FactSet Evening Market Recap

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.

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.

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.

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 the week.

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.