US equities were lower as the S&P 500 finished down for a second-straight week, while the Nasdaq capped off a third-straight weekly decline, and its fifth in the past six weeks. The biggest story of the week revolved around inflation data. Several pieces of the bullish arguments remain intact, particularly early earnings season takeaways that suggest a firmer macro backdrop and strong early beat rates.

US equities ended mostly higher in Thursday trading, just off best levels, after shaking off early-morning weakness. In-line core PPI print provided some relief following a third straight hotter core CPI reading that drove a meaningful – and further – hawkish repricing of Fed pivot expectations. Renewed momentum and growth outperformance is the other big story, with some likely help from the recent flurry of AI headlines and upbeat sell-side research.

US equities finished lower in Wednesday trading, though off worst levels that followed this morning's CPI report, with the Dow Jones, S&P500, and Nasdaq closing down 109bps, 95bps, and 84bps respectively. Risk off on hotter CPI prints, with both headline and core CPI increasing 0.40% m/m in March, ahead of expectations. Today's 10Y auction weaker than expected, following yesterday's sale of 3-year notes that also tailed. Crude hit session highs after report US and allies believe an Iran...

US equities ended mostly higher in Tuesday trading, losing early morning gains around midday before recovering some into the close. The market is in waiting mode for several potential catalysts later this week, particularly the March CPI on Wednesday. NFIB small business optimism declined to its lowest level in March since December 2012, marking the 27th consecutive month below the 50-year average, with inflation cited as biggest problem.

US equities ended narrowly mixed in Monday's trading session with the S&P 500, Dow, and Nasdaq hovering around unchanged though small caps outperformed. The NY Fed one-year inflation expectations were unchanged for third-straight month, though increased at the 3Y horizon. Meanwhile, Chicago Fed President Goolsbee commented today that recent jobs data confirms that the economy is strong, and noted late last week that he sees continued high inflation in housing services as the biggest...

Major US equity indices were down for the week, though helped by a solid post-NFP gain on Friday. The week's big theme was the notable backup in Treasury yields driven by some firmer economic data (particularly a strong March jobs report and a hotter-than-expected ISM manufacturing reading). It was also another week overflowing with Fedspeak, again centered on an appearance by Chair Powell and again doing little to shift the broad narrative of a possible start to rate cuts at the June FOMC...

US equities finished lower in Thursday trading, carrying some strength through midday before reversing in the afternoon. The market reverted to a risk-off atmosphere this afternoon, with some blame going to increasing Middle East tensions. Weekly initial claims rose faster than consensus, and the prior week’s was revised up, while continuing claims came in lighter than forecast.

US equities finished mostly higher in Wednesday trading, ending off best levels after some late-session volatility, with the Dow Jones closing down 11bps, while the S&P and Nasdaq closed +11bps and 23bps respectively. , ISM services printed at 51.4, below consensus 52.7. New-orders component pulled back and prices paid hit lowest level since March 2020. ADP private payrolls were up 184K in March, outstripping the 150K consensus, with continued strength in leisure/hospitality. Paramount...

US equities closed down in Tuesday trading, remaining fairly rangebound for much of the session and ending not far from worst levels. Rate backup remains the big story, with the blame largely gone to the firmer ISM manufacturing print yesterday, though there is also some focus on supply, higher commodities prices, and deficit concerns. February’s JOLTS job openings was down slightly month over month but in line with consensus.

US equities closed mostly lower, though off worst levels, in fairly uneventful Monday trading. It’s been a very quiet session to start April and Q2, though there are a few moving pieces in view coming out of the long holiday weekend, including momentum, growth, and tech outperformance after lagging in March and last week as breadth improved. In macro news, ISM manufacturing unexpectedly moved into expansion, snapping a 16-month streak of contractionary readings in March.

US equities ended mostly higher this week with strong outperformance in the Russell 2000 and some minor weakness in the Nasdaq. The market navigated a shortened trading week deprived of any meaningful catalysts with most looking to PCE this Friday and Nonfarm payrolls next Friday. Michigan Consumer Sentiment Index beat slightly with consumers noting they were confident inflation will continue to soften, and expect their financial situations to improve over the coming months.

US equities finished higher in uneventful Wednesday trading, with the Dow Jones, S&P500, and Nasdaq closing up 122bps, 86bps, and 51bps respectively. Nothing on the US economic calendar and big event was a well-received auction of $43B in 7Y notes. Spanish headline inflation accelerated in March. Japanese Finance Minister Suzuki ramped up warning on potential yen intervention.

US equities finished down in Tuesday trading, selling off in the last half hour of the session after remaining positive but rangebound for most of the day. Thursday marks month- and quarter-end and pension fund rebalancing has been flagged as a potential overhang for equities. February durable-goods orders rose after two consecutive monthly declines; core orders beat though January revised lower.

US equities ended mostly lower in a quiet, rangebound Monday session with modest downside in the S&P 500 and Nasdaq after capping off the best weekly gain of the year on Friday. There was a bit of Fedspeak, though nothing shifted the narrative. February new home sales came in a bit weaker than consensus.

US equities were higher this week as the S&P 500 posted the best weekly performance this year, underpinned by a big Treasury rally and dovish takeaways from this week's March FOMC meeting. This week's upside was primarily driven by the March FOMC meeting that included the dot plot holding projections for three rate cuts this year and Chair Powell downplaying recent hotter inflation prints. This week saw some solid economic data including March flash manufacturing PMI, which hit the...

US equities finished higher in Thursday trading. Dovish Fed takeaways continue to underpin risk sentiment, as takeaways are focused on unchanged median dot for three rate cuts in 2024 and Powell's comments suggesting recent inflation data has not changed the Fed's view on the broader disinflation trend. Initial jobless claims came in at 210K vs consensus for 215K and last week's 212K (revised from 209K).

US equities finished higher in Wednesday trading, rallying after today's FOMC meeting, with the Dow Jones, S&P500, and Nasdaq finishing up 103bps, 89bps, and 125bps respectively. Fed left rates unchanged at 5.25-5.50%. Statement reiterated Fed needs additional confidence inflation returning to target before easing. Median 2024 dot in updated SEP unchanged at three rate cuts. However, median dot in 2025 and 2026 each went up ~25 bp. Noted recent data suggest gradual, bumpy disinflation...

US equities ended higher Tuesday at best levels with the S&P locking in a new record closing high. Market processing developments out of NVDA GTC, with Street positive on Blackwell architecture but takeaways fairly technical in nature and noting no big surprises. US economic calendar quiet again today. February housing starts and building permits both beat, rebounding off weather-impacted January print.

US equities finished mostly higher in Monday trading, though ended off session highs. The AI secular growth theme is the tailwind to start this week, with Google and Apple in talks for Gemini to power AI features on new iPhones, and NVIDIA’s GTC Conference kicking off today. March NAHB homebuilder sentiment rose for the fourth consecutive month to its highest in eight months.

US equities were lower for the week, with the Nasdaq posting its second consecutive weekly drop and the small-cap Russell saw its worst week since the opening of 2024. Treasuries were notably weaker, with yields for most maturities seeing a five-day run higher. There was a big focus on the week's data releases, primarily a hotter-than-expected reading for February core CPI. 

US equities ended lower Thursday, though off worst levels, following a mixed session for stocks on Wednesday. Another big rate backup is the overhang on sentiment, particularly as it comes from sticky inflation concerns rather than from a firmer growth backdrop. Headline and core PPI came in hotter than expected, while annualized PPI was at its hottest since September.

US equities ended mixed Wednesday, just off worst levels, with the Dow Jones finishing up 10bps while the S&P500, and Nasdaq closed down 19bps and 54bps respectively. Fairly quiet day from a macro perspective, with no big economic datapoints on the calendar today, attention turning to PPI, Retail Sales tomorrow. Corporate headlines included Dollar Tree Q4 miss and store closures, Pentagon scrapping plans to spend $2.5B on Intel defense grant, and the US House passing a bill that could...

US equities were mostly higher in Tuesday trading as stocks ended near best levels and more than erased Monday weakness. Momentum factor rallied despite recent scrutiny surrounding stretched positioning/sentiment/valuation. Market shook off another hotter-than-expected core CPI print. Headline February CPI printed in line with consensus for a 0.4% monthly rise, but faster than January. Headline up 3.2% y/y. Core CPI a bit hotter than expected.

US equities ended mostly lower on Monday, off worst levels, in a quiet trading session. The market is playing the waiting game for the CPI report on Tuesday. In macro news, the New York Fed 1Y inflation expectations for February are unchanged m/m at 3%, though the expectations rose at the 3Y and 5Y horizons.