(CercleFinance.com) – No third session of ‘double records’ for all US indices… but a small consolation with the Nasdaq (Composite and Nasdaq-100) which beat their respective historical closing records (but not new intraday record).
The week ended with a slight decline which barely eroded the weekly gains: the Dow Jones lost 0.77% to 39,476, but gained +2% over the week, while the S&P500 fell by 0, 14% to 5,234, but ended with a river score of +2.3% after two weeks of horizontal consolidation.
The Nasdaq Composite improved its previous record by 0.16% (to 16,429) and rose by +2.85% since Friday of the ‘4 witches’ which already appeared to be a decisive bullish step. The Nasdaq-100 (+0.1% to 18,339) and two stocks made the difference: Nvidia +3.1% and Alphabet +2.2%. The increase was slowed by Adobe -2.3%, Paypal -2.1%, On Semiconductor -1.5%.
The S&P500 was weighed down by Lululemon -15.8%, but also and above all by the real estate/land sector with Boston Property -4.3%, Kimco -3.2%, Simon Property -2.5%, Fidelity and Comerica -2.4%, Zions -2.3%, Goldman Sachs -1.6%, Wells Fargo -1.3%.
The temptation to take profits on US indices is great given the current high valuations, which could encourage operators to take some gains on current levels while waiting for new catalysts.
The latest dates back to the Fed’s press conference on Wednesday… and a difference in interpretation of Jerome Powell’s remarks seems obvious by superimposing the trajectory of the T-Bonds, then that of the S&P500 and the Nasdaq (the ’30 ans’ was still above its March 15 levels on Thursday evening before easing by -4.5 basis points towards 4.400%).
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