Wall Street came very close to a perfect week, with the S&P500 and Nasdaq climbing 5/5.

The last few seconds were a little disappointing, and the S&P - back in contact with the 5,334 mark - ended in extremis in the red... by -0.01%.
On the other hand, it was a perfect week for the Nasdaq Composite (+0.13% to 17.693 and +3.1% weekly) and the Nasdaq-100 (+0.42%), which posted 5 consecutive sessions of gains and 5 closing records, followed by a final absolute record (19,659)/closing record double (same score and a weekly gain of +3.4%, then a yearly gain of +16.8%).

The Nasdaq-100 benefited from inexorable rises by Nvidia (+2% to $132 and $3,245 billion in 'capi' to equalize with Apple), Broadcom (+3.3% and +24% weekly, which is stratospheric, with 'capi' passing the $800 billion mark) and Adobe +14.5%.

At +3.4%, the Nasdaq-100 posted a historic differential of over 9.5% with the CAC40, and +7% with the E-Stoxx50: a score unprecedented for a single week in the 21st century.

The rise in US indices was accompanied by a rise in T-Bonds (their yield eased symmetrically by -2Pts to 4.22%, i.e. -22 basis points over the week): the latest statistics showed that inflation was under better control in the USA, reinforcing the scenario of a "soft landing" for the US economy this summer.

Import price figures were down 0.4% in May on the previous month (and perfectly stable excluding petroleum products).

At the same time, export prices fell by 2.1% (and -2.1% excluding foodstuffs), according to the Labor Department.

Over 12 months, i.e. between May 2023 and May 2024, US import prices rose by 1.1% (+0.5% excluding petroleum products) and export prices rose by 0.6% (+1.5% excluding foodstuffs).
There was a small shadow over household morale, but this did not upset the "technos" (after all, the buyers are the "GAFAMs", not individuals), as US consumer confidence fell sharply by -5.1% to 65.6, according to the initial estimate from the University of Michigan.

Signs of weakness are multiplying, the labor market seems to remain robust... but hundreds of thousands of full-time jobs have been lost since the beginning of the year.

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