Wall Street retreated sharply, even though the Dow Jones (+0.6%) set its 3rd consecutive all-time record at 41,200.

The scale of the downward divergence is out of all proportion to the Dow's advance.
Trade tensions with China caused the S&P500 to fall -1.4% (after its 40th annual record set the previous day), while the Nasdaq plunged -2.8% below 17.800 (worst session since the end of 2022) in the wake of ASML -12.8%, Applied Materials -10.5%, AMD and Marvell Techno -10.2%, KLA -9.9%, Qualcomm -8.6%, Lam Research -7.2%, Nvidia and Micron -6.6%, Tesla -3.1%, not to mention the GAFAM downturn with Meta -5.7%, Microchip -3.5%, Amazon-2.6%, Apple -2.5%, Microsoft -1.3%.

The SOXX semiconductor index suffered a Minikrach of -7.1%, its worst fall since mid-March 2020 (and an abysmal -15.5% on 16/03/2020).
Otherwise, the index had lost -4% twice in 1 week at the end of December 2022 (-4.2% and -4%).
Previous steepest declines date back to June 13, 2022 (-5.85%) and June 16 (-6.1%).

The Nasdaq also recorded its biggest single-session loss since the end of December 2022 (-2.77%), while the Dow Jones (+0.59%) set a third record in a row and the S&P 500 dropped 1.39%.

US T-Bonds ended perfectly flat on Tuesday, at 4.160%.... and no sign of risk aversion, despite the fact that tech stocks have just suffered their worst slump in 20 months.

No reaction to the 0.6% rise in US industrial production in June, including a 0.4% rise in manufacturing output (after a sequential rise of 0.9%).

Also according to the Federal Reserve, which published these figures, the capacity utilization rate in US industry improved by 0.5 points to 78.8% in June, a level which nevertheless remains 0.9 points below its long-term average (1972-2023).

The Commerce Department reported a 3% rebound in US housing starts in June compared with the previous month, to an annualized rate of 1,353,000, following a 4.6% fall in May (revised from an initial estimate of -5.5%).

U.S. building permits, which are intended to predict future housing starts, rose by 3.4% to 1,446,000 last month.
Finally, housing completions climbed by 10.1% to 1,710,000.

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