(CercleFinance.com) – Wall Street ends without direction – even if the Dow Jones is gaining +0.04% -: the suspense lasted until the last minute for the S&P500 which remained in the race to register an 18th session of increase on a series of 22, and which ‘let go a little’ in the last seconds to end with a decline of -0.09%.
The frustration will not be alleviated by the fact that a few minutes after the close, the ‘futures’ erased the decline displayed at the final bell, the Nasdaq-100 recovering above 16,000.
But 17 positive sessions out of 22, this remains a ratio greater than 75% and the month of November has every chance of ending at the zenith, the indices remaining driven by the semiconductors which served as locomotives throughout the month .
This Wednesday session was no exception with AMD +1.5%, Intel +1.6%, NXP +2.2%, Autodesk +3.1%, On Semiconductors +3.7%, Illumina +5 .2%, Netapp +14.5%. The Nasdaq Composite nevertheless ended down -0.16%, weighed down by the decline of the giants Meta -2%, Alphabet -1.6%, Tesla -1.1% and Microsoft -1%.
One of the highlights of this session was the publication of the second estimate of US GDP for the third quarter, with growth revised to +5.2% (compared to +4.9% initially), the most spectacular growth since the last quarter of 2020.
On the ‘Treasuries’ side, yields continue to ease: T-Bonds erase -8 basis points to settle at 4.253%, the lowest since September 14, and the ‘2-year’ yield falls by more than -10 basis points to 4.635%.
The President of the Richmond Fed, Fred Barkin, believes that it is premature to talk about rate cuts in 2024, adding that his own expectations are quite far from those of the market, while his colleague Raphaël Bostik, much more ‘dove ‘, thinks that inflation will eventually converge towards 2%.
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