FactSet Evening Market Recap
672 episodes - English - Latest episode: 7 days ago -StreetAccount U.S. Evening Market Recap is FactSet's daily podcast aiming to capture the most material market moving news. With a target time of ~5 minutes, this is an ideal listen for those looking to stay connected to the most important themes driving the U.S. economy & corporations.
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Episodes
Weekly Market Recap, Friday 19-Apr
April 19, 2024 21:00 - 6 minutes - 5.8 MBUS 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 A...
Evening Market Recap - Thursday, 18-Apr
April 18, 2024 21:00 - 5 minutes - 6.05 MBUS 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.
Evening Market Recap - Wednesday, 17-Apr
April 17, 2024 21:00 - 5 minutes - 6.39 MBUS 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.
Evening Market Recap - Tuesday, 16-April
April 16, 2024 21:00 - 4 minutes - 6.57 MBUS equities finished mostly lower in up-and-down Tuesday trading. S&P ended down for a third-straight session with equal-weight S&P a notable laggard to the official index. Tone continued to be driven by hawkish repricing of Fed pivot expectations alongside solid economic data and sticky inflation. Another busy day of Fedspeak with Powell noting recent data shows lack of further progress on inflation.
Evening Market Recap - Monday, 15-Apr
April 15, 2024 21:00 - 5 minutes - 5.38 MBUS equities finished lower in Monday trading, ending near worst levels. Some post-bell strength began reversing early in the session, and stocks came under pressure for much of the afternoon. March retail sales beat, while ex-autos and fuel and control group sales also ahead.
Weekly Market Recap, Friday 12-Apr
April 12, 2024 21:00 - 7 minutes - 7.03 MBUS equities were lower as the S&P 500 finished down for a second-straight week, while the Nasdaq capped off a third-straight weekly decline, and its fifth in the past six weeks. The biggest story of the week revolved around inflation data. Several pieces of the bullish arguments remain intact, particularly early earnings season takeaways that suggest a firmer macro backdrop and strong early beat rates.
Evening Market Recap - Thursday, 11-Apr
April 11, 2024 21:00 - 5 minutes - 5.41 MBUS equities ended mostly higher in Thursday trading, just off best levels, after shaking off early-morning weakness. In-line core PPI print provided some relief following a third straight hotter core CPI reading that drove a meaningful – and further – hawkish repricing of Fed pivot expectations. Renewed momentum and growth outperformance is the other big story, with some likely help from the recent flurry of AI headlines and upbeat sell-side research.
Evening Market Recap - Wednesday, 10-Apr
April 10, 2024 21:00 - 5 minutes - 7.02 MBUS equities finished lower in Wednesday trading, though off worst levels that followed this morning's CPI report, with the Dow Jones, S&P500, and Nasdaq closing down 109bps, 95bps, and 84bps respectively. Risk off on hotter CPI prints, with both headline and core CPI increasing 0.40% m/m in March, ahead of expectations. Today's 10Y auction weaker than expected, following yesterday's sale of 3-year notes that also tailed. Crude hit session highs after report US and allies believe an Iran miss...
Evening Market Recap - Tuesday, 9-Apr
April 09, 2024 21:00 - 5 minutes - 5.25 MBUS equities ended mostly higher in Tuesday trading, losing early morning gains around midday before recovering some into the close. The market is in waiting mode for several potential catalysts later this week, particularly the March CPI on Wednesday. NFIB small business optimism declined to its lowest level in March since December 2012, marking the 27th consecutive month below the 50-year average, with inflation cited as biggest problem.
Evening Market Recap - Monday, 8-Apr
April 08, 2024 21:00 - 4 minutes - 3.85 MBUS equities ended narrowly mixed in Monday's trading session with the S&P 500, Dow, and Nasdaq hovering around unchanged though small caps outperformed. The NY Fed one-year inflation expectations were unchanged for third-straight month, though increased at the 3Y horizon. Meanwhile, Chicago Fed President Goolsbee commented today that recent jobs data confirms that the economy is strong, and noted late last week that he sees continued high inflation in housing services as the biggest danger t...
Weekly Market Recap - Friday, 5-Apr
April 05, 2024 21:00 - 5 minutes - 4.68 MBMajor US equity indices were down for the week, though helped by a solid post-NFP gain on Friday. The week's big theme was the notable backup in Treasury yields driven by some firmer economic data (particularly a strong March jobs report and a hotter-than-expected ISM manufacturing reading). It was also another week overflowing with Fedspeak, again centered on an appearance by Chair Powell and again doing little to shift the broad narrative of a possible start to rate cuts at the June FOMC m...
Evening Market Recap - Thursday, 4-Apr
April 04, 2024 21:00 - 5 minutes - 4.91 MBUS equities finished lower in Thursday trading, carrying some strength through midday before reversing in the afternoon. The market reverted to a risk-off atmosphere this afternoon, with some blame going to increasing Middle East tensions. Weekly initial claims rose faster than consensus, and the prior week’s was revised up, while continuing claims came in lighter than forecast.
Evening Market Recap - Wednesday, 3-Apr
April 03, 2024 21:00 - 3 minutes - 4.26 MBUS equities finished mostly higher in Wednesday trading, ending off best levels after some late-session volatility, with the Dow Jones closing down 11bps, while the S&P and Nasdaq closed +11bps and 23bps respectively. , ISM services printed at 51.4, below consensus 52.7. New-orders component pulled back and prices paid hit lowest level since March 2020. ADP private payrolls were up 184K in March, outstripping the 150K consensus, with continued strength in leisure/hospitality. Paramount was u...
Evening Market Recap - Tuesday, 2-Apr
April 02, 2024 21:00 - 5 minutes - 4.79 MBUS equities closed down in Tuesday trading, remaining fairly rangebound for much of the session and ending not far from worst levels. Rate backup remains the big story, with the blame largely gone to the firmer ISM manufacturing print yesterday, though there is also some focus on supply, higher commodities prices, and deficit concerns. February’s JOLTS job openings was down slightly month over month but in line with consensus.
Evening Market Recap - Monday, 1-Apr
April 01, 2024 21:00 - 5 minutes - 4.98 MBUS equities closed mostly lower, though off worst levels, in fairly uneventful Monday trading. It’s been a very quiet session to start April and Q2, though there are a few moving pieces in view coming out of the long holiday weekend, including momentum, growth, and tech outperformance after lagging in March and last week as breadth improved. In macro news, ISM manufacturing unexpectedly moved into expansion, snapping a 16-month streak of contractionary readings in March.
Weekly Market Recap, Thursday 28-Mar
March 28, 2024 21:00 - 5 minutes - 5.13 MBUS equities ended mostly higher this week with strong outperformance in the Russell 2000 and some minor weakness in the Nasdaq. The market navigated a shortened trading week deprived of any meaningful catalysts with most looking to PCE this Friday and Nonfarm payrolls next Friday. Michigan Consumer Sentiment Index beat slightly with consumers noting they were confident inflation will continue to soften, and expect their financial situations to improve over the coming months.
Evening Market Recap - Wednesday, 27-Mar
March 27, 2024 21:00 - 3 minutes - 4.23 MBUS equities finished higher in uneventful Wednesday trading, with the Dow Jones, S&P500, and Nasdaq closing up 122bps, 86bps, and 51bps respectively. Nothing on the US economic calendar and big event was a well-received auction of $43B in 7Y notes. Spanish headline inflation accelerated in March. Japanese Finance Minister Suzuki ramped up warning on potential yen intervention.
Evening Market Recap - Tuesday, 26-Mar
March 26, 2024 21:00 - 4 minutes - 6.6 MBUS equities finished down in Tuesday trading, selling off in the last half hour of the session after remaining positive but rangebound for most of the day. Thursday marks month- and quarter-end and pension fund rebalancing has been flagged as a potential overhang for equities. February durable-goods orders rose after two consecutive monthly declines; core orders beat though January revised lower.
Evening Market Recap - Monday, 25-Mar
March 25, 2024 21:00 - 4 minutes - 4.43 MBUS equities ended mostly lower in a quiet, rangebound Monday session with modest downside in the S&P 500 and Nasdaq after capping off the best weekly gain of the year on Friday. There was a bit of Fedspeak, though nothing shifted the narrative. February new home sales came in a bit weaker than consensus.
Weekly Market Recap - Friday, 22-Mar
March 22, 2024 21:00 - 6 minutes - 5.68 MBUS equities were higher this week as the S&P 500 posted the best weekly performance this year, underpinned by a big Treasury rally and dovish takeaways from this week's March FOMC meeting. This week's upside was primarily driven by the March FOMC meeting that included the dot plot holding projections for three rate cuts this year and Chair Powell downplaying recent hotter inflation prints. This week saw some solid economic data including March flash manufacturing PMI, which hit the highest l...
Evening Market Recap - Thursday, 21-Mar
March 21, 2024 21:00 - 5 minutes - 4.84 MBUS equities finished higher in Thursday trading. Dovish Fed takeaways continue to underpin risk sentiment, as takeaways are focused on unchanged median dot for three rate cuts in 2024 and Powell's comments suggesting recent inflation data has not changed the Fed's view on the broader disinflation trend. Initial jobless claims came in at 210K vs consensus for 215K and last week's 212K (revised from 209K).
Evening Market Recap - Wednesday, 20-Mar
March 20, 2024 21:00 - 5 minutes - 5.82 MBUS equities finished higher in Wednesday trading, rallying after today's FOMC meeting, with the Dow Jones, S&P500, and Nasdaq finishing up 103bps, 89bps, and 125bps respectively. Fed left rates unchanged at 5.25-5.50%. Statement reiterated Fed needs additional confidence inflation returning to target before easing. Median 2024 dot in updated SEP unchanged at three rate cuts. However, median dot in 2025 and 2026 each went up ~25 bp. Noted recent data suggest gradual, bumpy disinflation trend ...
Evening Market Recap - Tuesday, 19-Mar
March 19, 2024 21:00 - 4 minutes - 7.5 MBUS equities ended higher Tuesday at best levels with the S&P locking in a new record closing high. Market processing developments out of NVDA GTC, with Street positive on Blackwell architecture but takeaways fairly technical in nature and noting no big surprises. US economic calendar quiet again today. February housing starts and building permits both beat, rebounding off weather-impacted January print.
Evening Market Recap - Monday, 18-Mar
March 18, 2024 21:00 - 4 minutes - 4.41 MBUS equities finished mostly higher in Monday trading, though ended off session highs. The AI secular growth theme is the tailwind to start this week, with Google and Apple in talks for Gemini to power AI features on new iPhones, and NVIDIA’s GTC Conference kicking off today. March NAHB homebuilder sentiment rose for the fourth consecutive month to its highest in eight months.
Weekly Market Recap - Friday, 15-Mar
March 15, 2024 21:00 - 5 minutes - 9.31 MBUS equities were lower for the week, with the Nasdaq posting its second consecutive weekly drop and the small-cap Russell saw its worst week since the opening of 2024. Treasuries were notably weaker, with yields for most maturities seeing a five-day run higher. There was a big focus on the week's data releases, primarily a hotter-than-expected reading for February core CPI.
Evening Market Recap - Thursday, 14-Mar
March 14, 2024 21:00 - 5 minutes - 4.75 MBUS equities ended lower Thursday, though off worst levels, following a mixed session for stocks on Wednesday. Another big rate backup is the overhang on sentiment, particularly as it comes from sticky inflation concerns rather than from a firmer growth backdrop. Headline and core PPI came in hotter than expected, while annualized PPI was at its hottest since September.
Evening Market Recap - Wednesday, 13-Mar
March 13, 2024 21:00 - 5 minutes - 6.26 MBUS equities ended mixed Wednesday, just off worst levels, with the Dow Jones finishing up 10bps while the S&P500, and Nasdaq closed down 19bps and 54bps respectively. Fairly quiet day from a macro perspective, with no big economic datapoints on the calendar today, attention turning to PPI, Retail Sales tomorrow. Corporate headlines included Dollar Tree Q4 miss and store closures, Pentagon scrapping plans to spend $2.5B on Intel defense grant, and the US House passing a bill that could lead t...
Evening Market Recap - Tuesday, 12-Mar
March 12, 2024 21:00 - 5 minutes - 7.13 MBUS equities were mostly higher in Tuesday trading as stocks ended near best levels and more than erased Monday weakness. Momentum factor rallied despite recent scrutiny surrounding stretched positioning/sentiment/valuation. Market shook off another hotter-than-expected core CPI print. Headline February CPI printed in line with consensus for a 0.4% monthly rise, but faster than January. Headline up 3.2% y/y. Core CPI a bit hotter than expected.
Evening Market Recap - Monday, 11-Mar
March 11, 2024 21:00 - 5 minutes - 4.89 MBUS equities ended mostly lower on Monday, off worst levels, in a quiet trading session. The market is playing the waiting game for the CPI report on Tuesday. In macro news, the New York Fed 1Y inflation expectations for February are unchanged m/m at 3%, though the expectations rose at the 3Y and 5Y horizons.
Weekly Market Recap, Friday 8-Mar
March 08, 2024 21:00 - 7 minutes - 6.44 MBUS equities were mostly lower this week with the Nasdaq and Dow lagging, though the Russell 2000 again outperformed. This week's focus was on nonfarm payrolls and Fed Chairman Powell's congressional testimony. Bulls would note employment data and revisions were dovish, while bears would point to select hawkish Fed-speak.
Evening Market Recap - Thursday, 7-Mar
March 07, 2024 21:00 - 5 minutes - 4.62 MBUS equities were higher in Thursday trading, ending just off best levels as stocks built on Wednesday's gains. The market is extending Wednesday's bounce into the NFP report tomorrow, while Powell's Congressional testimony mostly a non-event. In macro news, initial claims fell largely in line with expectations.
Evening Market Recap - Wednesday, 6-Mar
March 06, 2024 21:00 - 5 minutes - 6.14 MBUS equities were higher in Wednesday trading, though ended off best levels, with the Dow Jones, S&P500, and Nasdaq closing up 20bps, 51bps, and 58bps respectively. Powell reiterated likelihood of loosening later this year, though more confidence needed on sustained move towards 2% target. February ADP private payrolls slightly softer than expected. JOLTs job openings down in January from prior month to lowest since October, while quits rate down a tick. Fed's Beige Book also said economic ac...
Evening Market Recap - Tuesday, 5th-Mar
March 05, 2024 21:00 - 4 minutes - 6.67 MBUS equities ended lower on Tuesday, a bit off from worst levels. Market on the defensive ahead of Powell tomorrow and NFP on Friday. Tech/growth/momentum weakness the big story, though may be more a function of fatigue (positioning/technicals) rather than fundamentals. ISM services for February came in slightly below consensus, while new orders increased from January.
Evening Market Recap - Monday, 4-Mar
March 04, 2024 21:00 - 4 minutes - 4.47 MBUS equities ended lower Monday, losing strength in the last hour of trading. No big directional drivers in play ahead of Powell and payrolls later this week, as well as the CPI next week. The focus is on Powell's semiannual monetary policy testimony to Congress on Wednesday and Thursday.
Weekly Market Recap - Friday, 1-Mar
March 01, 2024 21:00 - 6 minutes - 6.34 MBThe major averages were mostly higher this week with the S&P 500 and Nasdaq both up for the seventh week in the past eight (and 16th week in the past 18). This week's January Core PCE was in line with expectations, removing an overhang of the Fed's preferred inflation measure coming in hotter than expected. Tech momentum also remained a tailwind amid more AI proliferation optimism.
Evening Market Recap - Thursday, 29-Feb
February 29, 2024 21:00 - 4 minutes - 5.49 MBUS equities ended higher Thursday afternoon, near best levels. The market is shaking off this week's previously defensive tone after today's right-in-line January PCE price inflation report. Initial and continuing jobless claims printed a bit higher than consensus.
Evening Market Recap - Wednesday, 28-Feb
February 28, 2024 21:00 - 6 minutes - 6.86 MBUS equities ended lower in Wednesday trading, with the Dow Jones, S&P500, and Nasdaq closing down 6bps, 17bps, and 55bps respectively. Very quiet session with nothing specific behind the pullback. First revision of Q4 GDP marked down to 3.2% pace; Personal consumption marked up to 3.0%; Q4 GDP price index marked up to 1.6%; and Q4 core PCE up to 2.1%. Busy in terms of Fedspeak but not much new, with governors reiterating patience, but cuts likely later this year.
Evening Market Recap - Tuesday, 27-Feb
February 27, 2024 21:00 - 5 minutes - 7.34 MBUS equities ended mostly higher Tuesday, off worst levels though trading fairly rangebound. Market still struggling for direction ahead of core PCE inflation on Thursday and ISM manufacturing on Friday. January durable goods down sharply on the headline (though likely impact from weak Boeing orders). Core capital-goods orders also a bit light. Elsewhere, February consumer confidence came in below consensus, and January was revised lower; labor-market differential also narrowed.
Evening Market Recap - Monday, 26-Feb
February 26, 2024 21:00 - 4 minutes - 4.31 MBUS equities were mostly lower in Monday trading, ending near worst levels though downside modest. Nothing really incremental from a narrative perspective ahead of some more meaningful potential macro catalysts late in the week. In macro news, today's record $63B 2Y auction saw a slight tail, the weakest bid-to-cover since March 2023 while the $61B 5Y auction tailed by 0.8bp.
Weekly Market Recap - Friday, 23-Feb
February 23, 2024 21:00 - 6 minutes - 5.52 MBUS equities were mostly higher this week as the S&P 500 and Nasdaq were up for the 15th time in the past 17 weeks. There were a number of moving pieces this week, though the key bullish narrative was AI optimism after Nvidia earnings. Fedspeak continued to lean hawkish, though officials including Governor Waller and New York's Williams continue to say they still expect cuts this year.
Evening Market Recap - Thursday, 22-Feb
February 22, 2024 21:00 - 5 minutes - 6.07 MBUS equities ended higher and near best levels in Thursday trading, with S&P logging a new all-time high and the Nasdaq having its best session in more than a year. In macro news, initial jobless claims came in below consensus, the lowest since early January and continuing claims was also light of forecasts. Today’s risk-on session was driven by the latest bout of AI enthusiasm following another blowout quarter and guidance from NVIDIA, which finished up +15.3%.
Evening Market Recap - Wednesday, 21-Feb
February 21, 2024 21:00 - 5 minutes - 6.81 MBUS equities finished mixed in Wednesday afternoon trading, ending near best levels, with the Dow Jones and S&P500 both finishing up 13bps while the Nasdaq closed down 32bps. Latest FOMC minutes noted most officials flagged the risks of cutting rates too early, though some policymakers pointed to downside risks of maintaining higher rates for too long. Fed’s Governor Bowman said time for lower rates is certainly not now, while Richmond's Barkin said question now is how long disinflation will ...
Evening Market Recap - Tuesday, 20-Feb
February 20, 2024 21:00 - 4 minutes - 5.93 MBUS equities finished lower in fairly quiet Tuesday trading, though the equal-weight S&P held up better than the official index. Small-caps more than erased last week's gains. Today saw a lot of drag from NVDA ahead of its earnings, a dynamic that weighed on the broad semi space. Came after market leaned risk-off last week with the hotter-than-expected CPI and PPI prints driving another hawkish repricing of Fed pivot expectations. Fairly quiet week ahead form a macro perspective though FOMC m...
Weekly Market Recap - Friday, 16th February
February 16, 2024 21:00 - 5 minutes - 8.17 MBUS equities ended mostly higher this week with the Russell 2000 again outperforming the S&P despite over 4% drawdown on Tuesday following hotter CPI print. Treasuries were weaker with some curve flattening. Dollar index was slightly up the greenback having strong performance on the yen cross. This week's focus was on CPI and PPI readings coming in hotter than expected lending support for the "higher for longer" Fed rate cut narrative and prompting some risk-off sentiment.
Evening Market Recap - Thursday, 15-Feb
February 15, 2024 21:00 - 4 minutes - 4.38 MBUS equities ended higher Thursday, just off best levels. The bounce following Tuesday's CPI drawdown has been chalked up to several dynamics, including the potential "January effect" on the print, somewhat dovish Fedspeak, a still favorable setup surrounding Fed pivot and resilient US growth backdrop, stable 2024 consensus earnings estimates amid heightened focus on operational efficiency, and an intact disinflation narrative. It's been a huge day of economic releases, including January reta...
Evening Market Recap - Wednesday, 14-Feb
February 14, 2024 21:00 - 6 minutes - 7.66 MBUS equities finished higher in Wednesday trading, ending at best levels in a rebound from Tuesday's sharp selloff, with the Dow Jones, S&P500, and Nasdaq closing up 40bps, 96bps, and 130bps respectively. Annual PPI revisions saw December headline and core revised slightly lower. Chicago Fed President Goolsbee said slightly higher inflation over coming months still consistent with path back to 2% target.
Evening Market Recap - Tuesday, 13-Feb
February 13, 2024 21:00 - 5 minutes - 7.77 MBUS equities under pressure in Tuesday trading, though stocks ended well off worst levels. Small-caps underperformed with Russell 2000 posting worst session since Jun-22. Hotter-than-expected January CPI drove risk off. Some focus on disappointing earnings, particularly in tech and industrial, though high bar seems to be an issue for former. Headline CPI increased 0.3% m/m and 3.1% y/y, ahead of the 0.2%/2.9% consensus.
Evening Market Recap - Monday, 12-Feb
February 12, 2024 21:00 - 4 minutes - 2.75 MBUS equities were mixed in Monday trading with the S&P and Nasdaq ending near worst levels. Recent sell-side research and financial press headlines have focused on a stronger US growth backdrop, among other factors. January NY Fed one-year inflation expectations remain unchanged from December, though still the lowest since November 2020, while three-year expectations are the lowest since March 2020.
Weekly Market Recap - Friday, 9th February
February 09, 2024 22:00 - 4 minutes - 4.42 MBThe S&P 500 posted another record close this week, finishing above 5000 for the first time on Friday. This week's CPI revisions were little changed, as expected. This week also saw some favorable pieces in the disinflation traction narrative, including the Manheim Used Vehicle Index down the most y/y since July.
Evening Market Recap - Thursday, 8-Feb
February 08, 2024 22:00 - 5 minutes - 4.74 MBUS equities finished higher in Thursday afternoon trading, near best levels though the S&P again failed to end above 5000. Initial and continuing claims both came in below consensus despite the theme of increasing layoff announcements. No big directional drivers in play this morning, but another barrage of earnings is dominating the headlines.