(CercleFinance.com) – Wall Street almost had a perfect week with an upward 5/5 on the S&P500 and the Nasdaq.
The last seconds were a little disappointing and the ‘S&P’ – returned to contact with 5,334 – ended up in the red at the last minute… by -0.01%.
On the other hand, it is the perfect ‘flawless’ for the Nasdaq Composite (+0.13% at 17,693 and +3.1% weekly) and the Nasdaq-100 (+0.42%) which aligns 5 sessions of increase and 5 consecutive closing records, then a final double absolute record (19,659)/closing record (same score and a weekly gain of +3.4%, then annual gain of +16.8%).
The Nasdaq-100 benefited from the inexorable increases of Nvidia (+2% to $132 and $3.245 billion in ‘capi’ to equalize with Apple), Broadcom (+3.3% and +24% weekly, it’s stratospheric, the ‘capi’ passes $800 billion) and Adobe +14.5%.
Note that with +3.4%, the Nasdaq-100 displays a historic differential of more than 9.5% with the CAC40, +7% compared to the E-Stoxx50: a completely unprecedented score in a single week in the 21st century.
The rise in US indices is coupled with an increase in T-Bonds (their yield relaxes symmetrically from -2Pts towards 4.22% or -22Pts on a weekly basis): the latest statistics have shown that inflation is better controlled in the United States, which reinforces the scenario of a ‘soft landing’ for the American economy this summer.
Import price figures fell by 0.4% in May compared to the previous month (and are perfectly stable excluding petroleum products).
At the same time, export prices fell by 2.1% (and -2.1% also excluding foodstuffs), according to the Labor Department.
Over 12 months, i.e. between May 2023 and May 2024, US import prices increased by 1.1% (+0.5% excluding petroleum products) and export prices increased by 0. 6% (+1.5% excluding foodstuffs).
A small downside with household morale but which did not disrupt ‘techno’ (the buyers are in fact ‘GAFAM’, not individuals), American consumer confidence suddenly deteriorated by -5, 1% to fall back to around 65.6, according to the initial estimate from the University of Michigan.
Signals of weakness are multiplying, the job market seems to remain robust… but hundreds of thousands of full-time jobs have been lost since the start of the year.
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