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Major US equity indices were lower this week, weighed down by a big Wednesday slide that saw the S&P post its second-weakest day of the year. Wednesday's December FOMC meeting was the critical event of the week. Analysts had firmly expected the 25 bp rate cut it delivered and were looking for some signal the Fed could pause rate cuts in January, but ultimately takeaways felt the meeting was more hawkish than expected. The late week also brought heightened focus to the approaching government-funding deadline.
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US equities were mostly lower in Thursday trading as stocks ended near worst levels. The market came off premarket early session strength following a big Thursday selloff chalked up to the hawkish guidance that accompanied the Fed's 25 basis point rate cut. In macro news, weekly initial jobless claims came in at 220K, below consensus and a notable slide from the prior jump to 242K.
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US equities were lower in Wednesday trading as stocks ended near worst levels following the FOMC decision, with the Dow Jones, S&P500, and Nasdaq closing down 258bps, 295bps, and 356bps respectively. Today’s Hawkish Fed rate cut was an overhang as the Fed cut rates by 25 bp, as expected, but guidance language in its statement was tweaked in a hawkish direction and SEP median dot for both 2025 and 2026 up 50 bp and long-run dot up 10 bp to 3.00%. November housing starts missed consensus, but building permits came in ahead.
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US equities were lower in fairly quiet Tuesday trading. Tech strength has been accompanied by underperformance in cyclicals/value, along with rate-sensitive plays. Headline November retail sales up 0.7% m/m. November industrial production surprised negative, capacity utilization also missed. December NAHB homebuilder confidence unchanged from November but below consensus.
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US equities were mostly higher in Monday trading as stocks ended a bit off best levels, though Nasdaq finished at a fresh record high. Some of today's specific tailwinds include a rally in the semis and AI space, tabbed momentum following last week's Broadcom results, and an AI-driven Tesla upgrade. In macro news, December’s flash Markit Manufacturing PMI missed, falling to a three-month low as the report flagged weaker future expectations on tariff and inflation concerns.
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Major US equity indices were mostly lower for the week after putting in a mixed performance last week. Stretched valuations was one of the major go-to excuses for a more defensive tone this week, with the market now largely in waiting-mode ahead of the 18-Dec FOMC announcement, though the market is pricing in a nearly 100% chance of a 25 basis-point cut. November CPI was the big economic event of the week, with CPI in line on both the core and headline numbers, though the most notable highlight was some deceleration in shelter inflation.
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US equities were down in Thursday trading, selling off through the afternoon and ending near session lows. It was an overall weaker day with negative breadth and lacking the recent support that has been coming from Mag 7 names and the broader tech space. In macro news, November headline PPI is up 0.4% month over month, hotter than the 0.3% consensus, with the release noting a jump in foods.
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US equities finished mostly higher in Wednesday trading, with the Dow Jones closing down 22 bps, while the S&P500 and Nasdaq finished up 82bps and 177bps respectively. The Nasdaq set a fresh record high. Today's largely in-line November CPI report served to further solidify expectations for a December rate cut and market’s favoring a January pause. Today's $39B auction of 10-year notes was very well received. Bank of Canada cut by 50 bp, as expected.
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US equities ended lower and near worst levels in Tuesday trading. There was some focus on underwhelming results and guidance from Oracle, though elevated expectations seem to be the big issue (and was flagged in other post-earnings pullbacks last night), while AI and cloud takeaways were largely upbeat. NFIB small business optimism jumped to highest level in November since June of 2021, snapping a 34-month streak of record high uncertainty.
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US equities were lower in Monday trading as stocks ended just off worst levels. Nothing specific behind today's more defensive tone, which came amid heavier volumes. It was also a quiet day for economic releases.
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US equities were mixed this week. Tech leadership was a key piece of this week's upside, driven after a rotational drag in November, some tailwinds from tech earnings and positive AI takeaways from the Amazon AWS conference. Extended positioning and sentiment continue to be cited as overhangs. November payrolls was the data highlight of the week.
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US equities were lower overall in uneventful Thursday trading as stocks ended just off worst levels. It was a very quiet session, with the market largely in waiting mode for NFP on Friday. In macro news, jobless claims was today's only major economic release.
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US equities were higher in Wednesday trading as stocks ended near best levels, with the Dow Jones, S&P500, and Nasdaq closing up 78bps, 60bps, and 129bps respectively. November ADP private payrolls came in just below consensus with October revised down by nearly 50K jobs. ISM services missed. October factory orders a bit better than forecasts after a September contraction. Latest Fed Beige Book said economic activity rose slightly in most districts.
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US equities were mixed in fairly quiet, rangebound Tuesday trading. Nothing really new from a narrative perspective despite big focus on latest international events. However, European and South Korean political risks having limited spillover effects at this point. October JOLTS job openings beat expectation. Quits rate up 0.2pp to 2.1%, highest since May.
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US equities were mostly higher in Monday trading, near best levels. There were a few moving pieces today with the overall direction limited following a further upside last week and a big November rally. In macro news, November ISM Manufacturing beat, with new orders back in expansion territory for the first time in eight months.
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US equities closed higher in uneventful Friday trading, ending a bit off best levels in a short session after the US Thanksgiving Day holiday. There were some minor easing of tariff worries after Wednesday headlines that Trump and Mexico's President Sheinbaum had productive conversations on cross-border flows. The Market processed limited newsflow today with nothing on the economic calendar and no scheduled Fedspeak.
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US equities finished mostly lower in Wednesday trading, though ended off worst levels, with the Dow Jones, S&P500, and Nasdaq closing down 31bps, 38bps, and 60bps respectively. October core PCE was in-line, while October durable-goods orders were a bit below consensus. Second estimate of Q3 GDP was unchanged at 2.8%. October pending home sales were higher m/m vs expectations for a decline. Elsewhere, today's $44B auction of 7Y Treasury notes stopped through.
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US equities were mostly higher in Tuesday trading, near best levels. Tariff threat was the big story today after Trump posted Monday night that as part of his first executive orders, he will impose additional 10% tariffs on China goods and 25% tariffs on Mexico and Canada. Economists downplayed takeaways from November FOMC minutes given data dependence and fiscal and economic policy uncertainty, though minutes showed broad support for a gradual reduction in rates along with some uncertainty around a neutral rate.
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US equities ended higher Monday after a big rally last week. Today's upside was tabbed to a meaningful Treasury rally, positive market friendly and safe hands takeaways following Trump’s nomination of Bessent as Treasury Secretary, though stocks were unable to hang onto best levels as some Trump trade winners gave back recent gains and there was a drag from energy on oil selloff. Nothing on the US economic calendar today.
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Major US equity indices were higher this week, bouncing after last week's losses though the S&P and Nasdaq remain below post-election record closes. There was a big focus on corporate results this week, largely focused on the long-awaited Nvidia report. It was also another fairly busy week of Fedspeak, with policymakers continuing to stress patience and data dependence, with some members continuing to note that the Fed won't prejudge its December rate decision.
