Markets experienced a slow day with equities showing mixed behavior, even as the S&P reached a new record. Investors are jittery ahead of a series of important events next week, particularly the 'Magnificent Seven' earnings reports and the Fed's first decision of the year. Although recent gains have moderated, the overall sentiment remains bullish. However, uncertainty regarding President Trump's tariff strategy persists. This uncertainty has led to a steadiness in G10 FX, with lackluster movements in Treasuries. Jobless claims and Canadian retail data had little impact on market direction.
Equities traded in choppy fashion, with the S&P ultimately finishing at a new record, albeit after a bout of early weakness.
The tariff issue continues to cloud the outlook, with certainty on President Trump's trade plans still sorely lacking.
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