Notes from the Trading Desk — A bi-monthly commentary that discusses current news and market observations.

February 4, 2026

Notes from the Trading Desk

U.S. equities rallied in January. The S&P 500 closed higher by 1.37%, posting its best month since October and ticking above 7,000 for the first time ever. The Nasdaq snapped a two-month losing streak, finishing the month higher by 0.95%, but was...

By: Jordan Watson, CFA, CMT
January 6, 2026

Notes from the Trading Desk

Santa Claus skipped Wall Street again this year! Last week’s holiday-shortened trading week saw very light volumes as the major U.S. equity indices drifted lower.

By: Jordan Watson, CFA, CMT
December 15, 2025

Notes from the Trading Desk

Major U.S. equity indices delivered mixed results last week, driven by the continuation of the recent rotation in stocks. The S&P 500 and the tech-heavy Nasdaq ended the week in negative territory, declining 0.63% and 1.62%, respectively.

By: Jordan Watson, CFA, CMT
December 1, 2025

Notes from the Trading Desk

Last week's holiday-shortened trading saw U.S. stocks close in the green, with the major indices logging five consecutive sessions of gains to finish out the month. Increased odds of a December interest rate cut from the Federal Reserve helped to bolster risk...

By: Jordan Watson, CFA, CMT
November 4, 2025

Notes from the Trading Desk

A note of caution has crept into markets this week, even as major U.S. indices hover just below record highs. Stocks have retreated from recent highs amid growing concerns over lofty valuations and increasing scrutiny of the sustainability of the AI trade....

By: Jordan Watson, CFA, CMT
October 13, 2025

Notes from the Trading Desk

Stocks ended sharply lower on Friday as renewed trade and tariff tensions between the United States and China rattled markets. The S&P 500 and Nasdaq both touched fresh record highs early in the trading session, though quickly reversed lower after President Trump...

By: Jordan Watson, CFA, CMT
September 22, 2025

Notes from the Trading Desk

Stocks set fresh record highs last week, with the S&P 500 and Nasdaq finishing in the green for the third-straight week. The small-cap Russell 2000 finally broke above its previous record closing high set nearly four years ago in November 2021 and...

By: Jordan Watson, CFA, CMT
September 2, 2025

Notes from the Trading Desk

August delivered another month of gains for U.S. stocks. The S&P 500 closed higher by 1.91%, notching its fourth consecutive monthly advance while the Nasdaq advanced 1.58%, marking five straight months of gains.

By: Jordan Watson, CFA, CMT
August 4, 2025

Notes from the Trading Desk

U.S. equities hit fresh all-time highs early last week before a sharp reversal on Friday following a weaker-than-expected payrolls report that erased all of the prior week’s gains. The S&P 500 declined by 2.36% last week, while Dow Jones Industrial Average and...

By: Jordan Watson, CFA, CMT
July 14, 2025

Notes from the Trading Desk

U.S. stocks retreated from all-time highs last week, though both the S&P 500 and Nasdaq remain near record levels set earlier this month. The Nasdaq closed relatively unchanged, down 0.08% on the week, while the S&P 500 slid 0.31% and the Russell...

By: Jordan Watson, CFA, CMT
June 23, 2025

Notes from the Trading Desk

U.S. equities treaded water during last week’s holiday shortened-trading week. Escalating tensions in the Middle East remained a key focus, while market participants also weighed the latest economic projections from the Federal Reserve’s June meeting.

By: Jordan Watson, CFA, CMT
June 10, 2025

Notes from the Trading Desk

Major U.S. equity indices posted solid gains last week, marking their second consecutive week of advances. The S&P 500 regained the 6,000 level and is now more than 20% above its early April lows and within 2.5% of its record high last...

By: Jordan Watson, CFA, CMT

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