US equities finished higher in Tuesday trading, though ending off best levels, with the Dow, S&P, and Nasdaq finishing up 0.10%, 0.28%, and 0.61%, respectively. The DJIA logged its 12th consecutive gain, just shy of the all-time record of 13, set in 1987. Overall, earnings drove a lot of the big moves today. It was the usual mixed bag of takeaways and expectations and investor sentiment continue to play a key role. Just under 79% of reporters have exceeded consensus EPS expectations, better than the 77% five-year average.

US equities were higher in very quiet Monday trading, ending just off best levels. US flash manufacturing PMI beat, breaking three-straight monthly declines and was the highest print since April. US flash services PMI missed, but it is still in expansion.

US equities were mostly higher this week, with the S&P 500 rising for the fourth week in five, though the Nasdaq was modestly lower. There were a number of moving pieces this week. Several high-profile earnings disappointments (NFLX, TSLA) added scrutiny around big tech valuations and the high bar following outsized YTD gains. Overbought conditions and extended sentiment, along with fading short covering tailwinds, were also part of the bearish narrative. However, there was also some optimism around a broadening of the market rally, more disinflation/soft landing evidence, positive earnings/guidance revisions, and liquidity fears which continue to fade. Next week is busy with the July FOMC meeting and plenty of big earnings reports and macro data points.

US equities were mostly lower in Thursday trading and ended just off worst levels. The Dow, S&P, and Nasdaq were mixed, ending up 0.47% and down 0.68% and 2.05%, respectively. For macroeconomic news, initial jobless claims beat consensus, though they have reached their lowest since mid-May. On the other hand, continuing claims missed, though they are now at their highest level since early June. Philly Fed manufacturing index missed as well, though prices paid index fell again. Similarly, June existing home sales missed, though pace of price declines have moderated since May. In other news, the Fed remains in quiet period ahead of next week's meeting, and there was nothing particularly controversial in the FOMC previews as the Fed is still widely expected to deliver another 25 basis point rate hike. Finally, it has been very quiet outside the US with more headlines about the underwhelming policy support measures out of China.

US equities were mostly higher in Wednesday trading, though finished off their best levels, with the Dow Jones, S&P500, and Nasdaq closing up 31 bps, 24 bps, and 3 bps respectively. June housing starts slipped more than expected, and Building permits undershot consensus as well. The latest Reuters survey revealed economists increasingly expect next week's rate hike will be the Fed's last. Goldman Sachs results were noisy, mixed, and Bloomberg reported Apple is working on generative AI tools.

US equities finished higher in Tuesday trading, ending near best levels, with the Dow, S&P, and Nasdaq up 1.12%, 0.84%, and 0.96%, respectively. Small-caps had another strong session. Additionally, select big tech, banks and investment banks, credit cards, energy, managed care, fertilizers, industrial metals, machinery, airlines, trucking, and travel and leisure were some of the other outperformers. Meanwhile, A&D, waste, MedTech, semis, grocers, beverages, and utilities were among the laggards. Besides that, it was pretty quiet from a headlines perspective. Bank of America July Global Fund Manager Survey said sentiment remains bearish, though it also flagged soft-landing expectations and a better profit outlook. Looking ahead, the market awaits the important upcoming batch of megacap tech earnings starting this Friday and continuing in the next several weeks.

US equities were higher in Monday trading, ending just off their best levels, with the Dow Jones, S&P500, and Nasdaq closing up 22bps, 39bps, and 93bps respectively. China Q2 GDP came in softer than expected, as did June retail sales. Russia halted the UN-brokered grain deal with Ukraine. Earnings activity continues to pick up this week with 60 S&P 500 companies scheduled to report.

US equities higher this week, more than erasing last week's declines despite some pullback Friday. June CPI was the overarching focus of the week, coming in softer than consensus for both headline and core. Still, this and other data did little to shift expectations for near-term Fed policy. Q2 earnings began with four big banks Friday, and while all posted beats, analysts had some areas of concern.

US equities were higher in Thursday trading, ending up for a fourth-straight session. Headline and core PPI both came in cooler than expected, increasing 0.1% m/m in June. Initial claims were below expectations, in line with the still strong labor market. The data is still unlikely to push the Fed off of a July rate hike, though the first rate cut is now priced for Jan-2024.

US equities finished higher in Wednesday trading, ending a bit off best levels, with the Dow Jones, S&P500, and Nasdaq closing up 25bps, 74bps, and 115bps respectively. Softer June CPI report was today's major focus; however, despite softer print, Fedspeak following CPI was hawkish. Not much of note in the latest Beige Book report from the Fed reflecting a slight increase in economic activity and mixed perceptions about corporate pricing power.