead in a session without many notable drivers. There was some stalling of the broadening-out trade with S&P decliners leading advancers and the equal-weight S&P lagging the cap weighted index.

US equities finished mostly higher in Monday trading, ending near best levels. There were several big gainers in the big-tech space, though no specific catalyst in view. In macro news, Dallas Fed manufacturing fell a bit below consensus, though still reported steady new orders and rising employment.

Markets were mixed this week with AI remaining the dominant theme as the Iran war continued to take a backseat. Early-week softness in semis and memory was driven largely by positioning and market concentration concerns, while actual fundamentals remained solid. Those concerns were largely offset by MU's blowout earnings and guidance, which reinforced confidence in the AI capex cycle and sustained memory demand.

Major averages were overall little changed, but there was a lot of movement beneath the surface. The momentum trade bounce driven by renewed support for the AI capex trade following blowout results from Micron. Pockets of the broadening out/reopening/cyclical trade worked as well, with small caps, industrials, builders, travel & leisure and banks the standouts.

US equities were mixed in Wednesday trading as stocks struggled for direction after the Tuesday selloff. Today's big rate rally and ongoing oil selloff did not do much to support stocks as a hawkish Fed remains an overhang, while inflation concerns beyond oil remain elevated. May new home sales rose 580K m/m, missing consensus of 640K and the weakest since Jan-26.

US equities were lower in Tuesday trading, a bit off worst levels. Momentum memory semis under outsized pressure. Big Tech mostly lower.

US equities were mixed in Monday trading with stocks hovering near worst levels. Big tech underperformance was the big story in Monday trading with Google and SpaceX the notable decliners. Nothing on the economic calendar this morning in macro news, and nothing monetary policy related from Fed's Waller.

US equities were higher this week with the Dow and Russell 2000 hitting fresh record highs, while the S&P 500 ended up for its 11th week out of the past 12, and within ~1.5% of its 2-Jun record close. The Nasdaq was the best index performer this week on big upside from semis and memory.

US equities were lower in Wednesday trading following a hawkish FOMC. The market is now pricing in a 25bp rate hike by September. It was quiet outside of the Fed, with the market continuing to view the US-Iran deal as done.

US equities were mostly lower in Tuesday trading. Market took a bit of a breather after a three-day run higher that saw SOX run up by nearly 16%. ADP weekly private-payrolls report showed average growth of 25.5K over past four weeks

Major US equity indices were higher this week following last week's lower performance. The Market was encouraged by reports that the US and Iran are nearing a memorandum of understanding that could include a 60-day ceasefire extension, Hormuz reopening, Iranian commitments not to pursue nuclear weapons, and a framework for broader nuclear talks. Lots of investor attention was also on SpaceX's massive $75B IPO.

Stocks were up, oil was down, yields were down, and the VIX was down after Trump said tonight's bombing of Iran was cancelled and that Tehran had approved a draft agreement that would extend ceasefire. Big tech was mostly better though MSFT was a drag.

US equities were lower in Wednesday trading. Stocks saw another day of rotation out of tech, where semis and memory names again headed lower. Overbought conditions and crowded positioning are still among the factors in the bearish narrative.

US equities mostly lower in Tuesday afternoon trading, though off worst levels. Breadth positive with another day of rotation. Market tangled today with another round of tech weakness, with semis memory giving back much of their Monday rebound. ADP weekly private employment estimate came in at an average of 29K jobs per week.

US equities were mostly higher in Monday trading. Semis and memory names were very strong as the groups rebounded off of Friday's big declines. The day's bounce played into a resilient equity market narrative, while strategists continue to highlight earnings growth, AI capex tailwinds, and macro surprise momentum as broader market tailwinds.

Major US equity indices were down this week. The big story this week was the dip in semis/memory and select AI names, accompanied by a rotation into defensives, financials, and healthcare. There was no real movement on the US-Iran conflict despite last week's hopes that a memorandum of understanding was close that could lead to a 60-day ceasefire and further negotiation on sticking points.

US equities were higher in Thursday trading as stocks ended just off best levels. It was a fairly quiet session without much new around the major market themes. In macro news, Challenger Layoffs are up 16% month over month and 3% year over year in May with AI again cited as biggest reason for job cuts.

US equities finished lower in Wednesday trading, as stocks ended near worst levels. There were a few headwinds in focus in combination with a higher bar from a nine-day winning streak. ADP Private Payrolls of 122K were ahead of estimates, the highest since January 2025.

US equities were mostly higher in Tuesday trading, though off best levels. Indexes not doing much but bigger stories under the surface. April JOLTS job openings well ahead of estimates, highest since May-24.

US equities were mixed in Monday trading. Oil and yields were up amid the latest cautious Middle East updates. In macro news, May’s ISM Manufacturing index beat, its highest since May 2022.