New York ended mixed, with the Dow Jones at -0.68% and the Nasdaq (+0.6%) 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 declining...

But the reality is that the US indices would all have ended in the red without Nvidia: once again, Nvidia represents 100% with its +7% rise to over $1.139, adding a further $190 billion in 'capi' to the US market, the equivalent of Total Energies (we need to add 12% to reach $190 billion).

Nvidia ($2.848 billion) is now hot on the heels of Apple ($2.935 billion), and at the close 'weighs' slightly more than the CAC40 (2.844Bn), and as much as the DAX40 + the BEL-20.

The oil sector is the 2nd best performer of the day behind the 'semi's 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 2 times 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 5 months, it has added more capitalization than all French listed stocks (more than the SBF-120 + all Euronext compartments).

Wall Street's performance has become so stratospheric, and its sense of invulnerability so invigorating, that many Americans are euphoric: the Conference Board's consumer confidence barometer improved against all expectations in May, to 102 from 97.5 in April, while the consensus was for a decline to 96.

In such a climate, the +7.5Pts surge in T-Bond yields above 4.540% and in the 2-year yield (+2.5Pts to 2.9800%) went completely unnoticed.

More important dates will mark the end of the week, starting with Friday's release of inflation figures, which will be closely watched in both the US and Europe.

These data 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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