New York ended in mixed order, with the Dow Jones down -0.55% at 38,853 and the Nasdaq (+0.59%) symmetrically managing to set two new all-time highs this evening: intraday at 17,032 and closing at 17,020. The S&P500 clawed back 0.02% to 5,306... but it's 'green', for the symbol, despite a clear majority of stocks down.

But the US indices would all have ended in the red without Nvidia: once again, the latter represents 100% with its +7% rise, which adds another $190 billion in 'capi' to the US market, the equivalent of TotalEnergies. Nvidia ($2,848 bn) is now hot on the heels of Apple ($2,935 bn), and at the close weighs a little more than the CAC40 (E2,844 bn), and as much as the DAX40 and BEL20 combined.

The oil sector is the day's second-best performer behind semiconductors, with ASML +3.7%, AMD +3.2%, Micron +2.5%, Marvell +2.2% (the SOXX has gained +1.9% and is posting around +25% this year).

With a gain more than twice that of the S&P, the hegemony of the "technos" is absolute, with no sector to compete with it since the start of the year: in five months, it represents a capitalization addition greater than all French listed stocks (more than the SBF 120 and all Euronext compartments, in other words).

Wall Street's performance has become so stratospheric that many Americans are euphoric: the Conference Board's consumer confidence barometer improved to 102 in May from 97.5 in April, whereas the consensus was for a decline. In such a climate, the surge in bond yields goes completely unnoticed.

More important dates will mark the end of the week, starting with Friday's release of PCE inflation figures, which will provide further information on future interest rate trends, particularly from the Fed, in a climate of growing skepticism about the possibility of further rate cuts.

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