US equities higher Tuesday, finishing near best levels. Major averages up for a third straight day, with support today seeming to come from lower yields and a weaker dollar. Consumer Confidence fell more than expected in October, with inflation concerns back up after having receded since July.

US equities were higher in Monday trading, ending just off session highs and extending Friday's gains, which capped off best week for S&P and Nasdaq since June. Deeply depressed sentiment and positioning are still cited as the key upside driver. US flash manufacturing and services PMIs missed, and China tech and Macau-linked casinos were broadly weaker in the wake of the conclusion of its party congress.

US equities higher this week, with the S&P 500 and Nasdaq more than rebounding from last week's declines, and both indexes posting their best weekly performance since June. Technical and mechanical factors, as well as deeply depressed sentiment and positioning remained keys to the upside narrative this week. There was also some easing of conditions amid the latest UK updates including the U-turn on the fiscal policy plan and PM Truss' resignation, falling European natural gas prices, and some more discussion about the low bar for earnings.

US equities lower Thursday, as another session saw morning strength peter out through the afternoon. Still, major indices remain higher for the week after the strong Monday/Tuesday rally. Philly Fed manufacturing data shows price increases. UK PM Truss resigns. Tesla falls on earnings.

US equities finished lower in Wednesday trading, somewhat off worst levels; however, major indices still sitting on big WTD gains. Further tightening of financial conditions was in focus today with a big backup in rates. Earnings takeaways still seem fairly positive though nothing in the results or commentary to counter the softening macro narrative.

US equities higher Tuesday, with technical and sentiment/positioning dynamics the go-to excuse for the extension of Monday's bounce. No other big directional drivers in play, though the Truss government's U-turn has dampened upward pressure on global bond yields, and the reaction to several higher-profile earnings reports out in recent days has been fairly upbeat.

US equities finished sharply higher in Monday afternoon trading, not far off best levels and more than erasing Friday's slide. Treasuries were mixed with the curve steepening. It was a very uneventful session outside of earnings. Better UK sentiment helped support today's rally as its new finance minister is working to calm markets. Fed's Bullard reiterated his preference for frontloading tightening and left open the possibility of Fed raising rates by 75 bp in both November and December. The October Empire State manufacturing index missed as the prices paid index jumped after three-straight declines.

US equities were mostly lower this week, dropping on four of the five days but catching a big rally on Thursday, when the S&P jumped 5% after touching a fresh YTD intraday low. Treasuries were weaker with the curve flattening. Semis saw notable pressure this week as the market evaluated new China export restrictions. Despite an impressive bounce on Thursday, the path of least resistance this week remained to the downside amid the Fed's continued focus on the “raise-and-hold” and “higher-for-longer” policy approach. September CPI came in hotter than expected on both the headline and core measures. September PPI also surprised to the upside on the headline, though core prices were in line with consensus. The Bank of England faced a huge amount of scrutiny by Conservative party lawmakers attempting to scapegoat the central bank following the market turmoil after the government's mini-budget announced three weeks ago.

US equities finished higher in Thursday trading, near best levels after reversing a big decline from right after the open. The S&P and Nasdaq both broke streaks of six straight declines. Treasuries were lower with the curve bear flattening. Headline September CPI came in up 0.4% month-over-month, hotter than consensus for 0.2% and the highest since June. The print steepened Fed rate path expectations, with the market now pricing in a near 100% chance of a 75-basis point hike in November. There was nothing specific behind today’s big bounce, with bombed out sentiment and positioning serving as the go-to excuse. Earnings takeaways were mixed, though the bar was low amid all the talk about earnings as the next shoe to drop.

US equities ended mostly lower in somewhat directionless Wednesday trading, With the Dow Jones, S&P500, and Nasdaq finish down 10bps, 33 bps, and 9bps respectively. S&P posted its lowest close since November of 2020 and the Nasdaq since July of 2020. Treasuries were firmer, particularly in the belly of the curve. Inflation and UK developments continue to dominate newsflow. Headline September PPI came in hotter-than-expected, but core inflation was in-line. Some hope that the Bank of England could do another U-turn and extend its bond-buying program. September FOMC minutes showed officials concerned that the cost of doing too little to bring down inflation outweighed the cost of too much. Treasury Secretary Yellen said dollar strength is the "logical outcome" of different monetary policy stances and said the market should determine currency levels. China press continued to defend zero Covid policy as big cities tighten restrictions.