(CercleFinance.com) – It was not won at mid-session… but the increase accelerated from 8:00 p.m. and the session narrowly came close to ending in a firestorm. record artifices, three days before the ‘3 witches’ session (which would mark a sixth month of increase out of seven).
In the end, only the Nasdaq Composite validates the feat with a gain of +0.75% to 16,511 (compared to 16,428 on March 22) in the wake of Tesla +3.3%, Qualcomm +2.6%, Intel +1 .8%, AMD +1.7%, Micron +1.5% and Nvidia +1.1%.
The S&P500 (+0.48% to 5,247) is only eight points short of its March 28 record… but records its second best final score, and the ‘SPDR’ ETF (SPY) beats its record by a hair. previous zenith at 523.07 with a score of 523.30. For the Dow Jones (+0.3%), it is still a little short at 39,558 (compared to 39,807 on 03/28 and 39,780 on 03/21).
In contrast to the ‘big caps’, the ‘meme stocks’ continued to hit the headlines with a surge of +130% towards $64.8 at Gamestop at the opening (+60% increase in the end to 48, $7 after +78% the day before), causing short sellers to suffer an estimated loss of $5 billion… without any fundamentally positive news on the value.
The sharp comments followed one after the other, the former president of the SEC evoking ‘furious madness’, Wall Street bankers calling for an end to this ‘mess’, other voices calling for ‘intervention by the authorities’ to put a little regulation into what looked a lot like market manipulation.
Wall Street overcame a disappointing producer price index (PPI) across the board. On an annual basis, the increase in American producer prices stood at 2.2% in April in raw data (compared to 1.8% in March) and at 3.1% in underlying terms (compared to 2.8% in March).
This will not encourage the Fed to ease its monetary policy quickly: the latest statements from the president of the central bank, Jerome Powell, who spoke late in the afternoon from Amsterdam, were also going in this direction.
He recognized that ‘the decline is slow’ and that ‘we will have to be patient before the data relating to inflation move in the right direction’. But this did not affect T-Bonds which eased by -3.2 basis points for the ’10 year’, to 4.45%.
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