FactSet Evening Market Recap Factset

US equities finished mostly lower in Thursday trading, though off worst levels. Despite the weak index finish market breadth was positive, with somewhat softer economic data contributing to lower Treasury yields after a notable multiday backup driven by hawkish Fedspeak, oversupply concerns, and firmer data. In macro news, Q1 GDP was revised down to a 1.3% SAAR in the second read from the prior 1.6% flash, with the release pointing to a downward revision to consumer spending.

US equities finished lower in Wednesday trading, ending not far from worst levels after having remained in largely the same range through the bulk of the session; Dow Jones, S&P500, and Nasdaq closing down 106bps, 74bps, and 58bps respectively. Rate backup the big overhang on stocks as of late, made worse this afternoon by yet another weak Treasury auction, with $44B in 7Ys tailing around 1.5 bps, and underlying metrics worse than recent averages. May Richmond Fed Index beat. Fed's latest Beige Book report noted most districts saw slight or modest growth.

US equities finished mixed in fairly uneventful Tuesday trading, though ended off worst levels.  Rate backup on supply pressure and firmer data (and commodity rally) an overhang. May consumer confidence improved on both expectations and current conditions. Labor-market differential better as well.

US equities were mixed this week though the Nasdaq posted a fifth-straight weekly gain while the S&P 500 finished fractionally higher for a fifth-straight gain. Data also skewed positive this week, including May flash manufacturing and services PMIs both ahead of consensus, including flash composite PMI the highest in two years. Nvidia earnings were the highlight of this week's batch of results.

US equities ended down Thursday, near session lows. Market mood is negative today, with solid economic data contributing to the good-news-is-bad-news dynamic and adding some more support to the higher-for-longer Fed narrative. However, major market indices are getting some support from Nvidia’s NVDA beat and raise against a high bar.

US equities ended lower Wednesday, not far from their worst levels, with the Dow Jones, S&P500, and Nasdaq closing down 51bps, 27bps, and 18bps respectively. May FOMC minutes discussed "disappointing" data not boosting policymakers' confidence and that disinflation was likely to take longer than previously thought. April existing home sales missed, though March sales revised higher and inventory dynamics continued to improve. Goldman CEO Solomon said he doesn't see Fed cutting rates this year. nVidia beat on earnings and guidance, raised its dividend and announced a stock split.