Wall Street almost had a perfect week with a 5/5 on the rise on the S&P500 and the Nasdaq, but the last seconds were a little disappointing and the ‘S&P’ ended up in the red at the last minute… -0 .04% to less than 5,432.
On the other hand, it is the perfect ‘faultless’ for the Nasdaq Composite (+0.12% to 17,689 and +3.1% weekly) and the Nasdaq-100 (+0.42%), which aligns five sessions of increase and five consecutive closing records, then a final double absolute record (19,659)/closing record (same score and 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% over the week, it is 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 and 7% compared to the E-Stoxx50: a completely unprecedented score over a single week in 21st century.
The rise in US indices is coupled with an increase in T-Bonds (their yield falls by -2 basis points to 4.22%, or -22 basis points over the week): the latest statistics have shown that inflation was better controlled in the United States, reinforcing the scenario of a ‘soft landing’ of the American economy this summer.
Import prices fell by 0.4% in May compared to the previous month (and remained perfectly stable excluding petroleum products). At the same time, export prices fell by 2.1% (in total data and excluding foodstuffs).
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 has not disrupted the ‘techno’ (the buyers are in fact the ‘GAFAM’, not individuals), American consumer confidence has 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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