US equities were higher in Thursday trading as stocks finished near best levels. The path of least resistance remains the upside with today's gains coming despite no real market-moving changes to the key narratives of the rate cut outlook, Fed independence, and trade and tariffs. It was a busy data of data, including June’s headline retail sales beat, its best since March.
US equities were higher in Wednesday trading as stocks ended near best levels, with the Dow Jones, S&P500, and Nasdaq closing up 53bps, 32bps, and 25bps respectively. Fed seemingly the biggest story amid shifting headlines about Trump's readiness to fire Chair Powell. Mixed takeaways from bank earnings with a higher bar still seen as an overhang, though macro signaling has remained upbeat. June core PPI, PPI ex-food, energy, and trade, and headline all unchanged m/m, coming in cooler than ex...
US equities mostly lower in Tuesday trading. S&P 500 finished lower and near worst levels after the index touched a fresh intraday record high early in the session. Market largely unable to sustain earlier AI tailwind from news that Nvidia can resume selling its H 20 AI chip in China. Headline June CPI up 0 point 3% m/m
US equities ended the day higher. It was a very quiet session as the market continues to digest the evolving trade backdrop. The Street is looking for more color from Q2 earnings, which kick off this week, around pre-tariff stockpile drawdowns and the impact from sector-specific tariffs.
US equities were mostly lower this week after the S&P and Nasdaq both hit fresh record closes last week. It was a relatively quiet week with the market looking to next week's June CPI report and the kick-off of Q2 earnings. Big Tech and AI developments occupied significant headline space with NVDA becoming the first company with a $4T market cap.
US equities finished higher in Thursday trading, ending a bit off best levels. S&P 500 and Nasdaq set fresh record closing highs. It was another quiet session with the market seemingly in waiting mode for June CPI next Tuesday and the start of Q2 earnings season (big banks begin reporting on 15-Jul). The market still seems to be more focused on potential trade policy off-ramps, particularly following this week's reciprocal tariff deadline extension.
US equities were higher in Wednesday trading as stocks ended just off their best levels, with the Dow Jones, S&P500, and Nasdaq closing up 49bps, 61bps, and 94bps respectively. No notable directional drivers in play. MBA mortgage purchase applications jumped to their highest level since early 2023. Nvidia became the first company with a $4T market cap. Retailers took in $7.9B in the first 24 hours of Amazon Prime Day, up 10% y/y, according to Adobe Analytics.
US equities finished mixed in choppy but largely uneventful Tuesday trading. Still all about trade with some reprieve surrounding extension of reciprocal tariff deadline to 1-Aug and White House signaling on more deal announcements in the works. NFIB small business optimism index declined slightly in June
US equities were higher in Thursday trading as stocks ended near best levels. The biggest focus today was on the Big, Beautiful Bill, which is set to pass a vote on final passage today and will move to Trump's desk in time for his long-preferred 4-Jul deadline. The Market is digesting mixed takeaways from June payrolls, including a headline beat and revisions higher but weaker private payrolls, and AHE cooler.
US equities finished mostly higher in Wednesday trading, ending near best levels, with the Dow Jones closing down 2bps, while the S&P500 and Nasdaq finished up 47bps and 94bps respectively, setting new fresh record closes and the major indices on track for healthy gains in the holiday-shortened week. Negative ADP print received some attention, Big Beautiful Bill moved to the House after passing in the Senate, and Trump announced a trade deal with Vietnam involving a 20% overall tariff. Overs...
US equities were mostly higher in Tuesday trading, though ended a bit off best levels. Tuesday trading was fairly choppy after market closed out a very strong Q2 on Monday. Senate passed GOP's One Big Beautiful Bill, as largely expected.
US equities were higher in Monday trading, ending near best levels, with the S&P and Nasdaq setting new record closes. It was a fairly quiet session, though there were a few trade headlines of note. It was a fairly light economic day today, with June’s Dallas Fed manufacturing just a bit weaker than forecast.
US equities were higher this week as the S&P 500 broke a streak of two-straight weekly declines. Easing geopolitical tensions and trade updates were a key tailwind this week. However, the reconciliation bill remains a key market overhang.
US equities were higher in Thursday trading, as stocks ended near best levels. Much of the focus in the market continues to revolve around the political pressure on the Fed to cut rates, and the potential for Trump to name a Powell successor as early as this summer. Initial jobless claims down 10K w/w to 236K, better than expected and lowest since mid-May. Lots of Fedspeak today, with Chicago's Goolsbee, Governor Barr, Richmond's Barkin, San Francisco's Daly, and Boston's Collins all speaking....
US equities finished mixed today, with the Dow Jones down 25bps, the S&P500 flat, and the Nasdaq rising 31bps. May new home sales posted a big miss, lowest since October, and weakest May print since 2019. Fed Chair Powell delivered his second day of monetary policy testimony commenting future trade deals may allow the Fed to consider rate cuts. Fed also announced its proposed SLR changes. Today's $70B 5-year note auction stopped through 0.5 bp.
US equities finished higher in Tuesday trading, ending just off best levels and extending Monday's gains. A ceasefire agreement between Israel and Iran was the biggest positive, though President Trump offered a rebuke over attacks launched by both sides after the announcement. Meanwhile, in prepared remarks and congressional testimony, Fed Chair Powell largely maintained his wait and see approach to rate cuts.
US equities closed higher in Monday trading, ending near best levels. Middle East tensions continue to dominate the headlines. In macro news, the June US flash PMI composite came in ahead of consensus, with manufacturing better, but services cooler.
US equities were mostly higher for the week, recovering some of last week's losses which were largely driven by the Israel-Iran conflict. According to the White House, President Trump will decide within two weeks whether to strike Iran in an effort to give diplomacy a final chance. Regarding trade developments, a lack of trade deal traction ahead of the 9-Jul reciprocal tariff deadline received some scrutiny.
US equities were narrowly mixed in very choppy Wednesday trading, as stocks ended off best levels, with the Dow Jones and S&P500 ending down 10bps and 3bps, while the Nasdaq rose +13bps. No surprise in FOMC leaving the policy rate unchanged, with the median dot still showing two rate cuts for 2025, though 2026 and 2027 dots saw a hawkish shift. May housing starts fell 9.8% m/m, missing expectations and lowest read since May-20.
US equities were lower in Tuesday trading, stocks a bit off worst levels. Middle East tensions have swung back and were today's biggest overhang on sentiment, though market held up relatively well with major averages all down less than 1%. May retail sales saw a steeper-than-consensus headline drop of 0.9% m/m amid an expected pullback in auto sales.
