FactSet Evening Market Recap Factset

US equities finished mixed in Wednesday trading, little changed after a strong start to week, with the Dow Jones down 11 bps, while the S&P500 and Nasdaq finished up 2bps and 10bps respectively. March headline and core durable goods orders beat though February revised down across the board. Today's $70B auction of five-year notes tailed after yesterday's strong two-year note auction. Visa was helped by accelerating US volumes.

US equities ended higher Tuesday, near best levels. Momentum, growth, long duration, small-caps, and lower quality were the big factor beneficiaries. Bounce continued today with help from lower rates/weaker dollar in the wake of softer flash PMI data. Some better earnings takeaways, particularly from several of the higher-profile names also helping. 

US equities ended higher Monday, off best levels. Market bounce seems to be gaining traction amid talks that recent selloff is more technical than fundamental. While macro is quiet, micro has very busy with approximately 40% of the S&P 500 scheduled to report this week.

US equities ended mostly lower this week as the market struggled to shake off more hawkish repricing of Fed rate cut expectations and geopolitical volatility in the Middle East. Recent Fedspeak supplied ongoing support for higher-for-longer rate narrative with Powell noting this week recent data has shown lack of further progress on inflation. Beyond more hawkish Fed commentary and volatile geopolitics, some other bearish narratives from this week included a big retail sales beat, flagging AI tailwinds as NVDA and SOX are both in corrections, stretched systematic long positioning, and spiking volatility with the VIX at six-month highs.

US equities finished mostly lower in Thursday trading, ending near worst levels. For the second straight day, the market's bounce attempt ran out of gas, though not much behind today's weakness, with rates the easiest excuse as the 2Y is back near year to date highs. The April Philadelphia Fed manufacturing index notably improved month over month, hitting its highest level since April 2022, while employment remained in contraction.

US equities finished lower in Wednesday trading, ending a bit off worst levels, with the Dow Jones, S&P500, and Nasdaq closing down 12bps, 58bps, and 115bps respectively. Today's $13B 20Y auction stronger than expected after last week's string of weak auctions. Latest Fed Beige Book said economy expanded slightly, while price increases were little changed since late February, but consumer spending reports were mixed. Reports Biden will propose a big hike in tariffs on China steel and aluminum.