Major US equity indices were lower for the week though breadth was positive, with the Equal weight S&P ending in the green and outperforming the official index by 90 bp. Fear surrounding AI disruption was a key overhang this week. January core PPI was hotter than expected, the highest in nearly four years on a m/m basis.

Markets were mixed Thursday, with large caps pressured by weakness in mega-cap tech and semis even as small caps and equal-weight performance held up better on a rotation toward software and select cyclicals. Cross-asset moves were modest overall, with slightly lower Treasury yields after a solid 7-year auction and oil fading from earlier strength on headlines around U.S.–Iran talks. The day’s focus stayed on earnings and the near-term macro calendar, with attention turning to Friday’s PPI and next week’s ISM data.

U.S. stocks finished higher, led by technology as the Nasdaq outpaced broader indexes with strength in semiconductors, memory, and software ahead of NVIDIA earnings. Federal Reserve commentary continued to support a “wait and see” policy stance, trade headlines pointed to a potential 15% tariff proclamation, and earnings remained active.

US equities were higher in Tuesday trading as stocks ended just off best levels. Software bounce (though off best levels) the big story with some semblance of reprieve surrounding Anthropic enterprise agent event. February consumer confidence printed at 91.2

US equities finished lower in Monday trading, ending near worst levels. Today was a risk off over rotation trade, despite some pockets of strength in defensives. Another busy week of earnings is on tap with outsized focus on Nvidia’s Wednesday report.

Major US equity indices were higher for the holiday-shortened week. Big tech was mostly higher. Treasuries were narrowly mixed with a bit of curve flattening.

US equities finished mostly lower in Thursday trading, though ended off worst levels. The S&P broke a three-session string of gains (though remains higher WTD). Big tech was mostly weaker with AAPL the notable decliner; software, semis were both somewhat lower overall.

U.S. equities closed modestly higher Wednesday but finished off best levels, with gains led by select mega-cap tech (AMZN, NVDA) while defensives lagged. Oil and precious metals moved sharply higher alongside a stronger dollar and slightly higher Treasury yields amid geopolitical headlines, firmer economic data, and a modestly hawkish tilt in the FOMC minutes. Earnings were mixed, with notable moves in ADI and CDNS on the upside and PANW on the downside, as focus shifts to WMT Thursday and a potential SCOTUS tariff ruling Friday.

US equities finished mostly higher in Tuesday trading, a bit off best levels. There was not much new from a narrative standpoint, but it was another day with a lot more going on beneath the surface. Corporate updates largely underwhelmed, though there was a pickup in M&A and activist developments.

US equities were lower this week with the S&P 500 down for a second-straight week, Nasdaq Composite for a fifth-straight week, and the small-cap Russell 2000 down for the third week in the past four. Software saw a fairly tepid bounce from its recent plunge and elevated volatility amid ongoing AI displacement fears. This week also saw spillover of the AI displacement narrative into other industries, including asset managers, wealth management, trucking, logistics, and commercial real estate.