Evening Market Recap - Wednesday, 25-Feb

US equities finished lower in Thursday trading, though ended off worst levels. Oil closed at its highest since July 2024 but came off best levels on headlines about US relief discussions and China negotiating with Iran for safe tanker passage. Initial jobless claims registered 213K for the latest week, near the 215K consensus and prior 213K (which was revised up from 212K).

U.S. stocks finished higher, led by a rebound in crowded momentum trades and strength across Big Tech, semiconductors, software, and other growth-linked groups, while energy and several consumer-facing areas lagged. Sentiment held up despite ongoing geopolitical uncertainty as stronger-than-expected ISM services and a better ADP jobs print reinforced the “resilience” narrative heading into a busy end-of-week data slate, including Friday’s jobs report and retail sales.

US equities finished down in Tuesday trading, though major indices ended well off worst levels. Stocks well off worst levels with market tepidly re-embracing the ignore geopolitics mantra into afternoon trading. No economic data on today's calendar.

US equities were mostly higher in Monday trading, ending a bit off best levels. The market shook off a lot of overnight and morning risk-off sentiment in the wake of the weekend’s US/Israeli attacks on Iran, and Tehran's reprisals. In macro news, February ISM manufacturing printed at 52.4, better than the 51.8 consensus, though a bit below prior month's 52.6

Major US equity indices were lower for the week though breadth was positive, with the Equal weight S&P ending in the green and outperforming the official index by 90 bp. Fear surrounding AI disruption was a key overhang this week. January core PPI was hotter than expected, the highest in nearly four years on a m/m basis.

Markets were mixed Thursday, with large caps pressured by weakness in mega-cap tech and semis even as small caps and equal-weight performance held up better on a rotation toward software and select cyclicals. Cross-asset moves were modest overall, with slightly lower Treasury yields after a solid 7-year auction and oil fading from earlier strength on headlines around U.S.–Iran talks. The day’s focus stayed on earnings and the near-term macro calendar, with attention turning to Friday’s PPI and next week’s ISM data.

U.S. stocks finished higher, led by technology as the Nasdaq outpaced broader indexes with strength in semiconductors, memory, and software ahead of NVIDIA earnings. Federal Reserve commentary continued to support a “wait and see” policy stance, trade headlines pointed to a potential 15% tariff proclamation, and earnings remained active.

US equities were higher in Tuesday trading as stocks ended just off best levels. Software bounce (though off best levels) the big story with some semblance of reprieve surrounding Anthropic enterprise agent event. February consumer confidence printed at 91.2

US equities finished lower in Monday trading, ending near worst levels. Today was a risk off over rotation trade, despite some pockets of strength in defensives. Another busy week of earnings is on tap with outsized focus on Nvidia’s Wednesday report.

Major US equity indices were higher for the holiday-shortened week. Big tech was mostly higher. Treasuries were narrowly mixed with a bit of curve flattening.