US equities were higher for the week, gaining back some of the prior week's losses. A US federal court struck down the Trump administration's tariffs, including the 10% baseline tariff, the 20% incremental tariff on China, and the 25% tariff on non-USMCA-compliant imports from Mexico and Canada. However, a US federal appeals court subsequently allowed the tariffs to remain.
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5:02
Evening Market Recap - Thursday, 29-May
US equities finished higher in Thursday trading. There was some optimism overnight after a US Court of International Trade ruling struck down Trump tariffs, but late in the session a US appeals court stayed the ruling. Big tech was strong on the day, with NVDA faring well following its earnings announcement.
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5:33
Evening Market Recap - Wednesday, 28-May
US equities finished lower in Wednesday trading, ending near worst levels after some late-session weakness, with the Dow Jones, S&P500, and Nasdaq closing down 58bps, 56bps, and 51bps respectively. A Fairly uneventful session with few directional drivers to follow up Tuesday’s rally, and some focus pulled ahead to Nvidia earnings after the close. May’s Richmond Fed manufacturing Index improved m/m though remained in contraction. May FOMC minutes said officials felt a cautious approach appropriate amid uncertainty, and Fed well positioned to wait for clarity on the outlook.
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5:38
Evening Market Recap - Tuesday, 27-May
US equities finished higher in Tuesday trading, ending not far from best levels in a session that saw major indices recouping much of last week's broad declines. Trump delaying 50% tariff deadline on EU. Fading hedge fund/CTA buying, dampened retail sentiment
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4:54
Weekly Market Recap - Friday, 23-May
Major US equity indices were lower this week, trimming the prior week's notable gains; the Russell dropped after six straight weekly gains. Trade was not a big factor earlier in the week, though there seemed to be some waning of the optimism that followed the US-China de-escalation after the Geneva talks. However, trade stormed back into the narrative on Friday morning, with Trump posting that discussions with the EU were going nowhere and the bloc would see a 50% general tariff starting 1-Jun.
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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