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

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
May 19, 2025

Notes from the Trading Desk

What a difference a month makes. The last edition of Notes from the Trading Desk was released shortly after the April 2nd “Liberation Day” tariff announcement that sent shockwaves through global markets and pressured U.S. assets.

By: Jordan Watson, CFA, CMT
April 7, 2025

Notes from the Trading Desk

Major U.S. equity indices were sharply lower last week following the unveiling of tariffs by President Trump on Wednesday, April 2nd on what he called “Liberation Day”. The President announced that the U.S. would impose a 10% tariff on imports entering the...

By: Jordan Watson, CFA, CMT
March 24, 2025

Notes from the Trading Desk

U.S. stocks edged higher last week, breaking their recent losing streak. The S&P 500 climbed 0.51%, while the Nasdaq eked out a 0.17% gain, marking the first weekly advance for both indices after four consecutive weeks of declines.

By: Jordan Watson, CFA, CMT
March 3, 2025

Notes from the Trading Desk

It has been a month since our last edition of Notes from the Trading Desk, in which we recapped the move higher across all major U.S. equity indices in January. February, however, proved to be quite the opposite for stocks, with each...

By: Jordan Watson, CFA, CMT
February 3, 2025

Notes from the Trading Desk

All major U.S. equity indices closed out the month of January higher. The S&P 500 advanced 2.70%, while the Dow Jones Industrial Average and Nasdaq gained 4.70% and 1.64%, respectively.

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

Notes from the Trading Desk

U.S. stocks have stumbled out of the gate to start 2025, with the S&P 500 and Nasdaq both registering back-to-back weekly losses in the first two weeks of the year. The S&P 500 declined 1.94% last week, its fourth weekly decline in...

By: Jordan Watson, CFA, CMT
December 17, 2024

Notes from the Trading Desk

As we enter the final trading sessions of 2024, U.S. equities are sitting on significant year-to-date gains. The S&P 500 has advanced just over 27% this year, while the Nasdaq Composite has surged more than 34%.

By: Jordan Watson, CFA, CMT
December 2, 2024

Notes from the Trading Desk

U.S. stocks continued their march higher during last week’s holiday-shortened trading week. The S&P 500 finished the week at a record high and closed out the month of November 5.73% higher, its best monthly performance of the year, closing higher for the...

By: Jordan Watson, CFA, CMT
November 11, 2024

Notes from the Trading Desk

A post-election surge in U.S. stocks drove major equity indices to all-time highs last week. The S&P 500 surpassed 6,000 and logged its 50th record high of the year, while the Dow Jones Industrials Average crossed 44,000 for the first time.

By: Jordan Watson, CFA, CMT

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