Wall Street consolidated, but preserved its uptrend, if not its chances of ending the month at the zenith should Friday's inflation figures prove to be a "divine surprise": the S&P500 gave up 0.75% to 5,267 and ended exactly - to the point - on the support/floor tested last Thursday.

The Dow Jones, once again plagued by heaviness, dropped 1.05% to 38,441, its fifth session out of seven in which it has stabilized.441, its fifth session of decline out of seven (with two sessions of stabilization).

The Nasdaq Composite fell by just 0.6% to 16,920, supported - and this is becoming almost a daily litany - by Nvidia (+0.8%), which set a new double 'closing record/absolute record' at $1,148 and $1,155, reaching a market capitalization of $2.870 billion, closer than ever to that of Apple (+0.15% for $2,918 billion in 'capi').

Wall Street was penalized by a new surge in US Treasury yields: the '10-yr' jumped +8 basis points to 4.62%, and the '2-yr' ended in contact with the 5.00% level (tested during the session), at 4.98%.

Traders were troubled by the latest statements from Neel Kashkari - head of the Minneapolis Fed - who was very vigilant on the subject of inflation, confirming that there was no consensus within the Fed to initiate a rate cut.

The consensus for an initial 25 basis point cut in September fell to close to 40%, compared with 46% the previous day and 61% a week ago.

US markets saw their serenity evaporate 48 hours before the release of US PCE inflation data: the VIX lurched +10.5% to 14.30 from 11.52 last Thursday.

WTI oil made the big intraday splits, opening at the zenith at $85, then closing at the day's low: -1.3% to $83.5.

Rising interest rates only marginally penalized gold, with an ounce down -0.6% to $2,337 (clearly insignificant).

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