FactSet Evening Market Recap Factset

US equities ended higher this week and largely in waiting mode ahead of next week's CPI reading. Market navigated a largely catalyst-free trading period this week with depressed volumes as it waits for next week's April CPI reading. There were both bullish and bearish narratives throughout the week. With Friday's nonfarm payrolls report below consensus, this week's claims numbers further alleviated some concerns around the economy heating up rather than cooling.

US equities ended higher Thursday, extending the week's upside, with S&P 500 and Nasdaq both on pace for third-straight weekly gains after three-straight weekly declines. The market had a generally constructive tone today, though there is still a lot of anticipation for CPI next week. Weekly initial jobless claims unexpectedly jumped to 231K after weeks near 210K, while continuing claims were in line.

US equities ended mixed in Wednesday trading, with the Dow Jones closing up 44bps, while the S&P500 finished flat and the Nasdaq down 18bps. Fed's Collins said getting to 2% target inflation may take longer than expected. Today's auction of $42B of 10-year notes tailed after yesterday's well-received 3Y auction; with $25B in 30Y bonds coming up for sale tomorrow. Bank of Japan Governor Ueda stepped up warning over weak yen's impact on monetary policy.

US equities ended mostly higher Tuesday in a fairly uneventful trading session. The Fed's Kashkari said he questions policy restrictiveness given inflation data and was the latest central banker to talk about a higher neutral. Today's auction of $58B of 3Y notes stopped through with help from solid foreign demand.

US equities were higher in Monday trading, ending at session highs. Not much behind today's upside with few catalysts, no real change to any of the key themes, and market volumes low. The Fed Senior Loan Officer Opinion Survey said slightly more banks tightened C&I loan standards in Q1 and saw weaker C&I, industrial and residential real estate demand quarter over quarter.

Stocks were higher as the S&P 500 and Nasdaq erased early-week declines off of relatively dovish Fed takeaways and an April payrolls report that added some support to the soft landing theme. Wednesday's May FOMC meeting ended with no change to the policy rate as expected, holding at 5.25-5.50%. Data this week offered some mixed takeaways.