FactSet Evening Market Recap

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. 

US equities were higher in Monday trading, though ended off best levels. Today's risk on move was tabbed to a rebound from Friday’s selloff and some improved geopolitical headlines. It was quiet on the US economic calendar today. June’s Empire State manufacturing survey posted a surprise decline.

US equities were lower this week, with some moderate weekly gains for the major indices evaporating in Friday's risk-off session amid the growing Israel-Iran conflict. Treasuries were stronger, with yields more than erasing the prior week's increases. Trade was once again a major thread in the week's narrative

US equities finished mostly higher in Thursday trading. Lower yields and a weaker dollar were in focus, with another batch of cooler inflation data and recent upward pressure on claims and continuing claims. Today's $22B 30Y auction stopped through 1.5bp, and included the smallest dealer take since November.  Republican senators Thune and Crapo are meeting with President Trump at White House today to discuss the reconciliation bill

US equities closed mostly lower Wednesday, though off worst levels, with the Dow Jones flat, while the S&P500 and Nasdaq lost 27bps and 50bps respectively. May headline CPI rose +0.1% m/m, below consensus +0.2%, while Core CPI also rose 0.1% m/m against expectations for a 0.3% increase. Treasury's $39B sale of 10-year notes stopped 0.7bp through. In Washington, Treasury Secretary Bessent hinted at potential trade deadline extensions.

US equities finished higher in Tuesday trading as stocks ended just off best levels. Commerce Secretary Lutnick said US-China trade talks are going well and could end tonight, but the team will remain tomorrow if necessary. The NFIB Small Business Optimism Index ticked up to 98.8 in May from 95.8 in April, ahead of expectations and snapping a four-month streak of declines.

US equities finished mostly higher in relatively quiet Monday trading, though closed off best levels. There was no real direction today from the market's main focus on US-China trade talks in London. And some good news on the inflation front, with the New York Fed consumer survey inflation expectations coming down for the one-, three-, and five-year time horizons.

Stocks were higher for a second-straight week this week. President Trump and China's Xi held a phone call Thursday, which ended with an agreement to a new round of trade talks as trade tensions linger. Friday's May NFP report showed headline payrolls better than expected though the prior two months were revised down.

US equities were lower in choppy Thursday afternoon trading. The worsening Trump Musk rift pressured the market today, with Musk taking personal swings at Trump and continuing to argue against GOP legislative efforts. There were multiple headlines around the reconciliation bill, particularly in terms of differences between Senate Republicans and the White House on potential changes to tax-cut provisions, along with lingering concerns about the deficit implications

US equities were mixed in choppy, but largely uneventful Wednesday trading, With the Dow Jones closing down 22bps, while the S&P500 and Nasdaq finished up 1bps and 32bps respectively. The Big story today was weaker data and the accompanying rate rally. May ADP private payrolls coming in much softer than expected while May ISM Services moved back into contraction territory. Results seen as putting some added scrutiny on May non-farm payrolls this Friday. Fed's latest Beige Book said economic activity has declined slightly since the previous report.

US equities were higher in Tuesday trading as the S&P 500 and Nasdaq reversed pre-market declines to finish higher for a second-straight session. The Market continued to grind higher ahead of NFP on Friday with the report expected to highlight fairly resilient hard data. April JOLTS job openings of 7.391M were higher than the 7.100M consensus, while the prior was revised slightly higher.

US equities finished mostly higher in Monday trading as stocks ended near best levels. Trade is dominating headlines again, with Trump on Friday announcing a plan to double steel and aluminum tariffs to 50%, and the US and China trading accusations about reneging on their recent agreement. May ISM manufacturing of 48.5 missed, the weakest since November.

US equities were higher for the week, gaining back some of the prior week's losses. A US federal court struck down the Trump administration's tariffs, including the 10% baseline tariff, the 20% incremental tariff on China, and the 25% tariff on non-USMCA-compliant imports from Mexico and Canada. However, a US federal appeals court subsequently allowed the tariffs to remain.