(CercleFinance.com) – It was not won at mid-session… but the increase accelerated from 8 p.m. and the session narrowly came close to ending in a firestorm. record fireworks, 3 days before the ‘3 witches’ session (which would mark a 6th month of increase out of 7).
In the end, only the Nasdaq 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%) stalls just 8 points from its record of 5,254 on March 28… but records its second best final score, and the ETF ‘SPDR’ (SPY) beats its previous one by a hair zenith at 523.07 with a score of 523.30.
The Nasdaq-100 also misses the record by a few thousandths of a % at 16,322 against 16,339 on March 22 (this is, however, the second best close in history and the annual gain stands at +9%).
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).
Unlike 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 on the value to suffer an estimated loss of $5 billion… without any fundamentally positive news on the value.
The sharp comments follow one another, the ex-president of the SEC speaks of ‘furious madness’, Wall Street bankers call for an end to this ‘mess’, other voices call for ‘intervention by the authorities’ to put a little regulation into what looks a lot like market manipulation.
The other ‘fact of the day’ is that Wall Street has overcome very cautious statements from Powell on inflation and especially the Atlantic a producer price index (PPI) which disappoints expectations at all levels (global score and ‘Core’, then ‘sequential’ as well as ‘annualized’).
The Labor Department reports that the ‘PPI’ increased by 0.5% in raw data and by 0.4% excluding food (compared to expected stability), energy and commercial services, in April by compared to the previous month.
Over the last twelve months, the increase in producer prices stood at 2.2% in raw data (compared to 1.8% in March) and 3.1% excluding food (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 American central bank, Jerome Powell, who spoke late in the afternoon from Amsterdam (conference organized by the association of banks foreigners in the Netherlands) go in this direction.
The head of the FED recognizes 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 does not affect the T-Bonds which relax this evening by -3.2Pts for the ’10 years’ (towards 4.4500%) and -3.3Pts for the ‘2 years’ to 4.824%.
The barrel of oil fell significantly, by -1.3% towards $78.15… which may have helped to temper fears about inflation.
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