FactSet Evening Market Recap

US equities were mostly lower this week, with the Nasdaq the notable underperformer, but the small-cap Russell 2000 posting a modest gain for the week. Big tech was mostly lower this week, with semis, software, and memory also weaker. Meanwhile, it was a very busy week of Iran updates.

US equities were lower in Thursday trading as stocks reversed earlier gains to end near session lows. FCI is tightening as the market seems to have flipped back to conflict de-escalation skepticism amid another day of largely one-sided messaging. Initial jobless claims for the week to 21-Mar were in line with consensus at 210K.

U.S. stocks climbed Wednesday as hopes for a U.S.-Iran ceasefire boosted risk appetite, sending oil lower and pulling Treasury yields down 4 to 7 basis points. Meta and Alphabet lagged the broader market following a social media negligence ruling, while gold and silver surged on the risk-on tone.

US equities were mostly lower in Tuesday trading as stocks ended off best levels. Lots of moving pieces today, particularly around the prospects for the conflict in the Middle East. March global flash services PMI came in at 51.1 vs 51.5 consensus and February's final 51.7.

US equities were higher in Monday trading, though ended off best levels. Stocks rallied on the latest optimism around the Iran war. In macro news, Chicago Fed's Goolsbee told CNBC he's concerned about whether energy prices may cause inflation expectations to become unanchored.

US equities were lower for the week, adding to last week's modest declines. Major indices are now down for the fourth straight week. The Iran conflict and oil implications dominated headlines with no clear near-term capitulation or off-ramp in sight.

US equities were mostly lower in Thursday afternoon trading, a bit off session highs. Geopolitics was the big focus today though headline volatility remains high and there was not much in the way of meaningful incremental development. Fundamental questions remain around the duration of the conflict in Iran, with no obvious off-ramps

U.S. stocks sold off Wednesday as investors turned more risk-off amid renewed Middle East escalation, including attacks on Iranian energy infrastructure, retaliation threats against Gulf energy sites, and reports of a strike on a Qatari LNG facility. Markets also digested a hotter-than-expected February producer price report, which added to inflation concerns and pressured Treasuries. The Federal Reserve left rates unchanged as expected, but hawkish takeaways from Chair Jerome Powell’s press conference further weighed on sentiment.

US equities were higher in Tuesday trading, though stocks ended just a bit off session lows. It was a quieter session compared to recent days as stocks built on Monday's rally despite the instability in the Middle East. The February pending home sales index was up 1.8% m/m, a surprise gain vs consensus for a 1.4% contraction.

US equities were higher in Monday trading, though off best levels. Stock rebounded in Monday trading with the biggest focus on potential relief for the Strait of Hormuz chokepoint. In macro news, March’s Empire State Manufacturing Index went down seven points month over month to -0.2, missing estimates.

US equities were lower again this week. The war in Iran and its broader impacts remained the central story for the markets. Focus has remained sharply on the shipping standstill around the Strait of Hormuz, shut-in output by Persian Gulf producers, and crude prices near $100/barrel.

US equities were down in Thursday trading, just off worse levels. The S&P 500 and Nasdaq are now pacing for weekly declines. The prevailing market headwinds included hawkish updates around the conflict in Iran and a big backup in yields.

US equities were lower after very choppy Wednesday trading. Stocks were unable to hang onto earlier gains amid more headline volatility around the Iran war and oil prices. There was still not much meaningful progress toward an offramp despite Trump saying today that the US was running out of targets and US, Israeli military officials expecting at least two more weeks of operations.

US equities ended mostly lower Tuesday, well off best levels in choppy trading. Stocks unable to hold onto earlier gains, coming off following afternoon reports Iran has started to deploy mines in Strait of Hormuz.

US equities were higher in Monday trading as stocks reversed earlier declines on the latest dovish Iran developments and ended near best levels. Stocks reversed earlier declines after Trump told CBS News that war with Iran could be over soon. The New York Fed's February Survey of Consumer Expectations found median year-ahead inflation expectations dipping slightly to 3.0% while holding at that level for the three- and five-year time horizons.

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