The New York Stock Exchange was up on Monday morning, except for the Nasdaq, which was penalized by profit-taking on Nvidia, which posted its third consecutive session of sharp declines.

The Dow Jones index gained 1% to 39,562.2 points, still buoyed by a catch-up movement on the stocks that had been most neglected recently, including IBM, Caterpillar and Boeing.

The S&P 500 gained a more timid 0.2% to 5469.9 points, while the Nasdaq Composite, with its strong technology component, fell back 0.6% to 17,583.9 points, weighed down mainly by Nvidia's severe decline (-5.8%).

The AI chipmaker, whose stock has soared 150% this year, continues to suffer from profit-taking, bringing its losses over the last three sessions to over 10%.

Deutsche Bank analysts ask: "Is this a minor blip, or a more pronounced air pocket?

While the Nasdaq has just racked up 31 all-time highs since January 1, the 'rally' seen in recent weeks seems to be running out of steam, with valuations seen as increasingly high.

Our strategists published a note this weekend arguing for a pause in the US equity markets in view of their tense positioning (high exposure to equities, editor's note) and a halt to share buybacks ahead of the second-quarter earnings season starting next week", emphasize Deutsche Bank's teams.

There are no economic indicators on Monday's agenda, but the week promises to be rich on this front, with the PCE price index in particular, a measure of inflation particularly closely watched by the Fed.

Investors are hoping that these figures, due out on Friday, will confirm that inflationary pressures are tending to moderate after the renewed pressure seen in the first quarter.

Investors will also be watching with interest the first debate between Joe Biden and Donald Trump, scheduled for Thursday evening, in the run-up to November's presidential election.

Pending the week's major events, Treasuries are little changed, with the yield on 10-year bonds falling to 4.2550% from 4.2570% on Friday evening.

Oil prices - which are coming off two straight weeks of increases - continue to rise, enabling a barrel of US light crude (WTI) to climb back above the $81 mark, returning not far from two-month highs.

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