The New York Stock Exchange opened higher on Friday morning, following its decline of the previous day, even though many questions remain concerning the trajectory of interest rates in the United States.

Indices advanced by between 0.1% and 0.7%, suggesting a timid rebound following Thursday's bearish reversal.

Despite Nvidia's well-received results, the US equity markets yesterday experienced their worst session since the beginning of May, despite having started the day on a positive note.

Once again, the rise in bond yields fuelled investor nervousness, against a backdrop of persistent uncertainty as to the timing of the Fed's next rate cuts.

On the bond market, the yield on 10-year Treasury bonds resumed its upward slope to flirt with the 4.50% mark yesterday, having fallen to one-month lows last week.

After Wall Street's solid performances since the beginning of May, which were due precisely to a fall in bond yields, investors used the tensions on bonds as an excuse to take some of their profits.

At this stage of the week, the Dow Jones is down over 2% on the week, while the Nasdaq is up 1%.

In a strategy note, analysts at IG highlight the existence of a 'dangerous cocktail' on Wall Street, consisting of a VIX at its lowest since 2019 and a high valuation multiple for the S&P.

On the economic front, the Commerce Department reports durable goods orders up 0.7% last month on the previous month, following a sequential rise of 0.8% in March

Investors took note of the University of Michigan's consumer confidence index. US household sentiment came in above the figure initially estimated for May.

The confidence index finally came in at 69.1 this month, down from 77.2 in April, compared with an initial estimate of 67.4. This is nevertheless a five-month low.

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