Wall Street posted its 7th consecutive gain, ending the day with new intraday/close record doubles

A sign (of excess?) of confidence on the eve of a public holiday (celebrating the abolition of slavery in the USA), with the Nasdaq (+0.1% to 17,880) and S&P500 (+0.25% to 5,4874) ending in record territory.4874) ending in record territory.
The locomotives of the day were Marvell +1.8%, Qualcomm +2.2%, Microchip +2.7%, Micron +3.8%, Sirius +4.5%, Walgreen +6.3% (a defensive) and of course Nvidia (+3.5% to $135.6, i.e. +175% since January 1), which is taking its revenge after a session of consolidation.

The most active stock today, Nvidia reaches the holy grail, i.e. takes the title of 1st world capitalization with $3,335 billion, dethroning Microsoft with $3,317 billion and Apple with $3,285 billion.
Nvidia is also +2.120 billion (equivalent to Alphabet's 'capi') added since January 1, +$2,330 billion since the end of October 2023 (more than Meta -N° planétaire des réseaux- + TSCM -N°1 planétaire des puces- with respectively $1,265 and $932 billion).
NB: the top 10 U.S. market capitalizations "weigh" $18,000 billion, equivalent to China's GDP... or 6 times that of France.

The publication of several U.S. economic indicators, including retail sales, did not really impact the U.S. indices.
There was no real reaction to the release of a +0.1% rise in retail sales, which had fallen by 0.2% in April.
The Commerce Department reports that, excluding the automotive sector (vehicles and equipment), US retail sales actually contracted by 0.1% last month, following a decline of the same magnitude in April.
US industrial production figures (-0.9%) confirm that no marked upturn in manufacturing activity is in sight... which is rather reassuring for those who feared that economic strength -which the Democratic leadership hopes to turn into a campaign argument- would dissuade the FED from considering easing rates before December (for a single post-election cut).

On the bond market, the US 10-year yield eased 6pts to 4.2190% against a backdrop of slightly weaker-than-expected US figures.

The dollar ended stable against a basket of international currencies.


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