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.

US equities were higher in Thursday trading as stocks ended just a bit off best levels. Nvidia dominated the headlines today following last night's earnings release. In macro news, initial claims fell to its lowest level since April, while continuing claims ticked to its highest level since November 2021.

US equities mixed in fairly quiet Wednesday trading, though ended near best levels, with the Dow Jones closing up 32bps, the S&P500 closing flat, and the Nasdaq finishing down 11bps. Financial Times reported Marc Rowan has emerged as a top contender for Treasury Secretary. Today's $16B auction of 20-year bonds tailed. Target sold off on disappointing results and guidance with margins a key area of scrutiny.

US equities were mostly higher in Tuesday trading as stocks ended a bit off best levels. Big tech regulatory scrutiny, though fallout expected to be cushioned by looming administration change. October housing starts posted bigger decline than expected, tabbed to hurricane impact with South starts down 64K m/m, or more than 42K m/m total national decline.

US equities were mostly higher in Monday trading, though stocks ended a bit off best levels. A bit of a more positive tone today as stocks attempted to rebound off last week's selloff that erased S&P 500 post-election gains. A quiet day of data today includes NAHB builder confidence which beat consensus and rose to 46.0, up from 43.0 in October with all three subcomponents of the index increasing month over month.

Major US equity indices were lower for the week after the S&P 500 and Nasdaq ended last week at fresh record highs. Investors processed several moving pieces this week as earnings season winds down with underlying consensus still remaining on a soft- to no-landing scenario narrative, though several factors contributed to a more defensive tone this week that saw some of the post-election rally momentum fade. In macro news, October's CPI and retail sales were the two big economic reports of...

US equities finished lower in Thursday trading, ending near worst levels. Today’s defensive tone was chalked up to somewhat more hawkish takeaways from Powell, which came on the heels of the firmer PPI and claims prints this morning. On the data front, October core PPI was largely in line, though final demand services accelerated slightly and final demand goods turned positive after two-straight negative monthly prints.

US equities finished mixed in Wednesday trading, ending off best levels after an uneventful afternoon, with the Dow Jones and S&P500 closing up 11bps, and 2bps, while the Nasdaq closed down 26bps. Big headline today was October's in-line core CPI print in contrast to some fears for a hotter number. Report improved market-based odds for a 25bp cut in December with Fedwatch noting just an ~18% chance of a pause, down from 41% yesterday. Multiple media outlets projected GOP will retain...

US equities ended lower in Tuesday trading, though off worst levels.  No one specific factor at work, though renewed bond yield backup getting some attention. NFIB small business sentiment ticked up by 2.2 points to 93.7 in October.

US equities closed higher in fairly uneventful Monday trading, hovering around the unchanged mark after a bit of morning strength. As expected, it was a quiet session given the federal holiday, sparse earnings, no economic releases, and quiet Fedspeak – all factors which will ramp up later this week. Nevertheless, the path of least resistance remains higher coming out of last week's election.

US equities were higher this week as the S&P 500 and Nasdaq all ended the week at fresh record highs. The Trump election victory sparked a big rally across risk assets. Treasuries sold off sharply following Trump's election victory on inflationary concerns, but ended only slightly weaker on the short end and firmer on the long end on thoughts policy measures might not be enacted as quickly as expected. November FOMC meeting ended with a 25 bp cut, as expected, to 4.5-4.75% in a unanimous...

US equities were mostly higher in Thursday trading. The FOMC announcement was the big story of the day, with the Fed opting for a 25 basis point cut as expected. . It was fairly quiet elsewhere as some of yesterday's election-related outperformers trim outsized gains.

Stocks posted a sizable rally as the S&P 500 put in its best session in over two years, sparked by the Trump election victory and a potential for a Red Sweep (House still not yet decided). Today's Treasury auction of 25 billion dollars of 30-year bonds was well received. The FOMC announcement and the Powell press conference is set for Thursday afternoon, with the Fed widely expected to deliver a 25 bp rate cut, while Powell is likely to stress data dependency when it comes to policy...

US equities were higher in Tuesday trading as stocks ended near best levels. Upside tabbed to latest data that offered softer/no-landing support, with ISM services showing improvements in both employment and inflation metrics. October ISM services beat, highest since Jul-22. New orders decelerated, but employment back in expansion territory and prices index continued to slow.

US equities were mostly lower and mixed in Monday trading, though stocks finished off worst levels. A very quiet session today as the market waits for some key catalysts this week, notably tomorrow’s US election, a widely expected 25 basis point rate cut from the Fed, China’s NPC meeting, and 103 more S&P 500 companies scheduled to report. In macro news, factory orders declined largely in line with expectations, down for the fourth time the in last five months in September.

Major US equity indices were down for the week. Earnings reports dominated the calendar, with some mixed takeaways from the five Mag-7 names on the schedule. The week's big economic report was Friday's nonfarm payrolls release for October, showing only 12K in job gains for the month (and revising down August and September by a combined 112K jobs).

US equities finished lower in Thursday trading, ending near worst levels. Today's risk-off atmosphere was largely a function of disappointing Mag 7 earnings, though there was nothing in the results or guidance to really shift the favorable narrative surrounding the AI secular growth theme. On the economic front, initial jobless claims are down again, down 12K week over week to 216K versus consensus 227K.

US equities finished lower in Wednesday trading, selling off after midday and ending near worst levels, with the Dow Jones, S&P500, and Nasdaq closing down 22bps, 33bps, and 56bps respectively. Earnings were a major focus today, with more than half of the S&P 500 constituents now having reported; Alphabet, AMD, Caterpillar among notable reporters. Big beat for October ADP private payrolls, printing at 233K vs 108K consensus. Q3 GDP grew at a 2.8% SAAR against forecasts for 2.6%....

US equities finished mixed in Tuesday trading, a bit off best levels. Earnings takeaways were mixed to weaker with DHI-US results/guidance highlighting the lagged effects of the Fed's pivot. Today's stronger consumer confidence supportive of the broader soft-/no-landing traction. October consumer confidence well ahead of estimates, biggest jump since Mar-21. 

US equities were higher in a fairly quiet, fairly rangebound Monday trading. The recent backup in yields remains the biggest focus. In macro news, October’s Dallas Fed Index beat with its best reading since April 2022.

US equities were mostly lower this week. The biggest focus was on another backup in yields, extending this month's sizable jump with the 2Y back above 4%, and 10Y back to July levels (before the Fed cut by 50bp in August). In a busy week of Fedspeak before next week's blackout period ahead of the November FOMC meeting, Fed officials continued to argue that they see further rate cuts ahead, but there are some questions around the pace.

US equities were mostly higher in Thursday trading as the S&P posted its first gain in four sessions. Earnings dominated the headlines with takeaways mixed and increased talk about a higher bar following the recent run. On today's economic calendar, initial claims came in well below consensus after some recent weather-related noise.

US equities finished lower in Wednesday trading, though ended off worst levels, with the Dow Jones, S&P500, and Nasdaq closing down 96bps, 92bps, and 160bps respectively. Backup in yields biggest near-term headwind, reflecting soft/no-landing optimism but also rising re-inflationary fears, with 10Y breakevens at their highest level since June. Fed's latest Beige Book noted economic activity little changed since September. Existing home sales for September posted a surprise decline, coming...

US equities were mixed in Tuesday trading as stocks ended little changed though off worst levels. Rate stabilization has provided some cushion from risk off tone that spilled over to this morning. Earnings today a mixed bag with some scrutiny on select cyclical and rate-sensitive names.