Evening Market Recap - Wednesday, 3-Sep

US equities were higher this week with healthy gains across the major indices, though Nasdaq outperformed, supported by Big Tech, while the Russell 2000 underperformed. All eyes are on next Wednesday's FOMC meeting. Employment data was in-focus this week as Fed and broader market scrutiny increases around signs of labor market weakening.

US equities were higher in Thursday trading, near their best levels. The S&P and Nasdaq are both on pace for new all-time-highs, extending Wednesday's record closes. The market narrative today centered on takeaways around economic data, which led to more rate stabilization and a steeper Fed rate cut path.

US equities were mixed in Wednesday trading, though ended off worst levels, with the Dow Jones closing down 48bps, while the S&P500 and Nasdaq rose 30bps and 3bps respectively. Today’s headline August PPI dropped 0.1% m/m vs Street expectations for a 0.3% rise, and core PPI also declined 0.1% m/m against consensus outlook for +0.3% rise. Treasury's sale of $39B in 10Y notes was very well received. Oracle led the market higher after a monster surge in the company's RPO

US equities finished mostly higher in Tuesday trading. Major indices ended near best levels with a notable surge in the last half hour of trading. Benchmark revision to US payrolls spun as more negative than e

US equities were higher in uneventful Monday trading, with the Dow Jones, S&P500, and Nasdaq finishing up 25bps, 21bps, and 45bps respectively. Upside was limited and trading very rangebound, though the Nasdaq still set a fresh record close. Data from the NY Fed showed 1-year inflation expectations up 10bps m/m to 3.2%; noted job replacement/rehiring optimism lowest since June of 2013. Echostar finished up nearly 20% on a deal to sell AWS-4 and H-block spectrum licenses to SpaceX for around $17B in cash and stock.

US equities were mostly higher for the holiday-shortened week, starting the new month on a risk-off note and by Friday paring back from Wednesday and Thursday strength. Treasuries firmed notably across the curve as expectations grew for more Fed cuts this year

US equities traded higher in Thursday afternoon trading, near their best levels. It was a fairly busy day of headlines and data, but the core market narratives remain mostly unchanged. Conversation around Fed independence remains an overhang, including today's report on DoJ investigation into Cook and Miran's potential move to Governor role while remaining on leave from CEA.

US equities were mixed in Wednesday afternoon trading, near worst levels. The biggest development for today has revolved around big tech strength on the back of the better-than-feared remedies out of the Google Search trial. Elsewhere, rate stabilization was a positive following all of the recent attention on the backup in global bond yields.

US equities were lower in Tuesday trading. Bond yield backup is an overhang as fiscal pressures and political instability remain front and center (globally), while there are also thoughts that the market has not sufficiently priced in Fed independence risk. August ISM manufacturing index of 48.7 was slightly below the 49.2 consensus.

The Market saw a slight pullback this week as several headwinds came into focus: mixed takeaways from Nvidia earnings, looming H2 tariff pressures on corporate profits, concerns over Fed independence, and ongoing cooling labor market worries. Nvidia's Q2 earnings were the week's highlight, with results beating expectations and Q3 guidance above, though not by as much as hoped. Fed independence came under scrutiny after Trump fired Governor Cook over alleged mortgage fraud.