US equities were mostly higher this week as the S&P 500 and Nasdaq capped off a third-straight weekly gain, though the small-cap Russell 2000 was down for the first time in four weeks. Upside this week was tabbed in large part to positive Big Tech earnings takeaways and more momentum around the AI secular growth narrative. The rally also came despite a modest repricing toward a flatter Fed rate cut path.
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Evening Market Recap - Thursday, 30-Oct
US equities were mostly lower in Thursday trading near their worst levels, although the S&P500 and Nasdaq are both still on pace for weekly gains. Big tech earnings were in focus, highlighting the elevated capex levels that are being seen as crucial for the broader AI trade
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Evening Market Recap - Wednesday, 29-Oct
US equities finished mostly lower in Wednesday trading, with the Dow Jones closing down 16bps, the S&P500 flat, and the Nasdaq +55bps. The Federal Reserve cut rates by 25 bp at their October meeting, with the economic summary noting activity has been expanding at a moderate pace, the labor market had seen slower job gains, but that the unemployment rate has remained low. September pending-home sales were unchanged m/m vs consensus for a 90bps increase. Nvidia extended a big Tuesday rally on Trump comments that he will discuss Blackwell chips in the upcoming meeting with China's Xi on Thursday.
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Evening Market Recap - Tuesday, 28-Oct
US equities finished mostly higher in Tuesday trading, though came off best levels into the close. There were more headlines about easing US-China trade tensions as the market gets more comfortable with the escalate to de-escalate narrative. There was more strategic M&A today following more than $80B dollars in announced deals on Monday.
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Evening Market Recap - Monday, 27-Oct
US equities finished higher in fairly uneventful Monday trading, ending near best levels. The big focus today was on US-China trade de-escalation after weekend updates about a "framework" deal to avoid the large threatened tariff hike. The peak week of Q3 earnings season is ahead with about 36% of the S&P 500 scheduled to report.
StreetAccount U.S. Evening Market Recap is FactSet's daily podcast aiming to capture the most material market moving news. With a target time of ~5 minutes, this is an ideal listen for those looking to stay connected to the most important themes driving the U.S. economy & corporations.
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