Major US equity indexes were mostly lower in Wednesday trading, ending just off session lows after a failed early bounce attempt, with the Dow Jones and S&P500 closing down 68bps and 38bps respectively, while the Nasdaq finished up 47bps. Earnings in focus with the largely positive takeaways from a number of high-profile reporters, including big tech names Microsoft and Google. Durable goods orders were notably stronger than consensus for March, though core orders contracted vs consensus for a slight gain. Republicans may now have the votes to pass their debt limit bill in the House, though it will be dead-on-arrival in the Senate.

US equities finished lower in Tuesday trading, near worst levels, with the S&P, Dow, and Nasdaq down 1.02%, 1.58%, and 1.98%, respectively. Today’s weakness follows a mixed performance in an uneventful Monday session to start the week. Notable laggards include parcel and logistics, paper and packaging, banks, energy, industrial metals, chemicals, and semis. Some of the few outperformers included Managed care, beverages, hospitals, HPCs, and pharma and biotech. There was some focus today on mixed economic data. Though the market has shaken itself out of a recent stall, with the absolute move in today's S&P 500 the second largest in April after a bout of small moves, there seems to be more negative than positive earnings reactions. That said, takeaways are mixed and expectations and cycle timing are also key factors.

US equities were narrowly mixed in Monday trading in another uneventful session. The Market was devoid of meaningful directional influence with the continued debate surrounding the big themes. The April Dallas Fed Index missed and was the lowest since July of 22, as production and employment indexes weakened m/m while prices indexes were little changed.  

Major US averages mostly lower this week, with the S&P changed by less than 1% for the third straight week, the longest such streak since August 2021. While it was a fairly uneventful week of trading a number of moving pieces remain in play. The Fed overhang remains the key downside risk, while bullish narratives include easing bank stresses, tight corporate bond spreads, and easing financial conditions. The week's batch of economic data likewise offered mixed signals.

Mixed takeaways from the latest batch of earnings with tech, autos, and regional banks underperforming while casinos, road/rail, and semicap equipment finished above the tape.

In terms of the Fed, the hard versus soft landing debate rages on with earnings providing little guidance for regulators.

Treasury Secretary, Janet Yellen, tried to calm U.S.-China relations by stressing the U.S. has no plans to decouple its economy from China and Biden unsurprisingly rejected a Republican plan to cut government spending in exchange for raising the debt ceiling.

Flash Manufacturing PMI and Flash Services PMI are due out in the morning.

US equities were mixed in fairly quiet Wednesday trading, ending just off their best levels, with the Dow Jones and S&P500 ending down 23bps and 1bps respectively while the Nasdaq closed up 3bps. House Speaker McCarthy unveiled budget bill to raise debt ceiling that includes $4.5T in total budget cuts, as well as capping budget growth at 1% per year. Not much new out of latest Fed Beige Book, which was consistent with recent economic releases showing slowing economic activity, disinflation, and easing labor-market conditions.

US equities finished somewhat lower overall in an uneventful Tuesday trading. Homebuilders, A&D, travel and tourism, industrial metals, money-center and custody banks, and apparel among the outperformers. The underperformers included Internets, REITs, pharma, biotech, chemicals, refiners, and regional banks. There was no big directional drivers in today's price action. The big overnight macro news was the better-than-expected China Q1 GDP report and mixed March activity data with retail sales being the big economic normalization beneficiary. Press reports continue to highlight CREtroubles and cautious sell-side strategist takes.

US equities finished higher in Monday trading, ending near best levels after a late-afternoon recovery from midday lows. The NY Fed's April Empire manufacturing survey came in notably better on the headline and new-orders component; while prices paid continued to slow. The NAHB April homebuilder sentiment also beat, rising for the fourth-straight month. The debt ceiling back in the headlines with GOP Speaker McCarthy offering to raise the debt limit into next year in exchange for spending concessions.

The S&P 500 and Nasdaq were both higher this week for the fourth week of the past five, though the major averages ended off the best weekly levels after a bit of a Friday selloff. Overall, markets finish higher for the week, with upside tabbed to a few factors, including disinflation traction after cooler than expected CPI and PPI prints. Fed updates leaned hawkish as the minutes to the March FOMC meeting showed staff projections at the time of the meeting to include a mild recession starting later this year driven by the recent banking turmoil.

Very quiet session from a headlines perspective with the March inflation print leading the newsflow. To much surprise both the headline PPI and core PPI posted declines, marking their lowest respective levels since January and Mar of 2021.

Despite the promising data and expected below-consensus retail sales out tomorrow, recent headlines expect the Fed to continue with another 25bp rate hike at their next meeting.

Amazon CEO Andy Jassy told CNBC that while consumers are spending, they are much more careful about their decisions.

Several economic indicators are due out in the morning including export prices, import prices, retail sales, industrial production, business inventories, and the preliminary Michigan Consumer Sentiment report.