Evening Market Recap - Wednesday, 20-May

US equities finished lower in Wednesday trading, as stocks ended near worst levels. There were a few headwinds in focus in combination with a higher bar from a nine-day winning streak. ADP Private Payrolls of 122K were ahead of estimates, the highest since January 2025.

US equities were mostly higher in Tuesday trading, though off best levels. Indexes not doing much but bigger stories under the surface. April JOLTS job openings well ahead of estimates, highest since May-24.

US equities were mixed in Monday trading. Oil and yields were up amid the latest cautious Middle East updates. In macro news, May’s ISM Manufacturing index beat, its highest since May 2022.

The S&P 500 and Nasdaq both ended the week at fresh record highs with the S&P 500 up for a ninth-straight week and Nasdaq up for an eighth week in the past nine. Markets continue to price in optimism toward an Iran resolution. Memory was a standout on the latest AI enthusiasm and pricing power.

US equities were higher in Thursday trading. Stocks were up and yields were down with the market considering the latest updates around the US/Iran, including an earlier report that stated that a deal on 60-day ceasefire has been reached, but has yet to be signed off on by Trump. Momentum trades returned to market leadership position after slight weakness Wednesday as AI optimism narrative remains intact, while software got a boost from positive takeaways from the latest earnings releases.

US equities were mixed in Wednesday trading. It was a strong day for consumer names across retail/apparel, restaurants, travel/tourism, and homebuilders. Overall, it was a fairly quiet session with oil and yields down, and stocks oscillating in a narrow range.

US equities finished mostly higher in Tuesday trading. S&P, Nasdaq, and Russell set fresh record closes. Stocks were firmer Tuesday with upside tabbed to continuation of last week's Momentum rally. May consumer confidence printed at 93.1

Major US equity indices were higher this week following last week's mixed performance. The S&P logged its eighth straight weekly gain. Market breadth was positive with the equal weight S&P outperforming the cap-weighted index by roughly one hundred basis points. AI enthusiasm and consumer resilience remained the key bullish themes this week, supported by continued positive AI-related headlines and broadly constructive commentary around consumer spending trends and labor market strength.

US equities were higher in Thursday trading. Stocks saw an afternoon rally following a Saudi media report that a mediated cease fire agreement could be announced later today. Beyond geopolitics, the momentum trade continued rebound after the recent selloff. It was helped in part by optimism about the AI demand narrative.

US equities were higher in Wednesday trading. An improved outlook has help cool hawkish Fed expectations. The latest round of earnings reports offered some positive consumer takeaways, helping to support a resilient consumer/macro backdrop.