Evening Market Recap - Wednesday, 25-Mar

U.S. stocks climbed Wednesday as hopes for a U.S.-Iran ceasefire boosted risk appetite, sending oil lower and pulling Treasury yields down 4 to 7 basis points. Meta and Alphabet lagged the broader market following a social media negligence ruling, while gold and silver surged on the risk-on tone.

US equities were mostly lower in Tuesday trading as stocks ended off best levels. Lots of moving pieces today, particularly around the prospects for the conflict in the Middle East. March global flash services PMI came in at 51.1 vs 51.5 consensus and February's final 51.7.

US equities were higher in Monday trading, though ended off best levels. Stocks rallied on the latest optimism around the Iran war. In macro news, Chicago Fed's Goolsbee told CNBC he's concerned about whether energy prices may cause inflation expectations to become unanchored.

US equities were lower for the week, adding to last week's modest declines. Major indices are now down for the fourth straight week. The Iran conflict and oil implications dominated headlines with no clear near-term capitulation or off-ramp in sight.

US equities were mostly lower in Thursday afternoon trading, a bit off session highs. Geopolitics was the big focus today though headline volatility remains high and there was not much in the way of meaningful incremental development. Fundamental questions remain around the duration of the conflict in Iran, with no obvious off-ramps

U.S. stocks sold off Wednesday as investors turned more risk-off amid renewed Middle East escalation, including attacks on Iranian energy infrastructure, retaliation threats against Gulf energy sites, and reports of a strike on a Qatari LNG facility. Markets also digested a hotter-than-expected February producer price report, which added to inflation concerns and pressured Treasuries. The Federal Reserve left rates unchanged as expected, but hawkish takeaways from Chair Jerome Powell’s press conference further weighed on sentiment.

US equities were higher in Tuesday trading, though stocks ended just a bit off session lows. It was a quieter session compared to recent days as stocks built on Monday's rally despite the instability in the Middle East. The February pending home sales index was up 1.8% m/m, a surprise gain vs consensus for a 1.4% contraction.

US equities were higher in Monday trading, though off best levels. Stock rebounded in Monday trading with the biggest focus on potential relief for the Strait of Hormuz chokepoint. In macro news, March’s Empire State Manufacturing Index went down seven points month over month to -0.2, missing estimates.

US equities were lower again this week. The war in Iran and its broader impacts remained the central story for the markets. Focus has remained sharply on the shipping standstill around the Strait of Hormuz, shut-in output by Persian Gulf producers, and crude prices near $100/barrel.

US equities were down in Thursday trading, just off worse levels. The S&P 500 and Nasdaq are now pacing for weekly declines. The prevailing market headwinds included hawkish updates around the conflict in Iran and a big backup in yields.