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US equities finished sharply lower in Wednesday trading, ending a bit off worst levels, with the Dow Jones the S&P 500 and the Nasdaq falling 173bps, 224bps, and 307bps respectively. Nvidia was the biggest drag after yesterday's announcement of new US government export restrictions on their H20 chips. Also some hawkish takes on Fed Chair Powell's remarks today who noted tariff increases are significantly larger than anticipated, which could lead to higher inflation and slower growth. March headline retail sales, sales ex-autos, and sales ex-autos and gas all came in a bit better than expected. April NAHB housing market index beat, but sales expectations lowest since Jan-23.
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US equities finished mostly lower in Tuesday trading, ending off some modest earlier gains, with the Dow Jones, S&P500, and Nasdaq closing down 38bps, 17bps, and 5bps respectively. US-European Union talks have made little progress. White House also formally launched national security probes into pharmaceuticals and semis. April’s Empire State Index came in better, but expectations index hit second lowest level on record. March import prices were down, and export prices were flat.
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US equities closed higher in Monday trading, improving through the afternoon after seeing some midday softness. It was a relatively quiet session compared to recent days with stocks trading in a fairly wide range but VIX is back down to 31 after touching 60 last week. In macro news, the New York Fed's March Survey of Consumer Expectations noted that the year-ahead inflation expectations increased 0.5%, but were flat at the 3Y horizon and declined at the 5Y.
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Major market indices were up for the week, rebounding after the prior week's notable slide. On Wednesday, President Trump abruptly announced a 90-day pause for reciprocal tariffs on countries that had not retaliated and had sought negotiated settlements, resulting in a massive rally. At the same time, however, the White House raised the tariff rate on China to 125% (later clarified as 145%). On the economic front, March core CPI came in cooler than consensus, while the headline logged an outright monthly decline.
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US equities were sharply lower in Thursday trading, though ended off worst levels. Stocks gave back some of their monster Wednesday rally, a good chunk of which was chalked up to oversold conditions, positioning, and short covering. In macro news, headline March CPI decreased 0.1% month over month, cooler than consensus amid lower energy prices.
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US equities finished sharply higher. A huge bounce on Trump’s decision to pause higher reciprocal tariff rates for 90 days on most countries except China, where he raised the tariff rate to 125%, effective immediately. In macro news, February wholesale inventories were up 0.3% month over month, level with January but lighter than consensus.
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US equities were sharply lower in Tuesday trading, though finished off worst levels. Stocks open sharply higher before turning lower on White House confirmation 104% tariff on China will go into effect on 9-Apr after China failed to removed retaliation. NFIB small business sentiment fell 3.3 points in March to 97.4
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US equities were mostly lower following a very volatile Monday afternoon session, though stocks finished well off their worst levels, with the Dow Jones and S&P500 closing down 91bps and 23bps, while the Nasdaq finished up 10bps. White House officials continue to offer mixed messaging on trade. A bit of Fedspeak from Governor Kugler, who said coming tariffs will be consequential and the Fed is already seeing some signs of higher prices. Apple will reportedly send more iPhones to the US from India to avoid steeper China tariffs.
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US equities were sharply lower this week, driven by the selloff that followed Trump's Wednesday "Liberation Day" tariff announcements. The tariff plan includes a 10% on all imports, while additional reciprocal tariffs will be applied on 60 nations, including a 34% tariff on China, 32% on Taiwan, 46% tariff on Vietnam, and 20% on EU. Growth fears sparked a sharp repricing around the Fed rate cut path this week.
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US equities finished sharply lower in Thursday trading. It was a broadly risk-off session today as investors continue to process yesterday's "Liberation Day" tariff announcements that were more onerous than expected. In macro news, March ISM services came in weaker, printing at 50.8 versus consensus for 53.0.
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US equities finished higher in Wednesday trading, though off best levels, with the Dow Jones +0.56%, the S&P500 +0.67%, and the Nasdaq +0.87%. The session was largely a waiting game ahead of the Trump tariff announcement after the bell. This morning’s upside surprise in ADP private payrolls fits with hard vs soft data outperformance trend. Macro the big area of focus heading into the end of the week with non-farm payrolls on Friday and Powell comments following new details on tariffs and March employment.
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Today's fairly listless session came after a mostly higher finish on Monday that saw stocks come off early pressure that sent the S&P 500 briefly back into correction territory. March ISM manufacturing missed and back in contraction territory, with new orders weaker.
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US equities ended mostly higher Monday, near best levels. The market managed to recover from some early selling pressure chalked up to multiple articles over the weekend talking about Trump's preference for more onerous tariffs. In macro news, March’s Chicago PMI is better than expected, its highest since November 2023.
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US equities were lower for the week, after eking out modest gains last week. Trade continued to dominate the news flow this week with all eyes looking to the 2-Apr tariff announcement. March consumer confidence dropped more than anticipated, down for the fourth straight month.
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US equities were lower in somewhat choppy Thursday trading. Stocks saw a bit of a risk-off move as the market continued to digest the latest tariff headlines and waiting for further updates ahead of April 2nd’s "Liberation Day." In macro news, weekly initial jobless claims printed nearly in-line with consensus.
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US equities finished lower in Wednesday trading, though ended a bit off worst levels, with the Dow Jones, S&P500, and Nasdaq closing down 31bps, 112bps, and 204bps respectively. Big area of scrutiny today has been tech weakness, with negative AI headlines, trade, and technicals among the areas of blame. Durable goods orders beat; but core capital goods orders posted a surprise contraction, while core capital goods shipments came in ahead. Fed's Kashkari called for an extended hold. Treasury's auction of $70B in 5-year notes tailed by 0.5bp.
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US equities were mostly higher in Tuesday trading in a fairly listless session, though S&P 500 and Nasdaq advanced for third-straight session. Market continues to wait for more clarity around 2-Apr tariff deadline. March consumer confidence dropped more than anticipated. Richmond Fed manufacturing index also weaker than expected on soft shipments component.
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US equities were higher in Monday trading as stocks finished near best levels. Today, the market was supported by the latest trade headlines. The other big development today has been some further reprieve for the recent ramp in growth fears with the flash composite PMI hitting a three-month high on services strength.
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US equities were mostly higher for the week. A major part of the market narrative was the lack of any major tape bombs from Trump relating to trade or tariffs. Somewhat dovish takeaways from the March FOMC meeting also helped support bullish sentiment.
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US equities finished lower in Thursday trading, with some morning strength evaporating by midday and remaining slightly weaker through the afternoon. It was a very uneventful session with no clear narrative to fit today's choppy price action. In macro news, weekly initial jobless claims printed at 223K, very near the 224K consensus and prior week's 221K.
