Evening Market Recap - Monday, 20-Apr

US equities were mostly lower in Monday trading, though stocks ended off worst levels. The market traded with a more defensive tone coming off a big three-week rally. The macro highlight of the week comes tomorrow at 10:00ET with Fed chair nominee Kevin Warsh's confirmation hearing.

US equities were higher this week, with the S&P 500 and Nasdaq up ~3%+ for the third-straight week. Movement toward an end to the US-Iran war was a big piece of this week's gains. Data leaned positive this week, including March core PPI up just 0.1%, below 0.5% consensus.

US equities were a bit higher in Thursday trading, with the S&P and Nasdaq adding to yesterday's record-high close. It was a quiet session with limited headline noise. The market continues to show a general lack of angst about still-unresolved Mideast situation, but expectations remain that the ceasefire will hold, though finality and resumption of normal Hormuz flow will take time.

US equities closed mostly higher Wednesday, with the S&P 500 setting a fresh all-time high above 7,000 on continued US-Israel de-escalation, big tech strength, and another leg higher in software. Big bank earnings were mixed but featured upbeat macro commentary, while SNAP rallied on a 16% workforce cut and Bloomberg reported Anthropic is in talks at an ~$800B valuation.

US equities finished higher in Tuesday trading, ending near best levels. Path of least resistance remains higher as US-Iran ceasefire continues to hold and more talks expected later this week. Earnings takeaways mixed but all the notable reporters this morning beat expectations

US equities were higher in Monday trading as stocks ended at best levels. The market took a positive spin to some recent Iran updates. March existing-home sales are down 3.6% m/m to a 3980K SAAR.

Major US equity indices were higher for a second consecutive week after a ceasefire between the US and Iran provided further de-escalation momentum. March FOMC minutes leaned hawkish, as expected. March core CPI was slightly cooler than expected, while headline was in line, with energy up 10.9% and gasoline up 21.2%.

US equities were higher in Thursday trading, ending somewhat off best levels. The market was helped by some easing of ceasefire durability concerns related to Lebanon. In macro news, weekly initial jobless claims printed at 219K, above the 210K consensus.

US equities surged Wed., with major indexes +2.5-3%, as markets embraced a two-week US-Iran ceasefire that lifted geopolitical hedges and sent WTI to its worst session since Apr. 2020. The de-escalation trade drove outperformance in banks, airlines, and industrials, while energy and commodity-linked names lagged, and META stood out in big tech on the debut of its first model from Meta Superintelligence Labs.

US equities down in Tuesday afternoon trading, though off well worst levels. Big tech was mostly lower. Market preoccupied with the question of what will happen at 8pm Eastern tonight, Trump's deadline for Iran to make a deal or suffer widespread attacks.