US equities finished lower in very choppy Thursday trading, ending not far from worst levels. Major indices deepened WTD declines. Powell echoed recent Fedspeak about tightening financial conditions potentially having implications for path of monetary policy. Most big tech+ names beat the tape. Laggards included EVs, auto parts, pharma, biotech, semicap equipment, insurance, homebuilders, and cable. Streaming, telecom, rails, energy, hospitals, software, restaurants, beverages were among the stronger groups. 

US equities finished lower in Wednesday trading, ending near worst levels, with the Dow Jones, S&P500, and Nasdaq closing down 98bps, 134bps, and 162bps respectively. September housing starts came in a bit light, while August was revised lower, building permits were ahead of consensus, and the ABI fell further into contraction in September. Latest Beige Book said little to no change in economic activity since the September report.

US equities finished mixed in Tuesday trading with the major indices pulling back from best levels near midday. The Dow finished up 0.04% while the S&P and Nasdaq finished down (0.01%) and (0.25%), respectively. Pharma and biotech, managed care, defense, exchanges, networking and communications, casinos, HPCs, and China tech were some of the major weak spots. Energy, banks, P&C insurers, asset managers, apparel, food, and fertilizers were some of the stronger sectors. Overall, the good-news-is-bad-news theme continued to be in focus with another bout of upward pressure on rates following today's stronger retail sales data. In other news, the semi space was weak following the confirmation of additional restrictions on US exports to China. Earnings have been still surprising to the upside despite takeaways being mixed, but the bar is now higher and it is still very early in the Q3 reporting season.

US equities finished higher in Monday trading, ending near best levels. There was no real change in market narrative, though stocks were rallying despite some renewed upward pressure on yields. Empire manufacturing was weaker than expected in October, slipping back into contraction.

US equities were narrowly mixed this week with the S&P 500 a bit higher but Nasdaq slightly lower. The S&P 500 finished higher for a second-straight week though Nasdaq was slightly lower, breaking two-straight weekly gains. September headline CPI was hotter than expected, though core CPI was in line and the lowest on an annualized basis in two years.  

US equities were lower in Thursday trading, though ended off worst levels. Today's weakness broke four-straight gains for both the S&P 500 and Nasdaq, though the averages still on pace for weekly gains. Despite this week's geopolitical volatility, market's focus remains squarely on rates. Headline September CPI a bit hotter than consensus, with shelter costs a big driver. 

US equities were mostly higher in Wednesday trading, ending near best levels, as the S&P 500 and Nasdaq both capped fourth-straight gains. Some headlines about escalating conflict in Israel's north added to volatility around the still-evolving conflict in the Middle East, though the market has mostly shaken off geopolitical concerns and returned to focus on rates. September headline and core PPI was hotter than expected, annualized the highest since April.

US equities were higher in Tuesday trading, though ended off best levels, with the Dow, S&P, and Nasdaq finishing up 0.40%, 0.52%, and 0.58%, respectively. Today's strength extended Monday’s rally after markets shook off some early geopolitics-induced weakness. Airlines, banks, beverages, credit cards, chemicals, and homebuilders were among the outperformers. Big tech was mixed, while energy, MCOs, REITs, exchanges, insurance, food, and software were among the relative laggards. In all, today's upside can be tabbed to factors including Treasury strength and oil stabilization. While some of Treasury rally tabbed to flight-to-safety move amid geopolitical uncertainty given the ongoing conflict in Israel, recent dovish Fedspeak from Jefferson and Logan acknowledging tightening conditions from a higher-rate backdrop could warrant more caution on possible rate hikes. That said, Atlanta Fed's Bostic was the latest to say no further rate hikes are needed. Overseas, there was some positive takes on reports that China is planning a new $140B stimulus round with spending on infrastructure projects. The market awaits more macro data this week and the beginning of earnings season on Friday.

US equities were higher in Monday trading, ending just off best levels, with the Dow Jones, S&P500, and Nasdaq closing up 59bps, 63bps, and 39bps respectively as the markets reversed the morning's risk-off weakness in the wake of the weekend's Israel attacks that have resulted in 1,000 dead and dozens of hostages being held. Recent Fedspeak mixed on whether financial conditions have tightened enough or if further hikes may be required. Busy week ahead, with September CPI, PPI, and bank earnings kicking off Friday.

Major US equity indices were mixed this week. In the wake of Friday's hotter-than-expected jobs report, the 30Y bond crested 5% for the first time since 2007 and the yield on the 10Y note hit a fresh post-2006 high. There was a big beat for Friday's September nonfarm payrolls report (and upward revisions for the prior two months), which followed a soft read for ADP private payrolls and a sharp increase in job openings from Tuesday's August JOLTS report.