Wall Street ended the 1st session of the second half of the year higher... and seems to be building on the momentum of the 2nd quarter, with a new closing record for the Nasdaq (+0.82%), which completely reversed course over the hours to end at 17.880.
The Nasdaq-100 gained +0.6% in the wake of Tesla +6.5%, MongoDb +5.4%, Zscaler +3.4%, Apple +2.9%, Microsoft +2.2%, Sirius and Amazon +2%, Marvell +1.6%....

Conversely, the Dow Jones, which gained +0.7% at around 3.35pm, finished painfully up +0.13%, and the S&P500 contented itself with +0.27% (no record in sight... it would have been necessary to break the 5,500Pts barrier again).
It would appear that the deterioration of the bond markets weighed on the trend from mid-day onwards... on the other hand, the 'technos' completely ignored this handicap, even though they are reputed to be more vulnerable to rising rates.

Wall Street largely ignored the 1st statistic of the second half of the year: the contraction of the US manufacturing sector increased slightly in June, still reflecting weak demand.
This is demonstrated by the Institute for Supply Management's survey, in which the index came in at 48.5 last month, down 0.2 points on May's 48.7.

The new orders component improved to 49.3 from 45.4 the previous month, but the production component fell back to 48.5 from 50.2 the previous month.
The employment sub-index also eased to 49.3 from 51.1 in April.
Just prior to the ISM, S&P Global announced that its manufacturing index had come in at 51.6 for the month, compared with 51.3 in final data for May.
T-Bonds at mid-session look just as bad as our Bunds, with a tension of +8.5pts towards 4.476%, which is quite simply their worst level since the close on May 31.


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