Claim OwnershipFactSet Evening Market Recap
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StreetAccount U.S. Evening Market Recap is FactSet's daily podcast aiming to capture the most material market moving news. With a target time of ~5 minutes, this is an ideal listen for those looking to stay connected to the most important themes driving the U.S. economy & corporations.
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US equities were lower this week, with the S&P 500 down for a second-straight week, posting its worst performance since late November. The Iran conflict was the big story of the week, with the US and Israel attacking Iran over the weekend and killing Iran's Supreme Leader. The macro resilience theme was upended by Friday's February payrolls report, which showed an ~92K decline, missing consensus for a +55K gain.
US equities finished lower in Thursday trading, though ended off worst levels. Oil closed at its highest since July 2024 but came off best levels on headlines about US relief discussions and China negotiating with Iran for safe tanker passage. Initial jobless claims registered 213K for the latest week, near the 215K consensus and prior 213K (which was revised up from 212K).
U.S. stocks finished higher, led by a rebound in crowded momentum trades and strength across Big Tech, semiconductors, software, and other growth-linked groups, while energy and several consumer-facing areas lagged. Sentiment held up despite ongoing geopolitical uncertainty as stronger-than-expected ISM services and a better ADP jobs print reinforced the “resilience” narrative heading into a busy end-of-week data slate, including Friday’s jobs report and retail sales.
US equities finished down in Tuesday trading, though major indices ended well off worst levels. Stocks well off worst levels with market tepidly re-embracing the ignore geopolitics mantra into afternoon trading. No economic data on today's calendar.
US equities were mostly higher in Monday trading, ending a bit off best levels. The market shook off a lot of overnight and morning risk-off sentiment in the wake of the weekend’s US/Israeli attacks on Iran, and Tehran's reprisals. In macro news, February ISM manufacturing printed at 52.4, better than the 51.8 consensus, though a bit below prior month's 52.6
Major US equity indices were lower for the week though breadth was positive, with the Equal weight S&P ending in the green and outperforming the official index by 90 bp. Fear surrounding AI disruption was a key overhang this week. January core PPI was hotter than expected, the highest in nearly four years on a m/m basis.
Markets were mixed Thursday, with large caps pressured by weakness in mega-cap tech and semis even as small caps and equal-weight performance held up better on a rotation toward software and select cyclicals. Cross-asset moves were modest overall, with slightly lower Treasury yields after a solid 7-year auction and oil fading from earlier strength on headlines around U.S.–Iran talks. The day’s focus stayed on earnings and the near-term macro calendar, with attention turning to Friday’s PPI and next week’s ISM data.
U.S. stocks finished higher, led by technology as the Nasdaq outpaced broader indexes with strength in semiconductors, memory, and software ahead of NVIDIA earnings. Federal Reserve commentary continued to support a “wait and see” policy stance, trade headlines pointed to a potential 15% tariff proclamation, and earnings remained active.
US equities were higher in Tuesday trading as stocks ended just off best levels. Software bounce (though off best levels) the big story with some semblance of reprieve surrounding Anthropic enterprise agent event. February consumer confidence printed at 91.2
US equities finished lower in Monday trading, ending near worst levels. Today was a risk off over rotation trade, despite some pockets of strength in defensives. Another busy week of earnings is on tap with outsized focus on Nvidia’s Wednesday report.
Major US equity indices were higher for the holiday-shortened week. Big tech was mostly higher. Treasuries were narrowly mixed with a bit of curve flattening.
US equities finished mostly lower in Thursday trading, though ended off worst levels. The S&P broke a three-session string of gains (though remains higher WTD). Big tech was mostly weaker with AAPL the notable decliner; software, semis were both somewhat lower overall.
U.S. equities closed modestly higher Wednesday but finished off best levels, with gains led by select mega-cap tech (AMZN, NVDA) while defensives lagged. Oil and precious metals moved sharply higher alongside a stronger dollar and slightly higher Treasury yields amid geopolitical headlines, firmer economic data, and a modestly hawkish tilt in the FOMC minutes. Earnings were mixed, with notable moves in ADI and CDNS on the upside and PANW on the downside, as focus shifts to WMT Thursday and a potential SCOTUS tariff ruling Friday.
US equities finished mostly higher in Tuesday trading, a bit off best levels. There was not much new from a narrative standpoint, but it was another day with a lot more going on beneath the surface. Corporate updates largely underwhelmed, though there was a pickup in M&A and activist developments.
US equities were lower this week with the S&P 500 down for a second-straight week, Nasdaq Composite for a fifth-straight week, and the small-cap Russell 2000 down for the third week in the past four. Software saw a fairly tepid bounce from its recent plunge and elevated volatility amid ongoing AI displacement fears. This week also saw spillover of the AI displacement narrative into other industries, including asset managers, wealth management, trucking, logistics, and commercial real estate.
It was a risk off trading day, with AI increasingly a broader market headwind. The Vix spent some time back above 20 today amid continued underperformance from the Magnificent 7 as investors scrutinize capex and shift from asset-light to asset-heavy names. The unrelenting disruption trade continued, and while software remains ground zero, the disruption has spread to CRE brokers, trucking/logistics, and a number of other areas, often without any incremental headlines or justifications.
US equities finished slightly lower after early strength faded, with large technology stocks under pressure while memory and semiconductor stocks outperformed and software weakened again on artificial intelligence disruption concerns. The January jobs report surprised to the upside. Earnings remained a major driver, with more than two-thirds of the Standard and Poor’s five hundred having reported.
US equities were mixed in Tuesday trading though stocks ended just off worst levels. Stocks were unable to hold onto earlier gains, as the market tilted defensive and rates rallied amid White House efforts to talk down Wednesday's NFP, soft December retail sales, and the latest geopolitical concerns. Financial advisory was the latest group hit by AI competition concerns, though software continued to claw back some of its recent losses.
US equities were higher in Monday trading, though stocks ended off best levels. Stocks rebounded on the back of tech outperformance. Nothing on the US economic calendar today, but a bit of Fedspeak
Major US equity indices were mixed for the week. AI disruption weighed heavily on software this week. December JOLTS lowest since Sep-20. Q4 earnings growth now running at nearly +13% y/y for S&P 500% (with ~60% reported).
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