US equities were lower in very quiet Monday trading. Stocks finished a bit off worst levels though extended Friday's sharp drop in the wake of Fed Chair Powell's Jackson Hole speech. Energy was the standout on a good day for crude. ECB speakers suggested bank could hike by 75 bp this month. Another maintenance shutdown of Nord Stream 1 pipeline also due later this week.

U.S. equities were lower this week, with growth underperforming value for a third-straight week. Tech and communications services were the worst performers, while energy was the only sector higher. Fed Chair Powell's Jackson Hole speech Friday leaned hawkish, as expected, and didn't change much in terms of the rate path outlook. Economic data this week added more support for the peak-inflation narrative.

US equities higher in fairly uneventful Thursday trading ahead of Fed Chair's speech at the Jackson Hole symposium tomorrow. The market has been concerned about a hawkish speech, but the bar seems to have been lowered by the Fed's consistent recent telegraphing of a pushback against the dovish-pivot narrative. Macro read-through from July-Q earnings continues to be mixed. Elsewhere, China added more fiscal stimulus.

US equities ended higher in an uneventful Wednesday session; the Dow Jones, SandP500 and Nasdaq finishing up 18 basis points, 29 basis points, and 41 basis points respectively. Treasuries were weaker across the curve with yields near their worst levels following today's soft five-year note auction. It was a very quiet session with the market remaining in waiting mode for Fed Chair Powell at Jackson Hole and PCE prices on Friday. July durable-goods orders were flat after four consecutive monthly gains, but core capital-goods orders were higher. July existing-home sales declined, but not as much as feared amid some moderation in mortgage rates. Urban Outfitters and Petco earnings missed expectations, Toll Brothers saw larger than expected order decline, but Intuit posted strong results and raised guidance.

US equities narrowly mixed in very quiet Tuesday trading. Multiple US economic data points came in softer than expected. The market is contending with lingering worries about a hawkish Powell at Jackson Hole Friday. Oil rallies on a report OPEC+ may cut production. Retail earnings continue to be better than feared, though inventory clearing remains an issue.

US equities lower in Monday afternoon trading, near worst levels. A decidedly risk-off session ahead of Fed Chair Powell's much-anticipated Jackson Hole speech on Friday. Saudi Arabia's Energy Minister said OPEC+ may be forced to cut production. Reports said US encouraged by latest developments around Iran nuclear talks. Natural gas futures hit record high in Europe today. Latest Reuters poll of economists highlighted expectations for Fed to hike 50bp next month in line with market pricing. Some press focus noted it is the slowest market for IPOs since 2009.

Stocks lower after four-straight weeks of gains, with the SandP 500 modestly lower after four-straight weeks of gains. The path of least resistance had been to the upside in recent weeks on factors including positioning and sentiment, as well as more support in recent weeks for the peak-inflation narrative. However, one of the biggest themes this week was more Fed pushback against the dovish pivot.

US equities modestly higher in uneventful Thursday trading. The August Philadelphia Fed Index posted a surprise positive print, with the report showing further softening of inflation. The Fed minutes showed little new, while Fedspeak continues to push back against the policy pivot narrative. Cisco posted strong earnings.

US equities finished lower in Wednesday trading, though off worst levels, with the Dow Jones, SandP500, and Nasdaq down 50 basis points, 72 basis points, and 125 basis points respectively. Treasuries were weaker across the curve. No one specific factor behind today's pullback though there continue to be thoughts that recent strength is nothing more than a bear market bounce driven by depressed positioning. Today's big event was the release of the July FOMC minutes, which showed committee members saw a risk the Fed could tighten more than necessary. Retail gave back some of yesterday's big gains on mixed earnings takeaways.

US equities mixed in an uneventful Tuesday trading session. The SandP closed above 4300 and marked its highest close since 21-Apr. WTI Crude fell 3.2% to hit its lowest close since 25-Jan. July housing starts missed while building permits beat, but both are at multi-month lows. Industrial and manufacturing production surprised to the upside. WMT and HD provided a solid start to retail earnings.