US equities were mixed in very quiet Thursday trading. Very quiet session as market continued to digest a flurry of developments over last few days. Big debate right now revolves around sustainability of the disinflation traction and soft-landing narrative tailwinds for stocks and bonds. Initial claims and continuing claims both higher than expected, with latter printing at worst level in two years. Import and export prices both declined more than expected in October.

US equities finished higher in Wednesday trading, though ended off best levels, with the Dow Jones, S&P500, and Nasdaq finishing up 47bps, 16bps, and 7bps respectively. October retail sales fell for the first time since March, though decline was smaller than expected. October PPI posted a surprise contraction. US House passed a stopgap bill to avert a government shutdown. President Biden and China's XI began their meeting in San Francisco.

US equities finished notably higher in Tuesday trading, ending a bit off best levels, with the Dow, S&P, and Nasdaq finishing up 1.43%, 1.91%, and 2.37%, respectively. Additionally, the Russell had its best session in more than a year, ending up 5.44%. Big Tech was stronger across the board, and REITs, utilities, autos, retail, homebuilders, airlines, banks, and asset managers were among the other outperformers. There were not a lot of decliners, but energy, managed care, pharma, healthcare distributors, P&C insurers, and defense were among the relative laggards. Treasuries were notably firmer across the curve with 10Y yield below 4.5% and 30Y approaching 4.6%. The dollar was down sharply on the major crosses, particularly vs the euro and sterling. Gold ended up 0.8% while Bitcoin futures down finished 4.1%, adding to a 1.5% pullback in the prior session. Finally, WTI crude settled unchanged after three-straight gains. The big macro news for today was that the October CPI report came in cooler than expected across the board, with monthly and annualized headline and core CPI prints below consensus. The soft October CPI report drove the big rally in stocks and rates, with momentum seemingly exacerbated by widely discussed positioning dynamics. Fed sentiment also expected to be impacted by retail sales tomorrow.

US equities finished narrowly mixed in very quiet Monday trading. There were not a lot of catalysts today and investors continue to weigh well-worn themes, though all come with caveats. Today, latest NY Fed consumer survey showed a slight downtick in inflation expectations and more optimistic economic outlook.

US equities were mostly higher this week, with the S&P and Nasdaq adding to last week's big rally (while the small-cap Russell notched its 12th decline of the past 15 weeks). Stocks added on to the prior week's big gains despite a lack of big stimuli and amid a decelerating Q3 earnings season. Thursday was the only session this week that saw the S&P move lower, with investors that day reacting negatively to some hawkish-leaning commentary from Fed Chair Powell and notably weak demand for a $24B auction of 30-year Treasury bonds.

US equities were lower in Thursday trading, ending worst levels after Chair Powell comments and a weak 30Y auction brought rates overhang back into play. Higher-for-longer Fed and another backup in yields the big stories in today's trading.  All sectors lower. Initial claims rose in the latest week, with the prior week revised a bit higher; continuing claims rose again. 

US equities finished narrowly mixed in very uneventful Wednesday trading, with the Dow Jones ending down 12bps, while the S&P500 and Nasdaq closed up 10bps and 8bps respectively. Today's $40B 10-year note auction saw some mild demand weakness after yesterday's well-received 3Y auction. Overseas, an ECB survey revealed a pickup in consumer inflation expectations despite the disinflation trend, as well as heightened uncertainty surrounding the macro outlook.

US equities were mostly higher in Tuesday trading, though ended a bit off best levels, with the Dow, S&P, and Nasdaq finishing up 0.17%, 0.28%, and 0.90%, respectively. Software, semis, OTAs, telecom and most big tech beat the tape. Energy was the worst performer on crude weakness. Materials were also under pressure on fairly broad-based weakness. Machinery, multis, rails, parcels and logistics, regional banks, insurance, autos, casinos, and department stores were among the other underperformers. Treasuries were firmer with curve flattening following some pressure on Monday after a big rally in the prior week, with corporate supply mentioned as another overhang. The dollar index was up 0.3% with Aussie weakness being the big FX story after the RBA decision for a dovish hike. Gold finished down 0.8% while bitcoin futures were up 2.5%. WTI crude ended down 4.3%, below $80/barrel and its lowest settlement since July. That said, earnings activity still fairly elevated, though not many high-profile reporters are left. Q4 beat rates are above the one-year average, though Q4 has seen outsized cuts. Overall, there is a big debate right now about whether last week's outsized equity bounce and rate rally have more room to run.

US equities mostly higher in fairly uneventful Monday trading, ending a bit off best levels. There has been nothing really incremental from a narrative perspective over the last few days. There was not much new from the Fed's latest Senior Loan Officer Survey (SLOOS), which said demand for commercial and industrial loans were weaker over Q3, while banks tightened standards for both residential and CRE loans.

US equities finished the week notably higher amid a broad risk-on atmosphere, with the major indices gaining each day. There was a lot of economic data to process this week, particularly softer-than-expected headline growth from the October nonfarm payrolls report (that also saw September's blowout result revised lower). November's FOMC meeting offered little in the way of surprises.