FactSet Evening Market Recap

US equities were lower in Thursday trading. The big story of the day was the pullback in semiconductors following their huge run. The semi retreat has been a positive for software, which has also found some support from earnings.

U.S. stocks rallied, with the S&P 500 and Nasdaq nearing record highs, led by strength in semiconductors and big tech amid continued enthusiasm around AI-driven demand. The move came alongside falling Treasury yields and optimism around potential U.S.–Iran de-escalation, even as mixed macro signals and Fed uncertainty remain in the background.

US equities were higher in quiet Tuesday trading as stocks ended a bit off best levels. The Path of least resistance is higher amid confirmation that the US-Iran ceasefire remains intact despite Monday's flare-up in tensions. Strong Q1 earnings and the related AI compute and capex demand narrative are still the big bullish talking point for stocks.

US equities were lower in Monday trading, though ended off worst levels. Stocks started the week on the defensive amid the latest hawkish updates around the Iran conflict. In macro news, March factory orders rose 1.5% month over month, beating consensus for a 0.5% rise.

Major US equity indices were higher this week with the S&P500 and Nasdaq both recording their fifth straight weekly gains, ending at fresh closing highs. This week reinforced a resilient macro and earnings backdrop, as Q1 S&P 500 results were notably strong, with growth accelerating to ~27% and beat rates well above historical averages. The Fed FOMC meeting ended with rates unchanged but was marked by rare internal division, with four dissents reflecting disagreement over easing bias.

US equities ended higher in Thursday trading. Earnings were seemingly the big tailwind today as Q1 metrics continue to look very strong. The Mag 7 names were in focus, and while takeaways were mixed, the results were supportive of the most important theme for the market, namely insatiable compute demand and massive capital expenditures.

Markets traded mostly lower with crude oil surging 7% as concerns mounted over a prolonged U.S.-Iran conflict, with Trump rejecting Tehran's latest offer and reports of imminent U.S. strikes pressuring the complacency narrative around physical oil disruption. The April FOMC meeting was a non-event with rates held steady, though signs of internal Fed division emerged as three members objected to the easing bias and Powell signaled a high bar for looking past the oil shock, all while investors awaited the first wave of Mag 7 earnings.

US equities finished lower in Tuesday trading, ending off worst levels. Big tech was mostly lower. Market shifted to the defensive today amid questions about AI spend sustainability following report OpenAI missed internal targets for weekly users and revenue. April Conference Board consumer confidence beat.

US equities finished mostly higher in Monday trading, ending near best levels. It was a relatively quiet session with limited upside ahead of a major week of corporate earnings. Nothing on today's economic calendar other than the Dallas Fed manufacturing report for April.

Major US equity indices were mostly higher this week. US-Iran headlines were noisy, but overall conformed to the market's base case of a continued ceasefire and likely bumpy progress toward some type of agreement. It was a fairly light week of economic updates, with March retail sales the big report.

US equities were lower in Thursday trading. Software was down after an eight-day streak higher, though semis were higher for the 17th consecutive session. Weakness comes amid more headline noise around the war, but the market continues to mostly ignore headline chop.

A ceasefire extension provided the key tailwind, allowing equities to grind higher and look past a 3.7% WTI crude rally alongside extended energy supply constraints. Treasuries were modestly firmer with yields down 1-2 bp following a well-received 20-year auction, while a resurgent AI trade and continued strength in Q1 earnings reinforced the risk-on tone.

US equities were lower in Tuesday trading as stocks ended near worst levels. Big tech mostly lower, though semis, software fared better. Big pickup in earnings today with elevated beats, muted guidance and mixed price action.

US equities were mostly lower in Monday trading, though stocks ended off worst levels. The market traded with a more defensive tone coming off a big three-week rally. The macro highlight of the week comes tomorrow at 10:00ET with Fed chair nominee Kevin Warsh's confirmation hearing.

US equities were higher this week, with the S&P 500 and Nasdaq up ~3%+ for the third-straight week. Movement toward an end to the US-Iran war was a big piece of this week's gains. Data leaned positive this week, including March core PPI up just 0.1%, below 0.5% consensus.

US equities were a bit higher in Thursday trading, with the S&P and Nasdaq adding to yesterday's record-high close. It was a quiet session with limited headline noise. The market continues to show a general lack of angst about still-unresolved Mideast situation, but expectations remain that the ceasefire will hold, though finality and resumption of normal Hormuz flow will take time.

US equities closed mostly higher Wednesday, with the S&P 500 setting a fresh all-time high above 7,000 on continued US-Israel de-escalation, big tech strength, and another leg higher in software. Big bank earnings were mixed but featured upbeat macro commentary, while SNAP rallied on a 16% workforce cut and Bloomberg reported Anthropic is in talks at an ~$800B valuation.

US equities finished higher in Tuesday trading, ending near best levels. Path of least resistance remains higher as US-Iran ceasefire continues to hold and more talks expected later this week. Earnings takeaways mixed but all the notable reporters this morning beat expectations

US equities were higher in Monday trading as stocks ended at best levels. The market took a positive spin to some recent Iran updates. March existing-home sales are down 3.6% m/m to a 3980K SAAR.

Major US equity indices were higher for a second consecutive week after a ceasefire between the US and Iran provided further de-escalation momentum. March FOMC minutes leaned hawkish, as expected. March core CPI was slightly cooler than expected, while headline was in line, with energy up 10.9% and gasoline up 21.2%.

US equities were higher in Thursday trading, ending somewhat off best levels. The market was helped by some easing of ceasefire durability concerns related to Lebanon. In macro news, weekly initial jobless claims printed at 219K, above the 210K consensus.