FactSet Evening Market Recap
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.
Weekly Market Recap - Friday, 27-Jan
U.S. equities finished higher this week after falling last week. The S&P closed back above the 4000 level for the first time since early December, and continued to push higher above its 200-day moving average. Corporate earnings drove a lot of this week's price action, and there were no major surprises in the week's economic releases. Next week is a big one for the market, with the focus on the FOMC meeting Wednesday, nonfarm payrolls, and many more notable earnings reports.
Evening Market Recap - Thursday, 26-Jan
The Fed’s narrative remains largely the same ahead of next week’s big macro catalysts including their FOMC meeting, the ISM manufacturing index, and the payroll report.
Headlines were dominated by announcement of Q4 GDP, coming in at 2.9%, above the 2.6% consensus. Although GDP received the attention, employment data likely matters more given timeliness, emphasis in Fed policy calculus, and recent corporate layoffs.
And Tesla CEO Elon Musk tried to ease investor concerns noting that the company has seen the strongest orders year-to-date in its history. With Musk adding that the orders are almost twice the...
Evening Market Recap - Wednesday, 25-Jan
US equities ended mixed in Wednesday trading, with the Dow Jones up +0.03%, while the S&P500 and Nasdaq finished down (0.02%) and (0.18%) respectively. Deep declines in the morning's trading resulted in major indices more than giving back their Monday/Tuesday gains, though risk sentiment improved from the mid-morning lows. Latest fourth quarter earnings reports seemed to act as a headwind; nevertheless, the bull case continues to be argued, helped by a "better than feared" theme across some key earnings reports.
Evening Market Recap - Tuesday, 24-Jan
US equities mostly modestly lower after two big up days where technicals and positioning were flagged as tailwinds. Flash PMIs bet, but are still in contraction, and there were mixed takeaways from prices amid the broader narrative around disinflation. Meanwhile, earnings as a whole were fairly underwhelming again, though some names seemed to benefit from the low-bar dynamic.
Evening Market Recap - Monday, 23-Jan
US equities finished higher in Monday trading, ending off session highs but with the S&P still closing above 4000 for the first time since 13-Dec. The Market rallied across the board despite nothing new from a thematic perspective, though there may be some technical dynamics in play with the S&P over the key 200-dma and the Nasdaq more firmly above the key 100-dma. The big headline from the weekend was the WSJ's Timiraos reporting the Fed could start debating when to pause rate hikes this spring, though there was nothing particularly incremental in the February meeting preview.
Weekly Market Recap - Friday, 20-Jan
U.S. equity indices mostly lower over the holiday-shortened week, with a Friday bounce not enough for the S&P to erase earlier slides (though the Nasdaq did). As the week opened, the soft-landing thesis seemed to be gaining credence with investors, but growth concerns returned to the fore after some disappointing economic data. Q4 earnings season ramped up, and will continue to do so next week.
Evening Market Recap - Thursday, 19-Jan
Today’s major story marks a deterioration in risk sentiments from good to bad. The biggest issue seems to be a dent in the momentum behind the Fed’s soft-landing narrative due to string of negative US macro surprises.
That being said, the Fed remains steadfast, sticking with their higher-for-longer messaging and pushing back against the disinflation enthusiasm.
Netflix reported Q4 EPS below consensus and longtime CEO Reed Hastings is stepping aside as Ted Sarandos and Greg Peters named co-CEOs.
Despite dominating the headlines, Tech layoffs are not a threat to the tight labor...
Evening Market Recap - Wednesday, 18-Jan
US equities were lower in Wednesday trading, ending near worst levels after giving back earlier gains, with the Dow Jones, S&P500, and Nasdaq closing down 181bps, 156 bps, and 124bps respectively. Busy US economic day with headline PPI dropping faster than expected, December retail sales were weaker than consensus, while industrial production declined more than expected. Key takeaway from the Fed Beige Book was retailers having trouble passing along price increases to consumers.
Evening Market Recap - Tuesday, 17-Jan
US equities finished mostly lower in fairly quiet, rangebound Tuesday trading. The NY Fed's Empire manufacturing survey contracted sharply, with its lowest headline reading since mid-2020. Bloomberg reported that the ECB may dial back the pace of its rate hikes to 25 bp in March following an expected 50 bp move next month. IB earnings mixed, with Goldman missing and Morgan Stanley posting a beat.
Weekly Market Recap - Friday, 13-Jan
The major averages were all higher for a second-straight week with growth and value in line, though value slightly topped growth for a sixth-straight week of outperformance. Support around the soft landing narrative was this week's key tailwind: This week's December CPI showed a sixth-straight monthly decline, while the annual increase of 6.5% was the lowest in 14 months. Despite the support for a pull back to 25 bp hikes, the latest Fedspeak leaned hawkish and continued to run against market expectations for cuts by year-end.
Evening Market Recap - Thursday, 12-Jan
Slowing inflation headlines the newsflow with the December CPI down 0.1% month over month, below November’s 0.1% rise. While the New York Times, described it as good news for consumers and the Fed, mixed takeaways remain.
The data provides more support for an interest rate decrease to 25 bp in February, helping further ease financial conditions via rates and FX.
And Nelson Peltz, the founding partner of Trian Fund Management, gears up for a proxy fight for a seat on Disney’s board.
Evening Market Recap - Wednesday, 11-Jan
US equities closed higher in quiet Wednesday trading, with the Dow Jones, S&P500, and Nasdaq finishing up 80bps, 128bps, and 176bps respectively. A Very quiet day in terms of headlines as investors wait for the December CPI report out tomorrow. Fed's Collins said she is leaning toward a 25 bp rate hike in February, but like other officials, also talked about getting rates above 5%.
Evening Market Recap - Tuesday, 10-Jan
US equities higher in uneventful Tuesday trading, with the market generally looking ahead to CPI on Thursday and the first batch of bank earnings Friday. Bloomberg reported that amid rising debt ceiling concerns, Treasury Secretary Yellen has agreed to stay at her post following a December request from the White House. Microsoft mulling $10B investment in OpenAI.
Evening Market Recap - Monday, 9-Jan
US equities finished mixed in Monday trading, strengthening into midday before giving the early gains back. Markets were off best levels after hawkish-leaning Fedspeak continued to highlight the higher-for-longer stance with no indication of a pause anytime soon. Meanwhile, corporate updates, particularly out of retail and healthcare conferences received a lot of attention. However, takeaways were fairly mixed.
Weekly Market Recap - Friday, 6-Jan
U.S. equities finished the week higher, opening 2023 with an up-and-down string of sessions capped by a big rally Friday. The market remained animated by the same themes that were prominent in 2022, including the path of inflation, the state of the labor market, and the Fed's policy response. While there were some welcome elements in recent economic reports, there was also a recognition (bolstered by this week's Fedspeak) that the Fed still has a ways to go to reach a sufficiently restrictive level for interest rates. The market is also waiting anxiously for the coming wave of Q4 earnings r...
Evening Market Recap - Thursday, 5-Jan
US equities lower Thursday, ending near worst levels. December ADP private payrolls report showed job growth well ahead of consensus. This latest evidence that the labor market remains tight was the big overhang for the market today, as it underpins the Fed's hawkish "higher for longer" messaging. Meanwhile, Amazon is laying off 18K employees.
Evening Market Recap - Wednesday, 4-Jan
US equities finished higher in somewhat choppy Wednesday trading, with the Dow Jones, S&P500, and Nasdaq closing up 40 basis points, 75 basis points, and 69 basis points respectively. December FOMC minutes were largely consistent with Powell's hawkish-leaning commentary and offered little to shift market expectations away from the consensus forecast for a 25bp hike in February. ISM manufacturing was largely in line and JOLTS job openings came in stronger than expected.
Evening Market Recap - Tuesday, 3-Jan
US equities weaker in the first trading day of 2023 after quickly giving up post-open strength. A number of growthier plays under pressure today, including Tesla, which missed on Q4 deliveries, and Apple, after the Nikkei reported the company cut Q1 orders for AirPods, Apple Watches, and MacBooks.
Weekly Market Recap - Friday, 23-Dec
US equities were mostly lower this week, with the S&P and Nasdaq notching their third straight weekly drops while the Dow finished somewhat higher. Sector performance was mixed, with energy leading the way on oil's strength. The big development this week was a surprise move by the Bank of Japan to widen its yield curve control band for 10Y yields, with the stated purpose of improving market functioning.
Evening Market Recap - Thursday, 22-Dec
US equities were under pressure Thursday, though ended off worst levels. The Pullback in a very depressed liquidity environment is partly chalked up to payback from a Wednesday rally that did not seem to have much fundamental support, some disappointing earnings takeaways and somewhat cautious comments from Appaloosa's David Tepper. The weekly initial jobless claims came in lighter than consensus and there was another upward revision to Q3 GDP and core PCE prices.