FactSet Evening Market Recap Factset

US equities were mostly higher in Wednesday trading, with the Dow Jones ending down 6bps, while the S&P500 and Nasdaq closed up 51bps and 88bps respectively. The S&P and Nasdaq both posted fresh record closes. June ISM services re-entered contractionary territory, and the final S&P services PMI for June was also lower. ADP private payrolls were a bit below consensus, with wage growth job stayers slowest since August of 2021. Initial jobless claims were a bit above expectations, and continuing claims also higher than expected. FOMC minutes out this afternoon noted participants continued to look for ‘greater confidence’ in disinflation trajectory.

US equities ended higher Tuesday, near best levels. Market started the day a bit choppy but ended stronger amidst several moving pieces. Rates have stabilized following a big backup over prior two sessions partly driven by heightened probability of a Republican sweep. Powell highlighted progress on inflation and two-sided risks to Fed's goals.  JOLTS came in stronger than expected and macro narrative remains volatile.

US equities were mostly higher in fairly quiet Monday trading. It was a busy day from a headline perspective, though fairly quiet from an index level. In macro news, June ISM manufacturing missed, its lowest since February, though there was a notable drop in prices-paid index, and new orders improved, though the employment index fell back into contraction territory.

US equities ended mostly higher this week with solid performances from big tech (though Nvidia again underperformed). The big focus this week was on some disappointing key corporate updates, the Trump-Biden presidential debate, the May PCE report, and a continued volatile macro narrative. Core PCE inflation was in line with consensus with April revised slightly upward.

US equities finished higher in Thursday trading after an up-and-down session that saw official S&P performance a hair behind the equal-weight index. It was a fairly quiet and uneventful session, though there were a few dynamics at play. Today's mixed economic data and cautious consumer updates also seem to reflect a gradually cooling economy and solidifying hopes for a September cut and pushing rates lower.

US equities ended mostly higher in fairly quiet Wednesday trading, with the Dow Jones, S&P500, and Nasdaq closing up 4bps, 16bps, and 49bps respectively. May new home sales missed. Architecture Billings Index declined in May to its lowest level since August 2020. Today's $70B auction of 5-year notes saw slight stop through in latest well-received sale. Micron trading lower after hours as revenue guidance was shy.