US equities were higher in Thursday trading, ending near best levels. Markets saw a solid, broad-based rally on the back of improved risk sentiment, with myriad excuses for the bounce. Rate reprieve seems to be the most powerful factor. Peak Fed traction a driver of rate stabilization and also has positive signaling effects for equities. Street more positive on latest batch of earnings than recent results, offsetting some of the concerns around underwhelming earnings guidance and some incrementally cautious commentary on the consumer.

US equities finished higher in Wednesday trading, ending near best levels, with the Dow Jones, S&P500, and Nasdaq closing up 67bps, 105bps, and 164bps respectively. November FOMC meeting held rates steady, as widely expected. The Treasury refunding announcement seemingly removed a big overhang on bonds, while rate stabilization also a function of softer ADP private payrolls and ISM manufacturing miss. Overseas, Bank of Japan came in with an unscheduled JGB purchase.

US equities finished higher in Tuesday trading, ending near best levels, with the Dow, S&P, and Nasdaq finishing up +0.38%, +0.65%, and +0.48%, respectively. That said, major indices still closed solidly down for the month of October. Networking/communications, homebuilders, OEMs, MedTech, managed care, steel, A&D, building materials, and semis were among today's best performers. Big tech was also mostly higher. Ag machinery, large-cap pharma, airlines, energy, fertilizers, and China tech were among the laggards. Treasuries ended weaker with the curve steepening, adding to Monday's move. The dollar was better on the major crosses, with yen weakness today's big story in FX. Gold finished down 0.6%, ending back below $2K/oz., while bitcoin futures were up 0.1%. WTI crude finished down 1.6% after losing nearly 4% on Monday.

It was busy on the economics calendar today. October Consumer Confidence came in at 102.6, beating consensus but down from September’s upwardly revised 104.3 for the third straight month of decline. Present situation dropped to 143.1 from prior 146.2, while Expectations component slipped to 75.6 from September's 76.4. One-year inflation expectations rose 0.2 points to 5.9%. Some of today’s other data included Q3 Employment Cost Index, showing employment and wages both slightly higher than expected. Lastly, both August FHFA house price index and S&P Case-Shiller 20-city home price index grew m/m while October Chicago PMI was little changed m/m.

There were no big directional drivers in play as the market waits for the Fed rate decision and Treasury refunding details tomorrow.

US equities closed higher in Monday trading, ending just shy of best levels. Stocks hit best levels after Treasury quarterly borrowing estimates came in lower than feared. The Israeli conflict remained largely contained over the weekend and into Monday afternoon, although some recent events show tensions remain strained.  

US equities were lower this week as the S&P 500 shed more than 2% for the week for a second-straight week and finished the week at the lowest levels since April. Treasuries yields fell on the week, though not before the 10Y yield on Monday rose above 5% for the first time since 2007, while the 2Y/10Y spread at one point fell to around -15 bp, the narrowest since Jul-22. Stocks were also hit this week by underwhelming earnings and guidance takeaways.

US equities were mostly lower in Thursday trading, ending a bit off worst levels. Today's weakness came extended Wednesday selloff, while S&P 500 posted for seventh decline in past eight sessions. Risk off remained the theme with the usual suspects in focus. Earnings continue to be flagged as an overhang on sentiment. While key S&P 500 earnings metrics for Q3 have improved in recent days and are back above their four-quarter averages, there has also been a ramp in scrutiny surrounding the magnitude of the expected rebound in Q4 and 2024.

US equities were lower in Wednesday trading, near worst levels, with the Dow Jones, S&P500, and Nasdaq finishing down 32bps, 143bps, and 243bps respectively. Earnings in focus with mixed results out of the big tech space, and the other big story today was the renewed bond yield backup following Monday's reprieve. September new home sales came in well ahead of consensus, and reports that the UAW is close to an agreement with Ford.

US equities were higher in Tuesday trading, though a bit off best levels, with the Dow, S&P, and Nasdaq finishing up 0.62%, 0.73%, and 0.93%, respectively. Big tech was largely higher, with Multis, A&D, beverages, chemicals, utilities, and managed care among the outperformers. There were not a lot of groups in the red, but MedTech, oil services, credit cards, drug stores, OEMs, fertilizer, homebuilders, airlines, and regional banks were among the relative laggards. Treasuries ended mixed with some curve flattening; though there was not much change after today's in-line 2Y auction. Overseas, there were some China policy support headlines, with Beijing set to approve substantial sovereign debt issuance to spur infrastructure spending. That said, tensions in the Middle East continue to dominate the headlines. There were many big firms that reported earnings today, including Coca-Cola, Verizon, GE, Spotify, and even more after the close, including Google, Microsoft, and Visa.

US equities finished mostly lower in Monday trading, though downside fairly limited. After flirting with the level late last week, 10-year yields are above 5% for first time since 2007. Meanwhile, Middle East tensions continue to dominate the headlines.

US equities were lower this week amid a still-unsettled geopolitical situation, another run-up in Treasury yields, and some mixed takeaways from the early rounds of Q3 earnings reports. Treasuries were weaker again, with the 30Y yield moving firmly above 5% and the 10Y touching that level before retreating. September retail sales coming in well ahead of consensus, with control-group sales also handily beating forecasts. And labor-market strength continues to be reflected in light jobless claims data, which this week printed back below 200K.