Evening Market Recap - Thursday, 2-Jul

Evening Market Recap - Thursday, 2-Jul

US equities finished mixed in Thursday trading. However, equal-weight S&P outperformed the cap-weighted index by ~70 bp and RSP set a fresh ATH. Momentum unwind in focus again with memory/semis hit by recent scrutiny surrounding AI capex trade and input cost pushback.

Evening Market Recap - Wednesday, 1-Jul

US equities finished lower in Wednesday trading, off midday highs, though breadth was positive and the equal-weight S&P ended higher. There were several moving parts in play today, with another day of momentum unwinding as the big story. There were some positive takes on today's ISM manufacturing reading given a big drop in the prices-paid component and less pessimistic commentary.

Evening Market Recap, Tuesday 30-Jun

US equities were higher in Tuesday trading, just off their best levels. The momentum trade again took the lead in a session without many notable drivers. There was some stalling of the broadening-out trade with S&P decliners leading advancers and the equal-weight S&P lagging the cap weighted index.

Evening Market Recap - Monday, 29-Jun

US equities finished mostly higher in Monday trading, ending near best levels. There were several big gainers in the big-tech space, though no specific catalyst in view. In macro news, Dallas Fed manufacturing fell a bit below consensus, though still reported steady new orders and rising employment.

Weekly Market Recap - Friday, 26-Jun

Markets were mixed this week with AI remaining the dominant theme as the Iran war continued to take a backseat. Early-week softness in semis and memory was driven largely by positioning and market concentration concerns, while actual fundamentals remained solid. Those concerns were largely offset by MU's blowout earnings and guidance, which reinforced confidence in the AI capex cycle and sustained memory demand.