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 higher this week, adding to last week's gains which saw the S&P 500 post its seventh straight positive month in November. November ADP notably undershot expectations to the lowest since Mar-23. There were some positive takeaways from high-profile tech earnings this week along with another wave of AI-related partnerships and announcements.
There was very little readthrough in Thursday trading as stocks struggled for overall direction with much more seemingly going on beneath the surface. The shift from micro to macro has been the story this week with a busy sell-side conference calendar and more tech and retail earnings. In addition, when it comes to the key inputs for the market narrative, there are lots of moving pieces as of late surrounding the Fed, AI, the labor market and consumers.
US equities were higher in Wednesday trading though stocks ended a bit off best levels, with the Dow Jones, S&P500, and Nasdaq closing up 86bbps, 30bps, and 17bps respectively. Themes of the day highlighted in mixed headlines regarding Microsoft customer AI adoption versus Marvell data center growth. Softening labor market, support for more Fed cuts, also highlighted in November ADP private payrolls falling 32K versus expectations to increase by~10K, while Industrial Production met, and ISM Services and S&P Services PMI came in ahead. December FOMC decision on deck for next week, with probably of additional 25bp cut just below 90%.
US equities higher in Tuesday afternoon trading, though off best levels. Busy on the AI front. Biggest takeaway seems to revolve around how disruption/upheaval headlines have become increasingly embedded in the broader AI narrative and are driving more volatility/dispersion in the price action.
US equities finished lower in Monday trading, ending not far from worst levels. It was a fairly quiet session in the wake of the US Thanksgiving holiday. The market shook off a bit of the morning's risk-off bias tabbed to upward pressure on JGB yields amid ramping BoJ tightening expectations, as well as ongoing Bitcoin weakness following a nearly 20% decline last month.
US equities built on the prior Friday's bounce and rallied sharply over the final week of November, ending higher for a fifth straight session. December rate cut odds pushed above 80% (after briefly falling below 30% in the prior week) as Waller and Daley followed Williams from late last week with dovish leaning Fedspeak. Claims data continued to offer a more optimistic assessment of the labor market amid continued concerns about incremental softening.
US equities closed higher in fairly quiet Wednesday trading, ending a bit off best levels, with the Dow Jones, S&P500, and Nasdaq finishing up 67bps, 69bps, and 82bps respectively. The Big story today was momentum factor outperformance following recent selloff. Elsewhere, Initial claims printed at 216K for week-ended 22-Nov, better than the 230K consensus, while continuing claims came in at 1.960M, below the 1.964M consensus. Treasury's auction of $44B in 7-year notes tailed by 0.6 bp, following Tuesday's tailing 5Y sale.
US equities ended the day higher, trading near beat levels. Big tech was once again in focus, with Nvidia a notable decliner amid competition concerns from Alphabet. Today also saw a lower rate backdrop as it was reported that Hasset was the front runner to replace Powell as the Fed chair
US equities finished higher in Monday trading, ending not far from best levels. US equities finished higher in Monday trading, ending not far from best levels. On the Fed front, December easing odds continue to tick higher with San Francisco's Daly the latest to publicly get behind a cut.
US equities were lower this week, with the S&P 500 down for a second week in the past three, and Nasdaq down for a third-straight week. Stocks finished the week lower with the momentum selloff the big focus amidst ongoing AI scrutiny/skepticism. Nvidia posted a beat and raise, but that was not enough to offset broader AI fears.
US equities lower in Thursday trading, near their worst levels. There was nothing specific behind the move, though stretched valuations, technicals, and the market simply falling back into the recent momentum unwind are all easy excuses. Thursday's jobs data also seemed to play into growth fears, including a negative revision for the August print, cooler wage growth than expected, the highest unemployment rate in four years, and continuing jobless claims setting a fresh cycle high
US equities finished higher in Wednesday afternoon trading, closing off worst levels, with the Dow Jones, S&P500, and Nasdaq closing up 10bps, 38bps, and 59bps respectively. Positive close followed a four-day slide for the S&P, with Nvidia higher ahead of its post-close print. October's FOMC minutes noted "many" participants suggested it would be appropriate to keep rates unchanged for rest of the year. Treasury auction of $16B in 20-year bonds tailed by 0.2 bp, with the bid-to-cover and foreign demand both weaker than recent trends. TJX and Williams Sonoma beat and raised, but Target missed and lowered FY EPS.
US equities were mostly lower in Tuesday trading, though ended off worst levels in fairly choppy trading. Select big tech and AI still under scrutiny while healthcare remains a preferred destination.
US equities finished lower in Monday trading, ending a bit off worst levels. There were a few moving pieces as the market waits for a number of higher-profile events this week, including Nvidia NVDA earnings, retail earnings, FOMC minutes, a barrage of Fedspeak, and September’s NFP and flash PMIs. In macro news, the Empire State manufacturing survey for November posted a surprise increase to 18.7, its highest since last November.
Major US equity indices logged mixed performance this week, with a recent momentum unwind seeing some stabilization on Friday. AI names, retail-investor favorites, most-shorted names, crypto-linked companies, and quantum computing came under some pressure. Among the big stories in the ongoing AI-scrutiny thread were Softbank's sale of its Nvidia stake, a continuing selloff in Oracle with focus on its debt-fueled AI buildout plans, and Coreweave weakness after lowering guidance on delays from a third-party developer.
US equities were lower in Thursday trading as stocks ended just a bit off worst levels. Momentum unwind the big story today. No one specific factor behind the move, though fits with recent pickup in AI sentiment volatility. Higher rate backdrop also in focus with recent bout of hawkish Fedspeak and dampened December easing odds
US equities finished mixed in Wednesday afternoon trading, and off best levels, with the Dow Jones and S&P500 closing up 68bps and 6bps respectively, while the Nasdaq closed down 26bps, in another session characterized by better breadth. AI sentiment helped by positive AMD analyst day takeaways and Foxconn earnings, though a number of big tech names were soft. Fedspeak for the day included Atlanta's Bostic noting he favors keeping funds rate steady until clearer evidence inflation moving lower, and Miran again noted his preference for a 50 bp December cut. Treasury's $42B 10-year note auction tailed by 0.6 bp with the lowest bid-to-cover since August of 2024.
US equities finished mostly higher in Tuesday trading, ending a bit off best levels. Rotation/better breadth the story today with select defensive and cyclical pockets of the market outperforming while some of the AI trade has come under renewed scrutiny after a big Monday bounce.
US equities finished higher in Monday trading, ending near session highs. The bigger story for the market today seems to be the rebound in AI sentiment after last week's drawdown. Nothing on the US economic calendar today, but a busy day of Fedspeak.
Major US equity indices were down this week, with the Dow, S&P, and Nasdaq declining after three straight weekly gains. AI scrutiny remained a key focus, with attention on all the major narrative elements including cash burn, leverage, circularity, and ROI. There was attention on OpenAI agreeing to a $38B deal with Amazon, pushing the company's recent commitments near $1.5T.
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