US equities were lower this week, with the S&P 500 and Nasdaq both down for a second-straight week (and the S&P off for the fourth week in the past five). Following Friday's blowout December payrolls report, the 2Y yield touched the highest level since October and 10Y the highest since November 2023. After payrolls, market pricing showed less than 30 bps of rate cuts for 2025, down from nearly 50 bps in recent days, with the next cut priced in for October.

US equities were narrowly mixed in fairly choppy Wednesday trading, though stocks finished off worst levels, with the Dow Jones and S&P500 closing up 25bps and 16bps, while the Nasdaq closed down 6bps. FOMC minutes noted participants felt that still-elevated inflation, strong consumer spending, and reduced risks to the labor market underlined the need for a careful approach to rate cuts. ADP private payrolls were up just 122K in December vs 135K consensus; hiring slowed across several industries. Today's auction of $22B of 30Y bonds stopped through, in contrast to the tailing 3- and 10-year auctions earlier this week.

US equities were lower in Tuesday afternoon trading as S&P 500, Nasdaq both posted worst session since 18-Dec. Growth under pressure in a reversal of yesterday's move. Big tech largely underperformed. Hawkish macro data the big headwind to stock. AI takeaways from CES largely upbeat. November JOLTS job openings little changed m/m but higher than expected.

US equities ended mixed Monday, near worst levels. There were a few moving pieces to today's upside, though AI optimism was the biggest upside driver. November factory orders fell point 4% month over month, missing consensus for a point 3% decline.

Major US equity indices were mostly lower this week after finishing 2024 with double-digit gains. The Market started the new year off on a more defensive tone as favorable December seasonality and expectations for a post-election rally failed to materialize. Still, the Street is broadly optimistic on 2025 with analysts expecting continued economic growth helped by consumer spending, solid real income growth, healthy household balance sheets, and fiscal-policy tailwinds.

US equities finished lower in Thursday trading, ending somewhat off worst levels. The market continued to have difficulty maintaining positive traction after another session where early strength faded into the afternoon. In macro news, initial jobless claims printed at 211 K for the latest week, down week over week and below consensus.

US equities finished lower in Tuesday trading, ending near worst levels. Very little on the schedule in the way of economic releases or corporate updates. Market was unable to hold onto some morning strength, feeding into continued commentary about how Santa Claus rally/favorable December seasonality has failed to materialize. 

US equities finished lower in Monday trading, though ended well off worst levels. US equities finished lower in Monday trading, though ended well off worst levels. November pending-home sales were up 2 point 2% month over month, slightly stronger than forecast, though October results were revised down.