Episódios
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US equities finished lower Wednesday, ending near worst levels in choppy post-FOMC trading, with the Dow Jones, S&P500, and Nasdaq closing down 25bps, 29bps, and 31bps respectively. Monetary policy pivot was the big story today with the Fed opting for a more aggressive 50 bp rate cut. While the Street seemed to largely be in the 25 bp camp, the market was leaning toward 50 bp. August housing starts and building permits both came in ahead of consensus.
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US equities finished largely mixed in Tuesday trading. Another quiet session ahead of tomorrow's FOMC meeting. Today's August retail sales report was a bit stronger than expected whereas previews suggested a weaker report could have tipped the scales more conclusively toward a bigger cut. Fed pivot and economic soft landing still seen as the main driver of the bullish narrative.
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US equities finished mostly higher in Monday trading in a quiet session after stocks caught a big bounce last week. It was a largely uneventful session as the market waits for the Fed's rate-cut decision on Wednesday. In macro news, the New York Fed's Empire manufacturing survey for September unexpectedly flipped positive for first time since November 2023.
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US equities ended higher this week with big tech leading the way on the heels of some positive AI momentum and amid oversold conditions, after the S&P 500 posted its worst performance last week since March of 2023, and the Nasdaq since January of 2022. The August CPI report was a big highlight of the week ahead of Wednesday's September FOMC meeting. August headline CPI was largely in line while monthly core was hotter, with shelter prices the significant component of the core rise, and airline fares higher after five months of declines.
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US equities were higher in Thursday trading, ending near best levels. Stocks rallied amid today's modest ramp in 50 basis point rate cut odds after a media report that seemingly offered some additional support for an outsized move. In macro news, headline August PPI printed in-line but core PPI was a bit hotter than consensus, following yesterday's uptick in core CPI.
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US equities were higher in Wednesday trading, ending at best levels as the market reversed some morning post-CPI weakness, with the Dow Jones, S&P500, and Nasdaq closing up 31bps, 107bps, and 217bps respectively. August headline CPI was largely in line, up +2.5% y/y, while monthly core was hotter with shelter prices the significant component of the core rise and airline fares higher after five months of declines. Today's $39B 10Y Treasury auction stopped through, following a strong 3-year note auction on Tuesday.
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US equities were mostly higher in Tuesday trading, though ended near best levels after reversing midday weakness. Today also saw rotation back into tech/semis/AI trade following well received Oracle earnings. Some underwhelming banking sector updates, weak auto guidance out of Europe and softness in commodities. Next big catalysts are tonight's presidential debate and tomorrow's release of August CPI.
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US equities were higher in Monday trading, though ended off best levels. It was a very quiet session with few catalysts as the market rebounds off of Friday's weakness but continues to wait for key catalysts ahead, namely the September 18th FOMC meeting. It was also a fairly light economic calendar today, which included August’s Manheim used car index.
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US equities were lower this week with the S&P 500 posting its worst weekly performance since March 2023 and the Nasdaq’s since January 2022. Stocks were lower this week on growth worries, hawkish Fed rate cut repricing, and a shift toward "bad news is bad news" on soft economic data. Today's August payrolls was the big catalyst this week, following other soft data this week.
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US equities finished mostly lower in Thursday trading but ended a bit off worst levels. It was an up-and-down session after today's mixed data, including a weak ADP print and better claims and ISM services, as the market continues to balance soft-landing hopes with questions about whether the Fed will opt for a 25 or 50 bp cut at its September 18th meeting. Friday brings the employment report, which is seen as a key input in this ongoing debate.
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US equities were lower in Wednesday trading, ending just off worst levels, with the Dow Jones closing up 9bps, while the S&P and Nasdaq closed down 26bps and 30bps respectively. Growth worries in focus again following softer JOLTS job openings and some cautious Beige Book takeaways. Atlanta Fed's Bostic said Fed must not maintain restrictive stance for too long, giving equal weight to employment side of mandate.
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US equities finished down in Tuesday afternoon trading, ending near worst levels. Big risk-off session to start September. Came alongside another bout of global growth fears. Market in waiting mode for Friday's August payrolls report, which could offer best indication on Fed's near-term rate cutting path. August ISM manufacturing contracted m/m against expectations for an uptick.
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US equities ended mostly lower this week in a fairly uneventful, low-volume week of trading heading into Labor Day weekend. Nvidia reported a beat and guided above consensus, though shares opened lower. July core PCE was in line with consensus, though the y/y print came in below estimates, while headline PCE was in line.
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US equities were mixed in Thursday trading as stocks ended well off best levels, with month-end and MSCI rebalancing looming Friday. US equities shed its gains amid an afternoon selloff, though there were no catalysts behind the move and likely amplified by low volume. Nvidia was a sizable drag with post-earnings weakness seemingly driven by more elevated expectations, while the latest batch of data eased some growth fears.
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US equities were lower in Wednesday trading, though ended off session lows. Today's weakness was fairly broad-based, but there was nothing seemingly definitive behind the move with the market still in waiting mode ahead of Nvidia earnings, which were reported after the close. The treasury supply was again in focus with today's poorly-received $70B 5-year note auction, which tailed ~0.3 bp, following yesterday's solid $75B 2Y sale.
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US equities were mostly higher in fairly uneventful Tuesday trading. S&P 500 and Nasdaq finished modestly higher. Another very quiet session devoid of catalysts ahead of NVDA earnings on Wednesday after the close. August consumer confidence came in ahead of consensus. August Richmond Fed index deteriorated vs consensus for some improvement.
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US equities were mostly lower and mixed in Monday trading, though ended a bit off worst levels. There’s fairly thin news flow and nothing to shift the broader market narrative. The market is focused on Nvidia NVDA earnings on Wednesday as the next key input for the AI secular growth theme.
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US equities were higher for the week, with major indices adding on to last week's strong gains. The big focus of the week was on the Fed's policy path forward, with expectations firm for some sort of easing in September but still a fair bit of uncertainty about the magnitude and pace given worries about the labor market and the ongoing debate about a soft versus hard economic landing. The market ends the week with the S&P back over 5600 and not far below July's record highs, having largely (and quickly) erased the downslides earlier this month on concerns about faltering growth and a Fed that was behind the curve.
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US equities finished lower in Thursday trading, ending near worst levels. The market moved lower after a higher open, but there was no definite catalyst behind today’s shift, though the move may be exacerbated by thin late-summer volumes, especially amid anticipation for Powell's comments at Jackson Hole tomorrow. In macro news, weekly initial jobless claims were largely in line, while continuing claims were lighter versus consensus, though still hit its highest level since November 2021.
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US equities were higher in Wednesday trading, ending just off their best levels, with the Dow Jones, S&P500, and Nasdaq closing up 14bps, 42bps, and 57bps respectively. The BLS annual payrolls benchmark revision came in at -818K, largest negative revision since the Great Financial Crisis. July FOMC minutes flagged heightened risks to employment and noted majority of participants believe September cut likely appropriate. Markets raised odds of a 50 bp cut in September by ~10 bp to 39%.