Weekly Market Recap - Friday, 18-Jul

US equities were mostly higher this week, with the S&P 500 and Nasdaq closing at fresh record highs on Thursday. The modest upside in equities came despite the market pricing a flatter rate cut path, which fell this week to 42 bps of cuts through year-end. Despite the tariff overhang, data this week continued to reflect economic resilience.

US equities were higher in Thursday trading as stocks finished near best levels. The path of least resistance remains the upside with today's gains coming despite no real market-moving changes to the key narratives of the rate cut outlook, Fed independence, and trade and tariffs. It was a busy data of data, including June’s headline retail sales beat, its best since March.

US equities were higher in Wednesday trading as stocks ended near best levels, with the Dow Jones, S&P500, and Nasdaq closing up 53bps, 32bps, and 25bps respectively. Fed seemingly the biggest story amid shifting headlines about Trump's readiness to fire Chair Powell. Mixed takeaways from bank earnings with a higher bar still seen as an overhang, though macro signaling has remained upbeat. June core PPI, PPI ex-food, energy, and trade, and headline all unchanged m/m, coming in cooler than expected.

US equities mostly lower in Tuesday trading. S&P 500 finished lower and near worst levels after the index touched a fresh intraday record high early in the session. Market largely unable to sustain earlier AI tailwind from news that Nvidia can resume selling its H 20 AI chip in China. Headline June CPI up 0 point 3% m/m

US equities ended the day higher. It was a very quiet session as the market continues to digest the evolving trade backdrop. The Street is looking for more color from Q2 earnings, which kick off this week, around pre-tariff stockpile drawdowns and the impact from sector-specific tariffs. 

US equities were mostly lower this week after the S&P and Nasdaq both hit fresh record closes last week. It was a relatively quiet week with the market looking to next week's June CPI report and the kick-off of Q2 earnings. Big Tech and AI developments occupied significant headline space with NVDA becoming the first company with a $4T market cap. 

US equities finished higher in Thursday trading, ending a bit off best levels. S&P 500 and Nasdaq set fresh record closing highs. It was another quiet session with the market seemingly in waiting mode for June CPI next Tuesday and the start of Q2 earnings season (big banks begin reporting on 15-Jul). The market still seems to be more focused on potential trade policy off-ramps, particularly following this week's reciprocal tariff deadline extension.

US equities were higher in Wednesday trading as stocks ended just off their best levels, with the Dow Jones, S&P500, and Nasdaq closing up 49bps, 61bps, and 94bps respectively. No notable directional drivers in play. MBA mortgage purchase applications jumped to their highest level since early 2023. Nvidia became the first company with a $4T market cap. Retailers took in $7.9B in the first 24 hours of Amazon Prime Day, up 10% y/y, according to Adobe Analytics.

US equities finished mixed in choppy but largely uneventful Tuesday trading. Still all about trade with some reprieve surrounding extension of reciprocal tariff deadline to 1-Aug and White House signaling on more deal announcements in the works. NFIB small business optimism index declined slightly in June

US equities were higher in Thursday trading as stocks ended near best levels. The biggest focus today was on the Big, Beautiful Bill, which is set to pass a vote on final passage today and will move to Trump's desk in time for his long-preferred 4-Jul deadline. The Market is digesting mixed takeaways from June payrolls, including a headline beat and revisions higher but weaker private payrolls, and AHE cooler.