FactSet Evening Market Recap

US equities closed mixed Wednesday as the S&P 500 and Nasdaq set fresh record highs on continued strength in semis and big tech, though negative breadth and a hotter-than-expected April PPI print kept caution in focus. Nvidia CEO Jensen Huang joined Trump on his China trip in a sentiment boost for AI names, while Alibaba, Nebius, and Tower Semiconductor stood out on earnings ahead of Cisco's print after the close.

U.S. equities closed mostly lower Tuesday, as semis, memory, and software led declines amid a broader risk-off tone driven by higher yields and rising oil. WTI crude jumped 4.2% back above $100/barrel on lingering US-Iran tensions, Treasuries weakened with the 30Y yield back above 5%, and a hotter-than-expected core April CPI print reinforced market pricing leaning toward modestly more Fed tightening through year-end.

US equities were higher in Monday trading, though ended off best levels. The Market still seems skeptical about a re-escalation of Middle East hostilities (particularly ahead of the Trump-Xi summit in China this week) despite the lack of traction surrounding diplomatic efforts. April existing home sales were a bit below consensus though remain in a tight YTD range.

US equities were higher this week as the S&P 500 and Nasdaq both capped off a sixth-straight weekly gain and ended at fresh record highs. The Iran war remains the key focal point. AI was the other big story of the week. Data this week was headlined by Friday's April nonfarm payrolls report, which came in ahead at 115K.

US equities were lower in Thursday trading. The big story of the day was the pullback in semiconductors following their huge run. The semi retreat has been a positive for software, which has also found some support from earnings.

U.S. stocks rallied, with the S&P 500 and Nasdaq nearing record highs, led by strength in semiconductors and big tech amid continued enthusiasm around AI-driven demand. The move came alongside falling Treasury yields and optimism around potential U.S.–Iran de-escalation, even as mixed macro signals and Fed uncertainty remain in the background.

US equities were higher in quiet Tuesday trading as stocks ended a bit off best levels. The Path of least resistance is higher amid confirmation that the US-Iran ceasefire remains intact despite Monday's flare-up in tensions. Strong Q1 earnings and the related AI compute and capex demand narrative are still the big bullish talking point for stocks.

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

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

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

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

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