FactSet Evening Market Recap Factset

US equities were mostly higher this week, with the S&P and Nasdaq both logging their sixth gain of the past seven weeks and setting fresh record highs earlier in the week. It was another big week for big tech, with Nvidia garnering a lot of attention for its continued run higher and move above $3T in market cap. On the jobs front, a decline in April job openings and a below-consensus May ADP report played into expectations for continued softening in job creation, but Friday nonfarm payrolls were much hotter than expected (and average hourly earnings grew faster than forecast as well).

US equities ended mostly lower Thursday, with the Dow Jones closed up 20bps, while the S&P500 and Nasdaq finished down 2bps and 70bps respectively. Initial jobless claims came in above consensus, hitting their highest level since early May. Continuing claims were in line, though highest since late March. Final first quarter productivity came in below consensus, while unit labor costs also were revised below consensus. The ECB cut its benchmark rate by 25bp as expected.

US equities ended higher Wednesday, near their best levels, with the Dow Jones, S&P500, and Nasdaq closing up 25bps, 118bps, and 147bps respectively. ADP private payrolls were up 152K, softer than the 175K consensus and the lowest print since January. May ISM services beat, with prices paid falling m/m to its lowest since March, while employment was slightly higher but still in contraction territory. Bank of Canada cut its benchmark rate by 25 bp, as expected, and ECB expected to cut tomorrow.

US equities ended mostly higher Tuesday, a bit off best levels. Not much behind modest late afternoon recovery from session lows with another Treasury rally and dovish repricing around Fed rate path the easiest excuses.  Growth concerns remain key area of attention following softer ISM manufacturing print. April JOLTS job openings of 8.059M well below 8.360M consensus, lowest since Feb-21.

US equities ended mixed Monday, recovering from session lows. May ISM manufacturing missed, falling further into contraction territory. New orders also missed, though the employment index was higher, back into expansion territory and the best since August 2022.

US equities ended lower this shortened week with the S&P 500 and Nasdaq breaking five straight weeks of gains. Regarding consumers, there were more signs of weakening and additional talk about a pushback on pricing and the need to ramp up value proposition, however, the broader consumer resilience theme is still largely intact. Regarding this week's economic data releases beyond PCE, May consumer confidence index strengthened ahead of consensus after three months of declines, helped by a perceived strong labor market.