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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Stocks were lower after a Friday selloff pushed the major averages into the red for the week, with the major averages all off for the second week in the past three. The Friday pullback was tabbed to rising trade and tariff tensions between the US and China. AI was the other area of focus this week, as the AI secular growth narrative was helped by the announcement that OpenAI will buy $300B dollars of computing power from AMD in the next five years, while having the option to purchase up to a 10% stake in the chipmaker over time.
Stocks pulled back after another record-setting session on Wednesday. No meaningful change to the constellation of market's moving pieces, though perhaps some added attention to risks of some bullish themes. Still no progress on the US government shutdown.
US equities finished mostly higher in Wednesday trading, with the Dow Jones closing flat, while the S&P500 and Nasdaq closed up 58bps and 112bps respectively, the latter two notching fresh records, and today’s upside largely tabbed to a rebound in the AI optimism trade. Nothing meaningful out of the release of September’s FOMC minutes. Treasury’s auction of $39B in 10-year notes tailed by 0.3 bp, with a notable dropoff in bid-to-cover and foreign demand vs last month. Nvidia will reportedly invest $2B of equity in xAI as part of a ~$20B fund raise.
US equities finished lower in Tuesday trading, though off worst levels. Select tech underperformance the big story. Latest NY Fed consumer survey showed slight rise in year-ahead inflation expectations, though near-term optimism improved and some signals of better labor-market outlook.
US equities finished mostly higher in quiet Monday trading. It was a very uneventful session with the path of least resistance still tilted to the upside amid the catalyst vacuum. It’s quiet on the economic calendar this week, but busy in terms of Fedspeak.
US equities were higher this week, more than recovering last week's losses. The government shutdown kept markets in a catalyst vacuum this week, but optimism held on broader expectations of only a temporary labor slowdown coupled with Fed rate easing prospects. September ADP payrolls fell 32K, the weakest since March of 2023, while August was revised down to a slight loss, reinforcing softening labor momentum and bolstering expectations for two more Fed cuts this year.
US equities finished higher in Thursday trading, improving off mid-morning lows with the Dow, S&P, and Nasdaq all logging new record closes. Ongoing government shutdown was the big headline focus, though market has thus far largely viewed as more noise than news. Senate to vote again tomorrow on GOP's seven-week stopgap, and if that fails no more votes likely until at least Monday.
US equities were higher in Wednesday trading, nearing best levels. The ADP report was the latest high-profile data point highlighting the softening labor market following Tuesday's JOLTS report. Elsewhere, the Senate again failed to pass the latest CR attempt to end the government shutdown.
US equities finished mostly higher in Tuesday trading, ending near session highs. Looming government shutdown has received a lot of attention. August JOLTS job openings beat, while July print revised higher.
US equities finished higher in Monday trading, coming off worst levels in the last half hour of trading. A big focus today was on the looming government shutdown, with Trump meeting Republican and Democratic leaders at the White House. On the economic front, August pending-home sales were up 4.0% month over month, well ahead of consensus.
Major US equity indices finished lower this week, but came off worst levels in broadly higher Friday trading. Investors slightly dialed back expectations for two more 25 bp Fed rate cuts this year, with some economic data generally arguing against the economic slowdown thesis. After a relatively quiet period, trade-headline volatility burst back in at week's end, with Trump announcing via social media a set of sectoral tariffs on imports of patented drugs, heavy trucks, and select furniture products.
US equities finished lower in Thursday trading, though ended off worst levels with the Dow Jones, S&P500, and Nasdaq closing down 38bps, 50bps, and 50bps respectively. August durable goods orders rose 2.9% m/m, initial jobless claims printed at 218K, better than consensus, and final Q2 GDP was revised up to a 3.8% annualized rate. Oracle was a high-profile laggard following an initiation with a sell rating and news it will share part of a 45% stake in TikTok.
US equities were lower in Wednesday trading, though finished off their worst levels, with the Dow Jones, S&P500, and Nasdaq closing down 37bps, 28bps, and 33bps respectively. New home sales for August came in well ahead of estimates, rising to its fastest annualized pace since January 2022. Treasury auction of $70B of 5-year notes saw a slight tail. Alibaba jumped after disclosing it will ramp up its AI investment. Micron finished lower as better than expected results failed to meet a high bar.
US equities were lower in Tuesday trading as stocks ended a bit off worst levels. Big story today was reversal from Monday's price action, as AI and Big Tech leading to the downside. Fed Chair Powell largely echoed his comments from last week's FOMC meeting.
US equities were higher in Monday trading as stocks ended near best levels. Stocks extended recent gains in a quiet session as the path of least resistance remains to the upside, tabbed today to the latest pickup in M&A activity. No major economic data releases were scheduled for this morning, but it was busy in terms of Fedspeak.
US equities were higher this week, with the S&P 500 and Nasdaq higher for a third-straight week and setting fresh record highs. A couple of pieces played into this week's upside, including a big focus on positive market trends at the start of a rate cutting cycle. The September FOMC meeting ended with a 25 bp cut, as expected, with one 50 bp dissent from new Governor Miran.
US equities were higher in Thursday trading, though stocks ended off best levels. Semis today had an outsized contribution to index gains following the news that Nvidia was investing $5B into Intel. Other areas of focus for today include Trump’s request to the Supreme Court for an emergency order to permit him to fire Fed Governor Cook, and the Supreme Court setting the International Emergency Economic Powers Act hearing for 5-Nov.
US equities finished mixed in Wednesday trading, weathering some choppiness after today's FOMC meeting. The Fed delivered on a widely expected 25 basis point rate cut with the dot plot signaling another 50 basis of easing this year, though with a lot of dispersion. In other macro news, August housing starts fell 8.5% month over month, while July was revised down, its slowest pace since May.
US equities finished mostly lower in fairly uneventful Tuesday trading. S&P and Nasdaq came slightly off Monday's record highs. Headline August retail sales rose 0.6% m/m. August housing starts and building permits out on Wednesday morning, followed by FOMC statement, updated SEP and Powell press conference that afternoon.
US equities finished higher in quiet, rangebound Monday trading, with the S&P 500 and Nasdaq both setting fresh record closes. It was a very quiet session with no changes to broader market narratives, which are in waiting mode ahead of this week's big macro catalysts. Wednesday's FOMC meeting is the week's main event.
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