Just right! Within 0.03%, the S&P500 (+0.7%) ended the week in the green, at over 5,304. The Nasdaq Composite, which had a slight lead, gained +1.1% to 16,920, setting its 12th annual closing record (weekly score +1.36%).

The Nasdaq-100 (+1%) also broke a record at 18.808, in the wake of Super Micro and Qualcomm +4.3%, AMD +3.7%, Palo Alto +3.3%, Tesla +3.2%, Meta +2.7%, Nvidia +2.6%, with Workday's -15.3% plunge not weighing heavily in this context.

The Dow Jones gained just 0.01% to 39,069 after -1.5% the previous day... and lost 2.45% over the week: what better illustration of the enormous divergence between the 'industrial' and 'techno' sectors. The phenomenon has only intensified this year, with a 9% performance gap between the Dow (+3.6%) and the Nasdaq Composite (+12.7%).

Optimism seems to have returned, thanks to "good figures" and a lull on the bond front, with a slightly more positive end to the day... while Wall Street failed to shake off the feeling that inflation remains a problem for the US economy and the Fed.

T-Bonds eased by -2 basis points to 4.457% for the '10-yr' despite new 'robust' US figures: durable goods orders rose by 0.7% in April in the US, whereas they were expected to decline. Excluding defense and aerospace, they rose by 0.3%.

At 4:00 pm, investors were presented with the Michigan consumer confidence index, which came in slightly higher than expected in May, at 69.1... but significantly down on April's 77.2, as the prospect of interest rates remaining at their highest for several months to come weighed on consumers' plans.

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